HAQQ Network - 2024 Year in Review

Planned, Built, Delivered: HAQQ’s Ecosystem Comes to Life in 2024

Last year, the vision of a complete ecosystem of value-driven web3 products was still in progress.

Today, as we close 2024, HAQQ stands as a fully-realized ecosystem offering tangible value to its community at every stage of life. With multiple major launches, upgrades, and partnerships this year, HAQQ has evolved into an ecosystem that seamlessly integrates into daily lifestyles, delivering ethical solutions for Muslims and anyone who values an ethical approach to modern living.

From finance and lifestyle to communication and entertainment, HAQQ seamlessly blends ethical principles with innovative technology and real-world solutions. Whether offering transformative financial and halal lifestyle services for users or blockchain solutions to enhance operations at an institutional level. By nurturing an ecosystem that serves both on-chain and off-chain users, including underserved communities, HAQQ continues to set new benchmarks for ethical and Islamic finance innovation worldwide.

Let’s take a moment to reflect on what we’ve achieved in 2024.

Real-Life Solutions, Delivered in 2024:

Ecosystem Product Launches

• Firoza Finance: Launched and reached $1.8M in TVL, offering real-world yields through Shariah-compliant private credit solutions.
• MM Chat: A halal lifestyle-focused social app fostering enriched, connected communities.
• Atlas: Enabling users to spend crypto in real life while accessing seamless payment solutions.
• Deenar Gold: A gold-backed stablecoin facilitating real gold ownership, trading, and yield generation.
• Bazaar.Art: Launched as the premier NFT marketplace on HAQQ. We released our inaugural OG NFT collection inspired by Islamic culture, Fruits of Jannah, with 70% sold in its first months, rewarding early users with exclusive perks and legacy status.

Strategic Market Focus: Indonesia 

We focused our efforts on Indonesia, forging key partnerships to support the nation’s vision of digital economy leadership: 

We partnered with key governmental bodies and institutions such as KNEKS, NU Care, and BUMR. Additionally, we established strong relationships with the Financial Services Authority OJK and the Halal Product Guarantee Body BPJPH, to support Indonesia’s vision for global digital economy leadership and contribute to the “Making Indonesia 4.0” roadmap.

Key Milestones

• Global Recognition: We received endorsements from both the Indonesian Council of Ulama (MUI) and the Kenya Fatwa Council—in a historic first.

• HAQQ Wallet: Surpassed 2 million downloads, becoming the #1 most downloaded Web3 app globally for Shariah compliance. Now featuring multi-currency and multi-language support, NFTs, native swaps, social login, and more.
• ISLM Tokenomics 2.0:some text
  • Extended vesting schedules, securing long-term stability.
  • Established the United Contributors DAO to manage token distributions for sustained growth.

• Introduced the liquid form of ISLM, powered by Stride, where ISLM became the 5th largest contributor by TVL.

Key Partnerships 

• GoMeat (Global): Leveraging blockchain to streamline halal certification and improve supply chains, connecting 2 billion consumers worldwide.
• IIUM (Malaysia): Collaborating to advance AI-driven innovations in Islamic finance and issuing certificates to HAQQ Academy graduates, strengthening their credentials with IIUM’s esteemed recognition.
• Tarraf & Filhos (Brazil): Collaborated with to introduce Shariah-compliant blockchain solutions for the agri-credit market.
• (TGMP) Turkey: Supported 20 micro-entrepreneurs through the Turkish Grameen Microfinance Program, providing $100,000 in financial assistance to underserved women.
• FAMBRAS Halal (Latin America): Partnered with the region’s leading halal certification body to enhance transparency across industries.

Revolutionizing Islamic Finance: From Fragmentation to Efficiency and Accessibility

HAQQ is transforming Islamic finance with groundbreaking innovations that elevate its instruments to the global stage. From Firoza Finance’s pioneering Mudarabah smart contract to the tokenization of Halal certificates and the enablement of global supply chain tracking systems, HAQQ is redefining accessibility, efficiency, and transparency in the industry. Deenar Gold, the first fully Halal tokenized gold asset, facilitates seamless gold trading, ownership, and utility. Furthermore, BarakaFi, set to launch in January, will introduce the first Halal DeFi P2P financing platform.

By transforming Islamic financial instruments, once fragmented and out of reach, into efficient and accessible solutions, HAQQ is breaking barriers and leveraging blockchain technology to create a future where ethical and sustainable finance, built on Islamic principles, is within everyone’s grasp.

Infrastructure Advancements

• EVM Extensions Upgrade: Boosted interoperability between HAQQ’s EVM and Cosmos layers, enabling streamlined DeFi innovations. This upgrade also set the stage for the upcoming Shariah Oracle, which will ensure real-time Shariah compliance for smart contracts.

Remarkable Onchain Growth Metrics

• Active Users: From 1.9M in January to 6.1M by December—a remarkable growth of over 220%.
• Staked ISLM: Surpassed 2.6 billion ISLM, reflecting strong network engagement and trust.
• IBC Activity: Dominated weekly and monthly active user metrics among IBC-enabled chains throughout the year.

A Collaborative Journey

None of these achievements would have been possible without the collective efforts of our community and partners. Together, we’ve co-created solutions that embody our shared values and commitment to ethical innovation.

As we step into 2025, we remain dedicated to building a brighter future for the Muslim Ummah and beyond. Thank you for being part of this journey. Let’s continue to make an impact—together.

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