Islamic Coin
ISLM
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Islamic Coin (ISLM) is the native asset of the HAQQ Network, a Cosmos SDK-based Layer-1 blockchain focusing on Shariah-compliant digital finance. While the project features active development (e.g., HAQQ Mainnet v1.9.3 upgrade), an identified founding team, and dual Swiss/BVI organizational backing, it is weighed down by severe economic and architectural risks. Tokenomics are notably weak with only ~3.7% of the 100B supply circulating, creating massive long-term unlock overhang alongside a ~99% drawdown from all-time highs and extraordinarily thin liquidity. Security analysis reveals no historical exploits or regulatory actions, but identifies critical contract centralization risks including mintability, non-renounced ownership, balance modification capabilities, and a 93.93% holder concentration. A data gap was noted in Community Support (scored -1.0 due to insufficient engagement and social metrics), which was excluded from the weighted calculation and its weight redistributed across remaining categories.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Islamic Coin (ISLM)
Islamic Coin (ISLM) is the native cryptocurrency of the HAQQ Network, a Cosmos SDK-based Layer-1 blockchain designed for Shariah-compliant digital finance. The network incorporates compatibility with the Inter-Blockchain Communication (IBC) protocol and maintains an ERC-20 representation of the token on Ethereum. ISLM is utilized within the network for transaction fees, staking, charitable allocations such as Zakat, and governance, which is administered through an on-chain structure called the Evergreen DAO in conjunction with a Shariah Board.
The project features an identified four-person founding team and operates under a dual-entity legal structure spanning a Swiss non-profit operational entity and a British Virgin Islands issuing company. Network development has included technical upgrades such as the HAQQ Mainnet v1.9.3 release and on-chain governance adjustments to token inflation. However, market adoption remains limited, characterized by fragmented market data, a circulating supply of approximately 3.7% against a 100 billion maximum supply, thin daily trading volumes, and a price drawdown of roughly 98.6% to 99% from its all-time high.
From a security and architectural perspective, ISLM has not experienced verified smart contract exploits, protocol depegs, or formal regulatory enforcement actions. However, security analyses have highlighted structural centralization risks associated with its Ethereum contract, including non-renounced ownership, minting permissions, balance-modification functions, and a major holder concentration exceeding 93%. Furthermore, while the project has completed third-party identity verification, publicly accessible smart contract audit reports remain unavailable.