Haqq Network, a layer one blockchain that is home to ethical Web3, is elated to announce the recent listing of its native token on XT.COM.
Islamic Coin (ISLM) was listed on XT.COM’s Main Zone (Web 3.0) on 22 January 2024. Following the listing, the ISLM/USDT trading pair started trading on 23rd January 2024, while the withdrawal of the ISLM opened on 24th January at 11:00 (UTC).
ISLM is the native token for the HAQQ Network, created to deliver a lasting and powerful impact to one of the largest communities in the world. ISLM is Shariah-compliant digital money used to facilitate transaction fees, staking, and governance activities. ISLM is designed to provide economic and social benefits to users while offering support for innovations and sustainable growth through its dedicated Evergreen DAO. An Evergreen DAO is a non-profit virtual foundation focusing on long-term sustainability and community impact.
The Haqq blockchain, which means Truth in Arabic, is deflationary, ensuring that ISLM cannot be arbitrarily devalued. HAQQ Network prides itself in being the first-of-its-kind ethics-first network. Its design is geared to welcome sustainability-centered validators, developers, and open-source contributors. The platform brings together the most reputable actors in ethical finance to promote community-driven decentralized technologies worldwide.
HAQQ is an EVM-equivalent chain which is based on Cosmos SDK. The technology behind HAQQ makes it possible for any smart contract created on other EVM chains to be deployed onto the new network without any changes needed. Haqq’s mission is to empower the interaction community with robust and future-proof financial instruments, enabling independent financial interaction and supporting innovation and philanthropy.
Shortly after listing on various exchanges, ISLM inflation will be enabled, with the total supply being capped at 20 billion coins. Every block will produce new ISLM coins, and all gas fees will be collected from users. All new ISLM coins and gas fees will be distributed between validators, delegators, and Evergreen DAO. 10% will go to Evergreen DAO, 1% to 5% will go to a block proposer and its delegators and the remainder will be distributed proportionally to all bonded validators and their delegators.
Commenting on the listing, Albin Warin stated:
“At XT.com, we are dedicated to fostering innovation that aligns with diverse cultural and ethical values. The listing of ISLM is a testament to our commitment to providing a platform that supports projects adhering to Islamic finance principles. We are excited about the potential of Islamic Coin to contribute to the growth of the global Muslim community in a way that is both technologically advanced and ethically sound.”