Polygon, the largest L2 scaling solution on Ethereum, and MRHB DeFi, an ethical DeFi platform, have joined hands to lead the next blazing innovation in DeFi: decentralized philanthropy (DePhi). The zakat sector is growing at an explosive rate and is estimated to be worth over USD 300 billion annually in Muslim countries alone, with around USD 1.5 trillion in assets held by around 160,000 foundations worldwide.
“Polygon has become one of the leading full-stack scaling solutions for Ethereum, given its speed and scalability,” commented Deniz Dalkilic, MRHB DeFi CTO. “As Marhaba strives to achieve its end goal of building a comprehensive, secure, and scalable ecosystem where liquidity is a priority, we are thrilled to announce our integration with Polygon. To expand our presence on Polygon we have received a grant from Polygon to optimize our solutions for their network.”
MRHB DeFi is the first Islamic finance d’App, and the Polygon team has been ardent in its support of the ethics-based startup. Polygon has agreed to help MRHB DeFi develop a sidechain solution that would make DeFi available to millions of people around the world. The two groups have inked a deal outlining their mutual goal of bringing philanthropy to the crypto sector, noting that:
- MRHB DeFi plans to use Polygon technology to develop its DePhi (Decentralised philanthropy) protocol, which will be a dedicated philanthropy protocol based on funding social activities for the benefit of the community utilizing the quadratic funding model.MRHB hopes to jumpstart the crypto philanthropy ecosystem with this solution, with an emphasis on being the first to channel the Islamic World’s annual Zakat payments (est. USD 300 billion annually).
Quadratic funding is a mathematical technique for ensuring the most optimal funding of any community, building social and philanthropic initiatives that are more democratic and scalable.
MRHB Brings Philanthropy to DeFi — a Crucial Aspect of the Islamic Faith.
DePhi is an important component of MRHB DeFi’s protocol strategy initiatives. DePhi intends to bring a crucial component of the Islamic faith — charity or zakat — to what is still a sector driven by self-interest as part of MRHB’s strategy to promote a more ethical and community-focused approach to decentralized finance. Following the implementation of the DePhi protocol, MRHB DeFi members will be able to donate a portion of their crypto-asset wealth to charities associated with the platform, fulfilling their voluntary or faith-driven commitments.
End users who choose to donate to charity will be able to deposit funds and earn incentives through trading fees on MRHB DeFi’s liquidity pools. Assets would be frozen for 60 days after deposit before being transferred to one of the donor’s pre-approved organizations.
In addition, as a form of a crypto endowment, MRHB DeFi will put aside 5% of its DAO treasury to be invested in these pools, generating wealth in perpetuity for charitable purposes.
Commenting on the significance of this partnership, CTO Dalkilic noted that: “Decentralized philanthropy represents a significant step forward in sharing the benefits of DeFi globally and allowing for community- and public good- focused initiatives to be supported from the cryptoverse. Polygon is one of the most respected projects in the crypto space, and we’re excited to align our vision of using DeFi for good causes, with theirs.
“Being the first d’App on Islamic finance, we have received strong support from the Polygon team to bring the project to the community. Polygon is the latest in a long line of partnerships we are fostering and developing as we work to grow our vision of an ethics-first platform and project. ”
Polygon has now joined the list of several other MRHB industry-grade backers, MRHB DeFi recently teamed up with zkSync, a leading ZK-Rollup solution for Ethereum, to provide Ethereum scaling and anonymity. Blockchain Australia, Mozaic, Contango Digital Assets, NewTribe Capital, Sheesha Finance, Acreditus Partners, EMGS Group, MKD Capital, and Sinofy Group have also invested and backed the startup.
About MRHB DeFi
MRHB DeFi is a halal, decentralized finance platform built to embody the true spirit of an “Ethical and Inclusive DeFi” by following faith-based financial and business principles, where all excluded communities can benefit from the full empowerment potential of DeFi.
The diverse team is comprised of researchers, technocrats, influencers, Islamic fintech experts & business entrepreneurs, who came together to ensure that MRHB DeFi prevails in a manner that will impact society as a whole, essentially bridging the gap between the faith-conscious communities and the blockchain world.
MRHB DeFi Official Channels
Telegram Announcements: https://t.me/marhabadefi_ANN
Telegram (Arabic): https://t.me/mdf_arabic
Telegram (Russian): https://t.me/marhabadefi_russia
Telegram (Turkish): https://t.me/MarhabaDefiTR
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 3000+ applications hosted, ~600M total transactions processed, ~60M unique user addresses, and $5B+ in assets secured.
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