HAQQ Network Half-Year Report
Reflecting on the first half of the year, we are excited to share the incredible progress we’ve made together. It's been a challenging yet thrilling journey, filled with significant milestones and impactful partnerships. We updated our roadmap to ensure we stay on track and continue delivering value to our community. Here's a look at the remarkable achievements from our Q2 2024 roadmap and a glimpse of what's coming next.
Updated Roadmap
We set ambitious goals and diligently followed through. We successfully launched our gold-pegged stablecoin, Deenar, on the testnet and finalized the development of the Shariah Oracle Module. We introduced native swaps in the HAQQ Wallet, allowing users to seamlessly trade ISLM, BTC, ETH, ATOM, and other currencies. Our leadership team saw notable updates, and the integration with GoMeat went live, enhancing Halal certification and supply chain processes. We released an exclusive Ramadan NFT collection and hosted our first blockchain-applied Islamic fintech pitching event. ISLM was listed on Uniswap, and the United Contributors DAO was operationalized to streamline ISLM circulation. We integrated liquid staking with Stride, launched HAQQ Expedition II, and tested the Bazaar.Art NFT marketplace and we are actively expanding our support for GameFi-friendly app chains on HAQQ.
Looking ahead to Q3, we aim to launch and integrate the Shariah Oracle on the mainnet with HAQQ Wallet, implement the Evergreen DAO on testnet, expand trading venues, and localize HAQQ Wallet for Indonesian and Turkish communities. We'll also focus on remittance product R&D, introduce prepaid cards backed by ISLM and other HAQQ ecosystem tokens, and bring Bazaar.Art NFT Marketplace to the mainnet, extend ISLM integration to more AMMs on EVM chains, conduct our second Haqqathon, roll out HAQQ Academy Modules 7-8, and research Shariah-compliant algorithmic stablecoins and DeFi-powered Sukuk. Additionally, we plan to enable multichain assets and cross-chain swaps in the HAQQ wallet and develop the Lifestyle Muslim Super App. For Q4, our goals include launching Haqqex, releasing HAQQ Wallet 2.0, rolling out Decentralized Identity (DID), and localizing HAQQ Wallet for Arabic communities. For a complete list of our achievements, please see our updated roadmap for more details.
These accomplishments highlight our commitment to innovation, transparency, and community engagement. Now, let’s dive into the detailed achievements across various sectors.
Real-World Assets (RWA)
This year, we aimed to bridge the gap between real-world applications. We have built partnerships to enhance transparency and efficiency across various industries. Our collaboration with GoMeat aims to streamline Halal certification and supply chain processes using blockchain technology. This will improve Halal meat distribution, connecting 2 billion consumers with specialty meat stores and restaurants worldwide.
Our partnership with the International Islamic University Malaysia (IIUM) focuses on researching innovations in Islamic finance. By exploring AI's role in this field, we seek to advance knowledge and practical applications, shaping the future of Islamic finance. In Brazil, we partnered with Tarraf & Filhos to bring Shariah-compliant blockchain solutions to the agri-credit market. This project targets over 3.9 million agricultural establishments and aims to improve transparency and efficiency in the agricultural sector. We also launched FairShare with the founders of SOS Chain. This decentralized donation platform leverages blockchain to enhance the efficiency and impact of donations, particularly for Zakat, ensuring timely aid during humanitarian crises. Our collaboration with the Turkish Grameen Microfinance Program (TGMP) has been particularly fulfilling, enhancing economic opportunities for financially underserved women in Turkey. We supported 20 local women micro-entrepreneurs with $100,000 in microfinance assistance, reinforcing our commitment to financial empowerment and the United Nations Sustainable Development Goals.
Infrastructure
The HAQQ Network continues to expand, having crossed the milestone of 10 million blocks. We have continued to strengthen our network infrastructure to accommodate this growth and provide an optimal on-chain user experience. We onboarded Colossus Digital as a new validator, boosting network security with their expertise in direct node validation for PoS blockchains. Additionally, HAQQ and ISLM are now available on Leap Wallet, extending ISLM's reach within the EVM and Cosmos ecosystems via the IBC protocol. Our ongoing integration with evmOS is helping to streamline DeFi innovations on the HAQQ Network. With EVM extensions, dApp developers can create sophisticated smart contracts with improved performance, connectivity, and liquidity flow. This integration also paves the way for our Shariah Oracle architecture, bridging EVM and Cosmos layers for real-time Shariah compliance checks. Skip Protocol integration has enabled seamless token transfers across the Interchain ecosystem for HAQQ users, providing a hassle-free experience with multi-hop swaps and transfers via popular Cosmos Hub wallets like Keplr and Leap Wallet.
ISLM Tokenomics Upgrade
Our tokenomics has seen a major upgrade since ISLM’s launch in the Summer of 2023. The successful passage of Proposal 31 enabled re-vesting on the HAQQ Mainnet, extending $ISLM vesting by three years for unlocks post-Jan 1, 2026, and enhancing cross-chain communication via Cosmos IBC. We also successfully passed and implemented Proposals 33 and 34 to establish the United Contributors DAO, which manages tokens held by founders, advisors, contributors, assistants, intermediaries, and the project team. This ensures a managed release, limiting the freely circulating $ISLM and supporting the project's stability and growth. Furthermore, we successfully submitted a proposal to the Stride Zone community to add HAQQ Network, bringing ISLM liquid staking into our ecosystem. Committing to stake at least 100 million $ISLM from the treasury, we became the 5th largest by TVL volume on Stride.
Decentralized Finance (DeFi)
Our DeFi efforts have seen remarkable growth. Bazaar.Art became the premier NFT marketplace on the HAQQ Network, focusing on empowering artists and celebrating cultural diversity. This partnership aims to reshape the digital art landscape with a community-centric platform. The launch of the Bazaar.Art Testnet was marked by our inaugural NFT collection, Fruits of Jannah (FoJ). FoJ NFT collection allowed us to reward our early users with exclusive perks and a prestigious status within our ecosystem, providing a golden opportunity for community members to secure their legacy in HAQQ and Islamic Coin's journey. We partnered with Liberty Finance to launch Firoza Finance, the first blockchain-based private credit solution. This Sharia-compliant platform offers financing pools for investments and loans, providing HAQQ users with diverse halal investment opportunities and reinforcing our commitment to inclusivity and empowerment. HAQQ Expedition Vol. 2 returned with bigger rewards. Participants have the chance to explore HAQQ, demonstrate their DeFi skills, and earn incentives. Activities like staking, swapping, providing liquidity, and collecting XP and NFT badges are rewarded monthly. ISLM was listed on Staking Rewards, the go-to platform for staking data and tools. Users can calculate ISLM rewards, analyze staking data, and find validator performance charts. We also launched a special Ramadan Quiz campaign, offering winners the chance to win a life-changing pilgrimage package, celebrating our community. Finally, Season 1 of HAQQ Academy successfully concluded, offering 20 insightful video lessons and quizzes. Graduates receive an NFT certificate, and Season 2 is on the horizon, promising more valuable content.
Gaming
We have continued to expand the gaming landscape on HAQQ by building immersive and secure gaming experiences. Key partnerships with industry players have been instrumental. We partnered with Ambrus Studio, which is dedicated to sustainable gaming solutions and focused on contributing 1% of its proceeds to environmental organizations. We onboarded Heroes Battle Arena (HBA), an exciting, innovative, play-to-earn multi-chain NFT game powered by blockchain and AI.
Through our collaboration with KGen, we bring blockchain rewards to popular web2 games like Ludo Superstar, enhancing user engagement. JumpTrade, Asia’s largest NFT marketplace, is also launching a thrilling racing metaverse game, Racing Superstar, on HAQQ. Finally, Sphera World is creating a connected fan experience, immersing fans in the sports and games they love through blockchain technology.
Events
The first half of the year was eventful both on-chain and off-chain. Our team actively participated in key industry events. Our Co-founders, Alex Malkov and Andrey Kuznetsov, attended BUIDL Asia 2024 in Seoul, engaging with the community and sharing insights. We also had a significant presence at TOKEN2049 in Dubai, networking and exchanging ideas. Following the event, we hosted an exclusive Blockchain Yacht Gala, where industry leaders discussed the future of HAQQ and our pioneering initiatives for the Cosmos ecosystem. Our team also attended BlockchainX Istanbul, where our co-founder Mohammed Al-Kaff delivered a keynote on HAQQ’s journey and mission in ethical Web3 innovation.
Closing
It’s been an amazing first half of the year, filled with growth, innovation, and community engagement. We’re proud of our achievements and excited about what’s to come. Thank you for being part of the HAQQ journey. Together, we’ll continue to build a better, more inclusive future. Here’s to the next six months and beyond!
