Pyth Network

Pyth is a working data network with paying customers, but PYTH itself is mainly a governance token, and official bodies disagree on whether cryptocurrency is property (mal).

Mal is property that Islamic law recognises as having value and that can be owned and traded. The network behind PYTH clearly works: more than 138 institutions publish data to it, it lists more than 720 consumers and 3,600 price feeds, and it earned about $10.4 million of annual recurring revenue in August 2026. PYTH's own utility is narrower: it is used to vote in the DAO and to stake as a data-quality guarantee, and it is not needed to pay for data.

PYTH is not a gambling token, but its trading is dominated by perpetual futures and its price has swung sharply around unlocks.

Maysir is gambling: winning or losing by chance rather than through productive exchange. Ordinary price swings are not maysir, and PYTH has no chance-based payout of its own. Its market is heavily speculative, though. On Binance on 27 September 2026, perpetual futures made up about 83% of PYTH/USDT volume (about $49.1 million against $10.3 million spot, a single-day snapshot). The price fell from an all-time high of $1.20 in March 2024 to about $0.044 in July 2026 and was about $0.086 on 27 September 2026.

Pyth earns mainly by selling market data, a service, but many paying users are interest-based lenders and derivatives venues, and the revenue mix by customer is not published.

This criterion asks how the protocol earns and whether any of that income is impermissible. Most of Pyth's revenue is subscription fees for market data: Pyth overall passed $10.4 million of annual recurring revenue in August 2026, and Pyth Pro alone brought $538,391 of gross revenue in July 2026. The DAO receives 60% of Pyth Pro revenue (in July 2026, $323,034 of $538,391, paid in PYTH), and apps pay small per-update fees for price feeds and per-request fees for Entropy randomness. Selling data is a service, and ShariaQuant rated the revenue clean.

Supply is fixed and no one can mint more, and governance and code are public, but about 21% of supply unlocks at once in May 2027.

Gharar is excessive uncertainty or hidden information in a deal. Much about PYTH is transparent: the Solana mint account shows about 10 billion PYTH with mint and freeze authority removed, so no new tokens can be created and no holder can be frozen. The DAO constitution is public, votes are stake-weighted on-chain, and the oracle code is open source. Remaining uncertainty is material, though.

Pyth is data infrastructure used widely in traditional finance, but on-chain its main users are interest-based lending, perpetual futures and prediction markets.

This criterion looks at what the network is actually used for. Part of the use is plainly permissible: institutions subscribe to Pyth Pro for market data, and Pyth works with Nasdaq, Tradeweb, LMAX and other data firms. On-chain, however, the largest consumers are lending markets such as Kamino, which charge and pay interest, and perpetual futures exchanges such as Drift and Jupiter Perpetuals, whose leveraged contracts fail under AAOIFI Shariah Standard 20.