Mantle

Other tier-1 bodies disagree: Egypt's Dar al-Ifta (2017), the UAE General Authority of Islamic Affairs (2018), Turkey's Diyanet (2017) and Indonesia's MUI (2021) prohibit dealing in cryptocurrencies (MUI allows only crypto that has an underlying and meets the conditions of a tradable good), and the OIC Fiqh Academy (2019) deferred a ruling. None of them names Mantle. Because authoritative bodies disagree, this criterion cannot be 'pass'.

Mantle's products earn partly from sources that raise Shariah questions: mETH takes about 10% of rewards that come both from Ethereum staking (permissible validation work) and from a Liquidity Buffer that supplies ETH to Aave for lending interest, and MI4 is described as a yield-bearing product. The treasury itself has also been authorised to lend at interest: on 8 May 2026 MNT holders passed MIP-34, which allows the treasury to lend up to 30,000 ETH to Aave DAO for up to 36 months at the Lido staking rate plus 1% a year, to cover bad debt from the April 2026 rsETH exploit. That is a loan with a return, which is riba; whether the loan was signed and how much was lent was not confirmed in the governance forum as of its last update. Mantle does not publish how much of its income comes from each source, so the interest share cannot be checked against the 5% threshold. That keeps this criterion at caution, with a lower score for the approved interest-bearing loan.

Minting is allowed at most once a year, only within an upper bound that governance must first approve and that is set to 0% by default, and new MNT would go to the treasury; the proposal said no minting was foreseen. The token contract can also be upgraded by its owner, Mantle Governance. This is a disclosed, governance-controlled power rather than a hidden one, but it means future supply depends on votes that large holders dominate. Other things leave real uncertainty. L2BEAT rates Mantle Stage 0 ('full training wheels'): a single operator proposes all blocks, only whitelisted parties can publish state roots, and a 6-of-14 multisig can upgrade the contracts with no delay, so users have no window to exit before an unwanted change. The treasury's roughly 3 billion MNT (about half the supply) can reach the market if governance approves budgets, and voting power is concentrated in large holders. The team and Bybit's role are publicly known, so this is partial opacity rather than critical.

On-chain DeFi is small and leans toward interest: of about $197 million in non-exchange protocols on 27 September 2026, lending markets such as Aave V3 held about $53 million (27%) and the CIAN yield aggregator, which runs yield strategies, about $97 million, while DEXs held about $38 million. Interest-based finance is a notable share of activity, but it is not shown to be the main purpose of the network, so the status is caution rather than fail.