The MRHB Community has collectively staked 100 million MRHB Tokens on M.I.R.O. halal staking platform since its launch in June 2023. The rewards program is accessible via the world’s first halal digital asset wallet – Sahal Wallet (live since January 2022 with over 300k activations across six chains). This innovative community governance platform rewards active members for participating in platform policy decisions and ideas.
What Is M.I.R.O.?
M.I.R.O. stands for Marhaba Incentivization and Reward Offering and it is the world’s first halal staking decentralized finance (DeFi) protocol.
Community members who lock their tokens are eligible to propose ideas and vote. The model aims to allocate voting power and rewards in a manner commensurate with the amount and time commitment of the $MRHB staked by the member.
Members receive around 5-10% yield (annual) if they fully participate. Final yield levels depend on participation level. The rewards for those who skip participation are rolled to the following week.
Why M.I.R.O. Halal Staking?
The inspiration behind M.I.R.O. came from some of the ‘vote escrowed’ staking mechanisms that exist in the DeFi space. The key difference is that M.I.R.O. staking is based on the Islamic concept of Ju’alah whereby users are required to complete a task or objective for the MRHB Ecosystem in order to claim monetary benefit. By locking $MRHB for a period of time, users will unlock certain utilities, one of which is the right (and not the obligation) to participate in governance in exchange for rewards.
5 Objectives of M.I.R.O.
The MRHB Network has an overarching goal of building a DeFi ecosystem that is financially inclusive and accessible to all, especially the faith-based communities. As such, MRHB strives to build halal DeFi protocols that are ethical and Sharia-compliant.
Besides serving this main goal of the MRHB Ecosystem, M.I.R.O. halal staking platform was also built to satisfy the following objectives:
- Reduce floating supply and sell pressure on $MRHB token by unlocking further utility and monetary benefit to $MRHB holders.
- Create a model whereby staking $MRHB represents ownership and governance over the MRHB Network protocol.
- Unlock certain utilities and benefits across the MRHB Ecosystem in a ‘stake for access’ style mechanism.
- Create an incentivized method of governance whereby M.I.R.O. stakers are required to participate in governance in order to earn rewards/protocol profit.
- Transition into a fee redistribution model that captures economic flow of value once the MRHB Ecosystem is at full fee-generating potential.
“The engineering and Sharia teams have worked long and hard together to build a world first product”, remarked MRHB CEO Naquib Mohammed. “This is the latest killer feature of our flagship DeFi wallet that we expect will be the weChat of the halal Web3 space”.
How to Stake on M.I.R.O.
This video is a complete walkthrough of how to use and stake $MRHB on M.I.R.O.
- Go to https://miro.mrhb.network/ and connect to a DeFi wallet e.g. Sahal Wallet.
- Buy MRHB Tokens on the Sahal Wallet.
- Go to ‘Staking Dashboard’ and click ‘Stake MRHB’.
- To stake, either enter the specific amount of MRHB tokens or select one of the four preset percentages i.e. 25, 50, 75%, or Max.
- Decide how many weeks to stake (how long MRHB tokens will be locked) i.e. 13, 26, 50 or 104 weeks.
- Click ‘Approve’ and click ‘Stake’ when the confirmation of approval prompt appears.
- To vote on improvement proposals, either manually input the vote or choose a percentage.
- Once the vote has been submitted, the total number of votes available will be reflected accordingly.
Participate in the Future of MRHB Halal DeFi on M.I.R.O. Halal Staking Platform
By participating in the governance of MRHB Network via M.I.R.O., users are directly contributing to the growth of decentralized Islamic Finance on web3. When users stake their MRHB tokens, they will be eligible to suggest and vote on improvement proposals and receive Ju’alah based voting rewards. Users can also access the Sharia portal where they may view information on halal crypto tokens and engage in discussions.
“True DeFi is a long and aspirational journey – MRHB is not there yet but M.I.R.O. serves as a pioneering mechanism to reward community governance”, notes Khalid Howladar, MRHB Chairman. “One day when the ethical ecosystem is self-sustaining, we hope members can take control of the platform decision making”.