DeFi
HAQQ Network Partners with Stride Zone, Bringing Liquid Staking to $ISLM Users
KEY POINTS
- ISLM users will have more flexibility to maximize the utility of their staked tokens
- $stISLM can be traded and used in various DeFi activities such as yield farming
- HAQQ has committed to staking 100 million $ISLM tokens via Stride
The ethical blockchain-based HAQQ Network recently announced a major partnership with Stride Zone, the leading multi-chain liquid staking protocol in the Cosmos ecosystem. This partnership brings liquid staking capabilities to HAQQ’s native cryptocurrency, $ISLM.
Through this partnership, $ISLM users can stake their tokens, earn rewards, and maintain liquidity through tradable staked tokens ($stISLM). HAQQ Community members are expected to benefit from increased incentives and engagement as a result of this meaningful collaboration.
In traditional staking, users must lock their tokens, making them inaccessible for trading or other financial activities for a specific period of time. Stride zoneusers have flexibility over control of their assets.
$stISLM tokens can be traded or used in various decentralized finance (DeFi) activities, including providing liquidity on decentralized exchanges, participating in yield farming, and borrowing. The flexibility allows users to maximize the utility of their staked tokens while still earning staking rewards.
Stride supports a variety of tokens, including $OSMO. Stride Zone Twitter
Stride Zone specializes in liquid staking with the Cosmos ecosystem. It already supports various tokens, including $TIA, $OSMO, $INJ, and $ATOM. However, its partnership with HAQQ is expected to both improve $ISLM’s liquidity and strengthen the protocol’s place in the emerging liquid staking subsector, the team told International Business Times in a statement.
The HAQQ Network has committed to staking 100 million $ISLM tokens via Stride, a move that is expected to boost Stride’s total value locked (TVL) by 4%, positioning HAQQ as a major contributor to the liquidity of Stride’s Liquid Staking Token (LST).
As HAQQ is committed to ethical DeFi practices, the collaboration with Stride only solidifies the work of the HAQQ blockchain to ensure the highest standards of security, efficiency, and ethical compliance for its growing community. The community around $ISLM is committed to ensuring that the principles of Islamic finance embedded in the HAQQ blockchain platform and the activities conducted on it are Sharia-compliant.
The Ethics-First Network also champions sustainability-focused development in the broader Web3 sector and welcomes open source validators and contributors focused on sustainable solutions. Its mission is to make Web3 projects accessible to all, and its partnership with Stride supports this goal.
In an operational update to the community in April, HAQQ and $ISLM co-founder Alex Malkov revealed that the team is working on delivering new products that “advance the cause of Islamic finance in the Web3 space,” including a non-custodial product. Haqq Wallet where $ISLM and other cryptocurrencies can be stored, traded and used to earn rewards.
Malkov also told IBT in late May that he believed tokenization may open up many untapped opportunities for the cryptocurrency market, including Sukuk, or Sharia-compliant bonds, which are expected to grow further this year.