MRHB DeFi backed by Polygon Technology to build new

MELBOURNE, Australia, Nov. 18, 2021 (GLOBE NEWSWIRE) — Ethereums biggest DeFi chain Polygon and ethical DeFi platform MRHB DeFi are leading the charge on the next big thing in DeFi decentralized philanthropy  or DePhi for short, which is estimated at over USD 300 billion each year in Muslim countries alone with around USD1.5 trillion in assets held by around 160,000 foundations globally.

Polygon has become one of the leading full-stack scaling solutions for Ethereum, given its speed and scalability, says 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 optimise our solutions for their network.

The Polygon team has been enthusiastic in its support of the ethics-based startup, recognizing that MRHB DeFi is the first Islamic finance dApp. Polygon has agreed to support MRHB DeFis plan to develop a sidechain solution that opens up DeFi to millions globally. The two parties have recently signed an agreement which puts into writing their aim to bring philanthropy to the crypto space, stating that:

• MRHB DeFi intends to build its DePhi (Decentralised philanthropy) protocol on Polygon technology, which would be a dedicated philanthropy protocol based on funding social initiatives for the benefit of the community, using the quadratic funding model.
• With this solution, MRHB intends to catalyse the crypto philanthropy ecosystem, with focus on being the first mover in channelling the annual Zakat contributions of the Islamic World (est. USD 300 billion annually).

Quadratic funding is a technique that applies mathematics to ensure the optimal funding  more democratic, more scalable  of community and social, charitable initiatives.

Bringing Philanthropy – a Key Pillar of the Islamic Faith – to DeFi

DePhi forms a key part of MRHB DeFis strategic plans for its protocol. As part of MRHBs approach to supporting a more ethical and community focused approach to decentralized finance, DePhi seeks to bring a key pillar of the Islamic faith  charity or zakat  to what is still a sector driven by self-interest. Once the DePhi protocol is implemented, MRHB DeFi users will have the option to send a portion of their crypto asset wealth to charities which would be linked to the platform, thus fulfilling their voluntary or faith-driven obligations.

End users who wish to donate will be able to deposit funds and generate rewards via trading fees on liquidity pools created by MRHB DeFi. After depositing the donation, assets would be locked for 60 days before being distributed to one of pre-approved charities nominated by the donor.

In addition, MRHB DeFi will set aside five percent of its DAO treasury to be invested in these pools as a form of crypto endowment, as such, this will generate wealth in perpetuity for charitable causes.

CTO Dalkilic adds: 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 were excited to align our vision of using DeFi for good causes, with theirs.

Being the first dApp 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.