Here’s Why Islamic Coin (ISLM) Pumped Over 520% Today

Islamic Coin (ISLM), the native cryptocurrency for the Sharia-compliant crypto project Haqq, saw a meteoric price surge in the past 24 hours. According to on-chain data from CoinGecko, ISLM soared by over 520%, bringing its trading price to $0.06.

The surge came after the Haqq team announced an Ethereum layer-2 blockchain for its ecosystem, dubbed Ethiq. The L2 blockchain will be designed to work alongside the existing Haqq Network, a layer-1 blockchain built on the Cosmos SDK, for the Sharia-compliant ecosystem.

What is Haqq?

Haqq is a crypto project that brings Sharia-compliant decentralized finance (DeFi) services to Islamic audiences.

Poised to bring ethical Web3 to everyone, Haqq features a lineup of products. They include the HAQQ Wallet, the DeFi lender BarakaFi, the private credit platform Firoza Finance, crypto exchange Haqqex, and tokenized gold Deenar Gold.

There is also the HAQQ Marketplace, which features apps that have secured a Sharia compliance certificate. These products are compatible with the Haqq Network, its native blockchain.

ISLM serves as the project’s native token, enabling transaction settlements, staking, and governance.

Haqq’s focus on the Islamic ecosystem comes when various Islamic governments, institutions, and individuals are exploring crypto and DeFi adoption.

Haqq Debuts L2 Network on Ethereum

Haqq’s announcement stated that Ethiq harnessed Ethereum’s security and was built on Optimism’s OP Stack. With these integrations, it is compatible with the Ethereum Virtual Machine (EVM) and is poised to be part of Optimism’s Superchain upon debut.

Ethiq will serve as the Haqq ecosystem’s liquidity hub, “and a unified value layer designed for real usage and value circulation.”

HAQQ will be the native token for the Ethiq network. To bolster the token’s usage, the team noted that it will “be wired directly into how applications operate and how economic activity circulates.”

Before now, Haqq’s activities were executed solely on the L1 Haqq Network, where ISLM is the native token. Notably, the team explained in the announcement that the Haqq Network will remain active. Still, more attention will be given to Ethiq, because it gives the ecosystem “more room to succeed and benefit the community over the long term.”

For one thing, the Ethereum network has become home to most decentralized protocols. Haqq believes that building on this prominence, alongside the network’s renowned security layer, will accelerate its overall growth.

Expressing its commitment to building Ethiq, the announcement stated:

“We will double down on what works, bring it to our community in the most effective way possible, and continue building decentralized systems that are genuinely useful. Systems that make participation meaningful, improve everyday experiences, and reward contribution without incentivizing harm.”

The team also noted that Ethiq will see cross-chain integration, including those built on the Cosmos network, in the future. Ethiq will also onboard services existing on the Haqq Network, such as the HAQQ Wallet, BarakaFi, and Firoza Finance.

ISLM’s Price Reaction

Following the announcement, ISLM saw a rapid price surge, emerging as today’s top gainer and most trending cryptocurrency.

At the time of writing, the token’s 24-hour traded volume has soared by over 18,000% above $5.6 billion across centralized and decentralized markets. Its market capitalization at press time was $139.3 million. These surges indicated that the Haqq community is enthusiastic about the latest L2 network debut.

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