Overview
HAQQ Network is a Cosmos SDK-based, EVM-compatible Layer 1 blockchain specifically designed for the Islamic finance community. The project aims to provide infrastructure for Shariah-compliant decentralized applications, tapping into a market segment worth trillions of dollars globally. HAQQ's native token ISLM includes a built-in mechanism that donates a portion of newly minted tokens to a special Evergreen DAO for charitable purposes.
The technical architecture mirrors other Cosmos EVM chains — CometBFT consensus with EVM execution. The Shariah Board provides oversight on compliance, which is a unique governance feature in crypto. However, the practical on-chain ecosystem is essentially empty, with minimal DeFi protocols, few active users, and very low TVL.
The fundamental question for HAQQ is whether Islamic finance compliance at the chain level provides meaningful differentiation, or whether compliant dApps can simply be built on any general-purpose chain. The niche focus could be a strength or a limitation.
Risk Factors
- Near-zero DeFi ecosystem activity and TVL despite mainnet launch
- Islamic finance compliance may be achievable on general-purpose chains without a dedicated L1
- Small developer community with limited dApp diversity
- Regulatory complexity of operating across multiple Islamic finance jurisdictions
Conclusion
HAQQ Network targets a genuinely underserved market but has yet to demonstrate that a dedicated Shariah-compliant L1 is necessary versus building compliant apps on existing chains. The 2.6 score reflects the interesting thesis against the stark reality of minimal ecosystem traction.