Juno (JUNO)

Network Security and Governance

Juno secures its proof-of-stake network by allowing users to stake $JUNO tokens, which also gives them voting power in on-chain governance. Each $JUNO token equals one vote, enabling the community to decide on network changes and fund ecosystem initiatives.

Smart Contract Platform

Juno is an interoperable smart contract network built on the Cosmos SDK. It acts as the transport fuel (gas) for all smart contracts deployed on its platform. Developers can deploy secure, scalable, and cost-effective smart contracts, especially for DeFi and NFT projects.

Decentralized Applications (DApps)

$JUNO tokens serve as collateral in various smart contract use cases and as a work token to capture value from decentralized applications built on Juno. The ecosystem supports a wide range of inter-chain applications, including DAOs, NFTs, and DeFi services.

Developer and User Experience

Juno offers a fast, robust, and secure environment for developers of all skill levels to build and grow interchain projects. It supports automatic on-chain event subscriptions and allows developers to pre-pay transaction fees for users, improving usability.

Financial Services Integration

Juno also functions as a crypto-friendly financial platform where users can manage crypto and cash, earn interest, and perform transactions with low fees and near-instant settlement, bridging traditional banking and crypto services.

Pros of Juno

• Integration of crypto with traditional banking services, making it easy for everyday users and beginners to use.
• Simple and clean interface on desktop and mobile, similar to a digital banking app.
• Allows automatic conversion of paychecks into cryptocurrencies like Bitcoin, Ethereum, and stablecoins.
• 0% transaction fees on crypto trades up to $250,000, which is unique and good for micro-investments.
• Supports multiple cryptocurrencies including Bitcoin, Ethereum, Solana, Avalanche, Polygon, and others.
• Offers insured checking accounts with FDIC insurance up to $250,000 through partner bank Evolve Bank and Trust.
• Provides physical and virtual debit Mastercards for spending USD or crypto directly.
• Supports near-instant international money transfers to over 30 countries with lower fees than standard banks.
• Crypto paycheck feature works with over 500 payroll providers for automatic crypto investments.
• No trading fees for cryptocurrency transactions, though spreads apply on buy/sell orders.
• Strong backing by reputable investors and a mission to make crypto-banking easy, fair, and transparent.
• Juno Network supports interoperable smart contracts and decentralized applications with a focus on security and scalability.

Cons of Juno

• Recent partner bankruptcy caused discontinuation of Treasury Account and paused new account creation, causing uncertainty and wait times.
• Crypto purchases were temporarily suspended during partner transitions, requiring users to withdraw or self-custody their holdings.
• Limited selection of cryptocurrencies compared to some other platforms.
• Some fees apply for certain banking actions like ACH returns, account closures, and metal card replacements.
• Crypto deposits are not FDIC insured.
• Cash-back rewards on spending are capped at $150 per year, which may limit benefits for heavy users.
• The JUNO token price has experienced significant decline and volatility, reflecting market uncertainty.
• Juno is not a bank itself but partners with banks, which may affect service stability.
• Some users report issues with fund access related to partner bank problems.
• After July 31st, a 0.50% fee on crypto trades over $250,000 will apply, reducing the no-fee benefit for large traders.

This summary highlights the main advantages and disadvantages of Juno, helping users understand its features and limitations.

Founders of Juno

Juno was founded by three Indian entrepreneurs: Varun Deshpande, Ratnesh Ray, and Siddharth Verma. They started the company in 2019 (or 2020, according to some sources) after previously creating the Nuo protocol in 2018-2019, which was a notable DeFi platform. The founders have experience in fintech and crypto, and they aimed to build a regulated, crypto-native digital banking platform.

Lead Investors

Juno's Series A funding round was led by ParaFi Capital’s Growth Fund and Mac Private Equity.

Participating Investors

Other investors in the Series A round include Hashed, Jump Crypto, Uncorrelated Fund, Greycroft, Mithril, Antler Global, 6th Man Ventures, Abstract Ventures, Surge, Dragonfly Capital, Astarc Ventures, 6MV, Abstract, Mithril Capital Management, and 25 more.

High-Profile Angel Investors

Juno is also backed by notable crypto founders and angel investors such as Balaji Srinivasan (ex-CTO of Coinbase), Surojit Chatterjee (CPO of Coinbase), Ryan Selkis (Founder of Messari), Sandeep Nailwal and Jaynti Kanani (Founders of Polygon), Sriram Krishnan (General Partner at a16z), and Venu Palaparthi (President of FTX Capital Markets).

Venture Capital Firms

Juno is supported by venture capital firms including Sequoia Surge, Polychain, and others.

Summary

Juno has raised a total of about $21 million in funding from a mix of venture capital firms, growth funds, and prominent angel investors in the crypto space.

Halal Status of Juno

• General Crypto Halal Considerations: Many Islamic scholars agree that cryptocurrency can be halal if it meets certain conditions such as having inherent value, serving a real-world purpose, avoiding interest (riba), excessive uncertainty (gharar), and gambling (maysir). The halal status depends on the specific crypto project's structure, purpose, and compliance with Shariah principles.

• Juno Specifics: Juno is a digital banking platform and blockchain ecosystem built on the Cosmos network, supporting smart contracts and decentralized applications. It is designed for practical use cases like payments, DeFi, and NFTs, which aligns with the criteria for halal cryptocurrencies that facilitate transparent and ethical financial transactions.

• Scholarly Views: Since Juno operates as a regulated platform with real-world utility and does not inherently involve interest or prohibited activities, it can be considered halal by analogy to other compliant cryptocurrencies. However, as with all crypto investments, individual due diligence and consultation with knowledgeable Islamic scholars are advised.

Answer: Yes, Juno can be considered halal because it functions as a practical, regulated digital asset platform that aligns with key Islamic finance principles.