An Overview of HAQQ Ecosystem
In Islamic finance, the past meets the present. The ongoing intersection of faith and technology raises questions that HAQQ is uniquely positioned to answer. We are not merely merging Islamic finance with decentralized technologies; we are building a robust, Shariah-compliant ecosystem to withstand challenges as we embrace the opportunities of the digital age.
Previously, we introduced you to the HAQQ Wallet, a secure and accessible gateway to Islamic decentralized finance. If you're new to our network or wish to revisit the basics, we recommend reading about how the HAQQ Wallet serves as your introduction to Islamic DeFi. But HAQQ is more than just a wallet. It is an evolving, interconnected ecosystem, and that's the focus of today's blog post. Community is at the heart of what we do. This blog will spotlight partners and builders leveraging the HAQQ tech stack to serve their growing user base.
The HAQQ Ecosystem
As HAQQ continues its mission to build an ethics-first, inclusive financial system, the collective vibrancy of our community has become our driving force. This section serves as an overview—a ‘sneak peek,’ if you will—into the expansive and diverse HAQQ ecosystem.
Infrastructure: The Backbone of HAQQ
A robust infrastructure is the cornerstone of any successful ecosystem. HAQQ utilizes Tendermint and Cosmos SDK to provide a Byzantine Fault Tolerant consensus engine, ensuring network security and data consistency. Through Tendermint Core, HAQQ achieves the seamless integration of a generic application interface (ABCI), making the network adaptable and upgradeable without major disruptions. These technical foundations allow HAQQ to maintain an independent set of validators, making the network resistant to malicious activities and suitable for a wide range of applications.
Building on these strong foundational elements, HAQQ has also entered into strategic partnerships to further reinforce its infrastructure. Amongst the many, here are some key projects we’ve partnered with. The collaboration with P2P.org focuses on advanced Graph services, enhancing data querying and decentralized trading functionalities, particularly for SushiSwap users. By joining forces with Tatum, HAQQ integrates developer-centric tools such as full JSON RPC and historical data APIs, enhancing flexibility and reducing the barriers for developer contributions. Lastly, a partnership with GMO Coin adds an extra layer of security through enhanced validator services, expanding HAQQ's credibility and reach, particularly in the Japan and ASEAN regions. These collective efforts continue to fortify HAQQ's infrastructure, making it a robust and reliable platform for ethical finance solutions.
Wallets: Your Gateway to Islamic DeFi
HAQQ Wallet serves as your secure and easily accessible entry point into the world of Islamic decentralized finance. It is integrated with the Shariah Oracle, an on-chain registry of Halal certificates, ensuring that all smart contracts and dApps you interact with are Shariah-compliant. Enhancing its security and functionality, the HAQQ Wallet also integrates Gnosis Safe, the leading multisignature wallet solution. This incorporation not only raises the standard for fund management but also addresses several vulnerabilities associated with traditional wallet systems like MetaMask. In particular, Gnosis Safe's multisignature capabilities make it ideal for collaborative financial ventures, including DAOs, that align with Islamic values such as charity and equitable governance. Its addition cements HAQQ Wallet's status as a comprehensive, secure, and Shariah-compliant gateway to decentralized finance.
Building an Ethical DeFi System
The HaqqPad launchpad acts as a catalyst for ethical blockchain projects and startups, perfectly aligning with HAQQ's goal of fusing Islamic finance and decentralized technologies. Offering unique ISLM and gold-backed tokens, HAQQ also includes USDC to furnish a stable and ethical financial asset to users. As part of the HAQQ ecosystem, the HaqqPad launchpad promises to be an essential platform for the birth and growth of ethical projects. Beyond traditional DeFi offerings, HaqqPad embraces innovations in sectors like NFTs, Metaverse, AI, and GameFi. For ISLM token holders, HaqqPad offers multiple layers of benefits, including passive income opportunities through staking, early access to ethical projects, and an active role in ecosystem governance. Investment funds, too, can tap into HaqqPad’s diverse array of ethical projects, aligning their portfolios with their ethical mandates.
In a pivotal step, HAQQ has also partnered with DeFi leader Sushi.com to widen the scope of accessible and profitable decentralized financial services. This alliance with Sushi.com—known for its daily trade volumes up to $150 million and a TVL of approximately $1.14 billion—extends benefits like liquidity mining and profit-sharing pools to the global Muslim community. HAQQ community members can now participate in liquidity mining using a dedicated pool on SUSHI, thereby earning ISLM tokens and sharing in the pool's profits.
Bridges: Interoperability with Cosmos and Beyond
HAQQ's foundation on the Cosmos SDK already equips it with native compatibility with the Inter-Blockchain Communication Protocol (IBC). This enables a broad range of cross-chain functionalities, from token transfers to complex contract calls. However, our commitment to expanding the HAQQ ecosystem's interoperability capabilities is vividly illustrated through our recent partnership with Axelar:
ISLM & USDC: The collaboration expands Islamic Coin (ISLM) reach across multiple chains and introduces a wrapped version of USDC, axlUSDC, into the HAQQ ecosystem.
Developer Upsides: Axelar's AXL token standards can be integrated into HAQQ-based smart contracts, broadening their compatibility and liquidity.
User Experience: Axelar’s 1-click feature will soon be incorporated into HAQQ’s wallet for smoother cross-chain transactions.
New Financial Constructs: This enables Sharia-compliant lending and enriches Automated Market Maker (AMM) pools.
Services: Going Above and Beyond
HAQQ is not just a platform; it’s a multi-faceted ecosystem aimed at creating a more inclusive and sustainable world. With key partnerships like Thea Carbon for environmental sustainability, Nefta for streamlined blockchain integration, and Holiday Swap for global travel experiences, we are shaping an ecosystem that goes beyond mere cryptocurrency transactions.
Our strategic partnership with Thea Carbon goes beyond mere carbon offsetting; it serves as an industry-first initiative that allows Islamic Coin wallet holders to operate in "Green mode." This not only offsets carbon footprints but educates users about their environmental impact in real-time. Utilizing Thea's proprietary web3 solution, HAQQ is committed to fulfilling its SBTi-driven commitments and international standards, such as TCFD, GRI-305, and CDP. Through this alliance, we are setting a new precedent in how blockchain technology can be synonymous with environmental responsibility.
Working closely with Holiday Swap, HAQQ is revolutionizing how global travel interfaces with blockchain technology. Facilitated by Nefta’s advanced toolbox, the integration enables a swift transition of Holiday Swap's loyalty token system into HAQQ's ethical financial ecosystem. The reach extends to over one million users in more than 185 countries, providing them an effortless onboarding experience as they traverse the globe.
A range of partnerships now extend the platform's influence into real-world applications that touch on various aspects of lifestyle, from travel to food choices and beyond. Here are some of the key collaborations that diversify HAQQ's offerings into meaningful real-world applications:
Payments: Streamlined Transactions and Low Gas Fees
HAQQ, built on Tendermint Core, offers a revolutionary approach to transaction fees, significantly lowering gas costs compared to Ethereum-based solutions. Our fee structure encourages collaboration and ethical business models by sharing smart contract-generated fees between validators and smart contract authors. When combined with stable assets like USDC, this mechanism ensures transactional stability and adds an extra layer of risk mitigation.
We're excited to partner with Pyypl, a fintech leader in MEA regions, to bring HAQQ's low-cost blockchain services to Pyypl's 1 million+ users.
- Financial Inclusion: Combining Pyypl’s Mastercard with HAQQ's low fees, we aim to serve underbanked populations in MEA regions.
- Innovation: This alliance opens doors for new features like micro-loans and peer-to-peer payments.
- Stability: Pyypl's prepaid card and HAQQ’s stable assets like USDC offer combined transactional stability.
As HAQQ Network continues its pioneering journey to marry Islamic finance with decentralized technology, we're forging a future where ethics, community, and financial innovation converge seamlessly. Your active involvement enriches our mission to reshape the realm of Shariah-compliant finance and the broader financial ecosystem. Stay tuned for exhilarating updates, including our forthcoming Ambassador Program. To stay updated and be part of this transformative journey, we encourage you to follow us on:
As HAQQ Network continues its pioneering journey to marry Islamic finance with decentralized technology, we're forging a future where ethics, community, and financial innovation converge seamlessly. Your active involvement enriches our mission to reshape the realm of Shariah-compliant finance and the broader financial ecosystem. Stay tuned for exhilarating updates, including our forthcoming Ambassador Program. To stay updated and be part of this transformative journey, we encourage you to follow us on: Twitter, Telegram, Reddit Discord server.