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Penelitian ini menganalisis keabsahan distribusi imbal hasil Maximal Extractable Value (MEV) dalam protokol JitoSOL Liquid Staking di jaringan Solana melalui perspektif prinsip fiqih Islam Al-Kharaj bi al-Dhaman. Di tengah adopsi aset kripto yang pesat pada tahun 2026, Jito memperkenalkan distribusi keuntungan tambahan yang inovatif kepada pemegang token melalui MEV, yaitu nilai ekonomi yang diperoleh dari optimalisasi urutan transaksi dalam satu blok blockchain. Namun, mekanisme ini memicu perdebatan mengenai keadilan sumber pendapatan dan proporsionalitas risiko yang ditanggung oleh investor. Menggunakan metode penelitian normatif yuridis dengan pendekatan usuliyyah, studi ini mengkaji apakah pengembalian MEV dikategorikan sebagai pengembalian usaha yang sah (Kharaj) atau praktik manipulasi pasar yang dilarang (Najasy). Hasil menunjukkan bahwa distribusi MEV di JitoSOL dapat sejalan dengan prinsip Al-Kharaj bi al-Dhaman selama investor menanggung risiko kerugian sistemik dan slashing. Namun, titik kritis terletak pada transparansi sumber MEV; jika berasal dari strategi yang merugikan pengguna lain (seperti front-running), maka unsur berkah akan hilang. Penelitian ini menyimpulkan urgensi standarisasi tata kelola syariah dalam algoritma distribusi hasil digital.
Kata kunci: Al-Kharaj bi al-Dhaman, Imbalan MEV, JitoSOL, Solana, Liquid Staking.
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Hak Cipta (c) 2026 Lia Indah Khilmina, Nurifa Laksmitasari Azizah

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Referensi
- Alipanahloo, Z., Hafid, A. S., & Zhang, K. (2024). Maximum Extractable Value (MEV) Mitigation Approaches in Ethereum and Layer-2 Chains: A Comprehensive Survey. IEEE Access, 12, 185212–185231. https://doi.org/10.1109/ACCESS.2024.3514375
- Azrak, T., & Hazaa, H. (2021). The profit/gain from islamic law of contract perspective and the issue of ownership risk (damanal-milkiyyah). Journal of Islamic Finance, Vol. 0 No.1(Faculty of Islamic Studies, Social Sciences University of An kara).
- Birton, M. N. A., Sholihin, M., & Muttaqin, M. (2022). Maslaha-Based Value-Added Statement. GATR Accounting and Finance Review, 7(2), 113–123. https://doi.org/10.35609/afr.2022.7.2(4)
- Budiyono, A. (2025). Wealth Distribution in the Islamic Economic System Conceptual Foundations and Their Relevance to Contemporary Economic Justice. Journal of Integrated Socio-Economic Systems and Islamic Finance, 84–91.
- Carré, S., & Gabriel, F. (2025). Liquid Staking: When Does It Help? Deploying Liquidity on Well-Designed DeFi Lending Platforms. JEL Classification, D47, G29, O3. https://www.kraken.com/learn/what-is-liquid-staking,
- Chitra, T. (2023). Towards a Theory of Maximal Extractable Value II: Uncertainty. ArXiv:2309.14201v1 [Cs.GT] 25. http://arxiv.org/abs/2309.14201
- Cong, L. W., He, Z., & Tang, K. (2023). Staking, Token Pricing, and Crypto Carry. Cornell University Johnson Graduate School of Management.
- Cong, L. W., Zhiheng He, & Ke Tang. (2025). The tokenomics of staking (NBER Working Paper No. 33640, Tran.). National Bureau Of Economic Research, (JEL No. C73, E42, F43, L86), 1–63.
- Dong, X., Litos, O. S. T., Tas, E. N., Tse, D., Woll, R. L., Yang, L., & Yu, M. (2025). Remote Staking with Optimal Economic Safety. http://arxiv.org/abs/2408.01896
- Dzulkepli, S., & Barom, M. N. (2021). Financial inclusion and the goal of distributive justice in Islamic economics. The Journal of Muamalat and Islamic Finance Research, 66–77. https://doi.org/10.33102/jmifr.v18i1.330
- Ekonomi, J. J., Syariah, K., Novianti, T., Sakdiah, K., & Febriyanni, R. (2025). Implementasi Qawaid Fiqhiyyah Dalam Mengembangkan Produk Perbankan Syariah. JEKSya: Jurnal Ekonomi Dan Keuangan Syariah, 4(3). https://jurnal.perima.or.id/index.php/JEKSya
- Fadillah, M. I., Supriatono Purnomo, B., & Purnamasari, I. (2024). Islamic Economic Principles: A Critical Review of Capitalism and a Vision for Justice. Equity: Jurnal Ekonomi, 12(02). https://doi.org/10.33019/equity.v%vi%i.381
- Faishol, M. (2026). Kaidah Fiqh: Al-Kharaj bi Adh-Dhaman. Dewan Syariah Nasional – Majelis Ulama Indonesia. https://dsnmui.or.id/al-kharaj-bi-adh-dhaman/
- Fatiha, N., & Miftahus Surur. (2025). Maximizing financial potential: the shariah economics approach to time value in finansial management. JSE: Jurnal Sharia Economica, Volume 4 Nomor 2. https://doi.org/https://doi.org/10.46773/jse.v4i1
- Finkbeiner, C., & Almashaqbeh, G. (2025). SoK: Blockchain Oracles Between Theory and Practice. Cryptology EPrint Archive.
- Gogol, K., Fritsch, R., Schlosser, M., Messias, J., Kraner, B., & Tessone, C. (2024). Liquid Staking Tokens in Automated Market Makers. UZH Blockchain Center, Matter Labs(University of Zurich), 26. http://arxiv.org/abs/2403.10226
- Gogol, K., Kraner, B., Schlosser, M., Yan, T., Tessone, C., & Stiller, B. (2024). Empirical and Theoretical Analysis of Liquid Staking Protocols. Communication System Group, Department of Informatics, University of Zurich. http://arxiv.org/abs/2401.16353
- Gramlich, V., Jelito, D., & Sedlmeir, J. (2024). Maximal extractable value: Current understanding, categorization, and open research questions. Electronic Markets, 34(1). https://doi.org/10.1007/s12525-024-00727-x
- Ian Unsworth, Paul Dylan-Ennis, Othman Gbadamassi, Kollan House, Wassim Alsindi, & Nick Almond. (2025). CSD Progress Report One.
- Jito’s MEV Priorities. (2026). Https://Jito-Foundation.Gitbook.Io/Mev/Solana-Mev/Jitos-Mev-Priorities.
- Khilmia, A., & Rahmawati, L. (2022). Distribusi Pendapatan Perspektif M. Abdul Mannan dan Realisasinya di Indonesia. IQTISHADIA Jurnal Ekonomi & Perbankan Syariah, 9(1), 38–47. https://doi.org/10.19105/iqtishadia.v9i1.5665
- Kong, D., Li, X., & Li, W. (2024). Characterizing the Solana NFT Ecosystem. Hainan University, 766–769. https://doi.org/10.1145/3589335.3651478
- Kulkarni, K., Diamandis, T., & Chitra, T. (2023). Towards a Theory of Maximal Extractable Value I: Constant Function Market Makers. ArXiv Preprint ArXiv:2207.11835. http://arxiv.org/abs/2207.11835
- Lehmann, M., Held, A., Krysa, F., Prévost, E., Schinerl, F., & Vogelauer, R. (2023). Staking Your Crypto: What are the Stakes? Journal of Business & Technology Law, 19(1). https://digitalcommons.law.umaryland.edu/jbtl
- Malkhi, D., & Szalachowski, P. (2022). Maximal Extractable Value (MEV) Protection on a DAG. Chainlink Labs. http://arxiv.org/abs/2208.00940
- Nasrullah, & Muthoifin. (2024). Implementation of Fiqh Rules in Economic Transactions in Islamic Financial Institutions: A Literature Review Study. Demak Universal Journal of Islam and Sharia, 2(03), 347–360. https://doi.org/10.61455/deujis.v2i03.194
- Nurjamil, Syafe‘i, R., & Mustofa. (2024). Implementation Of Al-Kharaj Bi-Addhaman Rules In Sharia Syndicated Financing In The Perspective Of Sharia Economic Law. Res Nullius: Law Journal, 6(1), 41–59. https://doi.org/10.34010/rnlj.v%vi%i.11676
- Oderbolz, N., Marosvölgyi, B., & Hafner, M. (2024). Towards an Optimal Staking Design: Balancing Security, User Growth, and Token Appreciation. Ledger Journal. https://doi.org/10.5195/LEDGER.201X.X
- Purwanza, S. wahyu, Wardhana, A., Renggo, Y. renny, & Dkk. (2020). Metodologi Penelitian Kuantitatif, Kualitatif dan Kombinasi: No. 370/JBA. CV. Media Saind Indonesia.
- Rahim, S., & Mohammed, M. O. (2018). Operationalizing Distributive Justice From The Perspective Of Islamic Economics (The International Islamic University Malaysia, Tran.). International Journal of Economics, Management and Accounting, 26, no. 2(2), 415–442.
- Rasyid, F. (2022). Metodologi Penelitian Kualitatif dan Kuantitatif: teori, metode, dan praktek (Epullah, Ed.; I). IAIN Kediri Press.
- Scharnowski, S., & Jahanshahloo, H. (2025). The Economics of Liquid Staking Derivatives: Basis Determinants and Price Discovery. Journal of Futures Markets, 45(2), 91–117. https://doi.org/10.1002/fut.22556
- Song, H., Wei, Y., Qu, Z., & Wang, W. (2024). Unveiling Decentralization: A Comprehensive Review of Technologies, Comparison, Challenges in Bitcoin, Ethereum, and Solana Blockchain. University of Southern California, Los Angeles, US. http://arxiv.org/abs/2404.04841
- Thajudeen, K. S. (n.d.). Conventional Futures: Major Issues from Islamic Law of Contract’s Perspective.
- Tzinas, A., & Zindros, D. (2023). The Principal-Agent Problem in Liquid Staking. Cham: Springer Nature Switzerland, (National Technical University of Athens), 456–469.
- Xiong, X., Wang, Z., Chen, X., Knottenbelt, W., & Huth, M. (2025). Leverage Staking with Liquid Staking Derivatives (LSDs): Opportunities and Risks (U. University of Sussex, Tran.). Imperial College London, UK, 1–24. http://arxiv.org/abs/2401.08610
- Yakovenko, A. (2018). Solana: A new architecture for a high performance blockchain v0.8.13. https://solana. com/solana-whitepaper
Referensi
Alipanahloo, Z., Hafid, A. S., & Zhang, K. (2024). Maximum Extractable Value (MEV) Mitigation Approaches in Ethereum and Layer-2 Chains: A Comprehensive Survey. IEEE Access, 12, 185212–185231. https://doi.org/10.1109/ACCESS.2024.3514375
Azrak, T., & Hazaa, H. (2021). The profit/gain from islamic law of contract perspective and the issue of ownership risk (damanal-milkiyyah). Journal of Islamic Finance, Vol. 0 No.1(Faculty of Islamic Studies, Social Sciences University of An kara).
Birton, M. N. A., Sholihin, M., & Muttaqin, M. (2022). Maslaha-Based Value-Added Statement. GATR Accounting and Finance Review, 7(2), 113–123. https://doi.org/10.35609/afr.2022.7.2(4)
Budiyono, A. (2025). Wealth Distribution in the Islamic Economic System Conceptual Foundations and Their Relevance to Contemporary Economic Justice. Journal of Integrated Socio-Economic Systems and Islamic Finance, 84–91.
Carré, S., & Gabriel, F. (2025). Liquid Staking: When Does It Help? Deploying Liquidity on Well-Designed DeFi Lending Platforms. JEL Classification, D47, G29, O3. https://www.kraken.com/learn/what-is-liquid-staking,
Chitra, T. (2023). Towards a Theory of Maximal Extractable Value II: Uncertainty. ArXiv:2309.14201v1 [Cs.GT] 25. http://arxiv.org/abs/2309.14201
Cong, L. W., He, Z., & Tang, K. (2023). Staking, Token Pricing, and Crypto Carry. Cornell University Johnson Graduate School of Management.
Cong, L. W., Zhiheng He, & Ke Tang. (2025). The tokenomics of staking (NBER Working Paper No. 33640, Tran.). National Bureau Of Economic Research, (JEL No. C73, E42, F43, L86), 1–63.
Dong, X., Litos, O. S. T., Tas, E. N., Tse, D., Woll, R. L., Yang, L., & Yu, M. (2025). Remote Staking with Optimal Economic Safety. http://arxiv.org/abs/2408.01896
Dzulkepli, S., & Barom, M. N. (2021). Financial inclusion and the goal of distributive justice in Islamic economics. The Journal of Muamalat and Islamic Finance Research, 66–77. https://doi.org/10.33102/jmifr.v18i1.330
Ekonomi, J. J., Syariah, K., Novianti, T., Sakdiah, K., & Febriyanni, R. (2025). Implementasi Qawaid Fiqhiyyah Dalam Mengembangkan Produk Perbankan Syariah. JEKSya: Jurnal Ekonomi Dan Keuangan Syariah, 4(3). https://jurnal.perima.or.id/index.php/JEKSya
Fadillah, M. I., Supriatono Purnomo, B., & Purnamasari, I. (2024). Islamic Economic Principles: A Critical Review of Capitalism and a Vision for Justice. Equity: Jurnal Ekonomi, 12(02). https://doi.org/10.33019/equity.v%vi%i.381
Faishol, M. (2026). Kaidah Fiqh: Al-Kharaj bi Adh-Dhaman. Dewan Syariah Nasional – Majelis Ulama Indonesia. https://dsnmui.or.id/al-kharaj-bi-adh-dhaman/
Fatiha, N., & Miftahus Surur. (2025). Maximizing financial potential: the shariah economics approach to time value in finansial management. JSE: Jurnal Sharia Economica, Volume 4 Nomor 2. https://doi.org/https://doi.org/10.46773/jse.v4i1
Finkbeiner, C., & Almashaqbeh, G. (2025). SoK: Blockchain Oracles Between Theory and Practice. Cryptology EPrint Archive.
Gogol, K., Fritsch, R., Schlosser, M., Messias, J., Kraner, B., & Tessone, C. (2024). Liquid Staking Tokens in Automated Market Makers. UZH Blockchain Center, Matter Labs(University of Zurich), 26. http://arxiv.org/abs/2403.10226
Gogol, K., Kraner, B., Schlosser, M., Yan, T., Tessone, C., & Stiller, B. (2024). Empirical and Theoretical Analysis of Liquid Staking Protocols. Communication System Group, Department of Informatics, University of Zurich. http://arxiv.org/abs/2401.16353
Gramlich, V., Jelito, D., & Sedlmeir, J. (2024). Maximal extractable value: Current understanding, categorization, and open research questions. Electronic Markets, 34(1). https://doi.org/10.1007/s12525-024-00727-x
Ian Unsworth, Paul Dylan-Ennis, Othman Gbadamassi, Kollan House, Wassim Alsindi, & Nick Almond. (2025). CSD Progress Report One.
Jito’s MEV Priorities. (2026). Https://Jito-Foundation.Gitbook.Io/Mev/Solana-Mev/Jitos-Mev-Priorities.
Khilmia, A., & Rahmawati, L. (2022). Distribusi Pendapatan Perspektif M. Abdul Mannan dan Realisasinya di Indonesia. IQTISHADIA Jurnal Ekonomi & Perbankan Syariah, 9(1), 38–47. https://doi.org/10.19105/iqtishadia.v9i1.5665
Kong, D., Li, X., & Li, W. (2024). Characterizing the Solana NFT Ecosystem. Hainan University, 766–769. https://doi.org/10.1145/3589335.3651478
Kulkarni, K., Diamandis, T., & Chitra, T. (2023). Towards a Theory of Maximal Extractable Value I: Constant Function Market Makers. ArXiv Preprint ArXiv:2207.11835. http://arxiv.org/abs/2207.11835
Lehmann, M., Held, A., Krysa, F., Prévost, E., Schinerl, F., & Vogelauer, R. (2023). Staking Your Crypto: What are the Stakes? Journal of Business & Technology Law, 19(1). https://digitalcommons.law.umaryland.edu/jbtl
Malkhi, D., & Szalachowski, P. (2022). Maximal Extractable Value (MEV) Protection on a DAG. Chainlink Labs. http://arxiv.org/abs/2208.00940
Nasrullah, & Muthoifin. (2024). Implementation of Fiqh Rules in Economic Transactions in Islamic Financial Institutions: A Literature Review Study. Demak Universal Journal of Islam and Sharia, 2(03), 347–360. https://doi.org/10.61455/deujis.v2i03.194
Nurjamil, Syafe‘i, R., & Mustofa. (2024). Implementation Of Al-Kharaj Bi-Addhaman Rules In Sharia Syndicated Financing In The Perspective Of Sharia Economic Law. Res Nullius: Law Journal, 6(1), 41–59. https://doi.org/10.34010/rnlj.v%vi%i.11676
Oderbolz, N., Marosvölgyi, B., & Hafner, M. (2024). Towards an Optimal Staking Design: Balancing Security, User Growth, and Token Appreciation. Ledger Journal. https://doi.org/10.5195/LEDGER.201X.X
Purwanza, S. wahyu, Wardhana, A., Renggo, Y. renny, & Dkk. (2020). Metodologi Penelitian Kuantitatif, Kualitatif dan Kombinasi: No. 370/JBA. CV. Media Saind Indonesia.
Rahim, S., & Mohammed, M. O. (2018). Operationalizing Distributive Justice From The Perspective Of Islamic Economics (The International Islamic University Malaysia, Tran.). International Journal of Economics, Management and Accounting, 26, no. 2(2), 415–442.
Rasyid, F. (2022). Metodologi Penelitian Kualitatif dan Kuantitatif: teori, metode, dan praktek (Epullah, Ed.; I). IAIN Kediri Press.
Scharnowski, S., & Jahanshahloo, H. (2025). The Economics of Liquid Staking Derivatives: Basis Determinants and Price Discovery. Journal of Futures Markets, 45(2), 91–117. https://doi.org/10.1002/fut.22556
Song, H., Wei, Y., Qu, Z., & Wang, W. (2024). Unveiling Decentralization: A Comprehensive Review of Technologies, Comparison, Challenges in Bitcoin, Ethereum, and Solana Blockchain. University of Southern California, Los Angeles, US. http://arxiv.org/abs/2404.04841
Thajudeen, K. S. (n.d.). Conventional Futures: Major Issues from Islamic Law of Contract’s Perspective.
Tzinas, A., & Zindros, D. (2023). The Principal-Agent Problem in Liquid Staking. Cham: Springer Nature Switzerland, (National Technical University of Athens), 456–469.
Xiong, X., Wang, Z., Chen, X., Knottenbelt, W., & Huth, M. (2025). Leverage Staking with Liquid Staking Derivatives (LSDs): Opportunities and Risks (U. University of Sussex, Tran.). Imperial College London, UK, 1–24. http://arxiv.org/abs/2401.08610
Yakovenko, A. (2018). Solana: A new architecture for a high performance blockchain v0.8.13. https://solana. com/solana-whitepaper
