Islamic Coin Explodes 470% as HAQQ Pivots to Ethereum L2

Liquidity Wakes Up

Islamic Coin (ISLM) shattered months of dormancy on Friday, ripping 470% higher after the HAQQ Network deployed its new Layer-2 mainnet, Ethiq. The move, which transitions the project from an isolated Layer-1 into the Optimism Superchain ecosystem, instantly repriced the asset. ISLM climbed from a muted $0.01 to tap $0.06, sending its market capitalization from $23 million to $120 million in under 24 hours.

The Receipt: Ethiq Mainnet

The catalyst was the official launch of Ethiq, an OP Stack-based rollup designed to anchor Sharia-compliant liquidity directly to Ethereum security. Unlike the previous standalone chain, Ethiq allows for seamless EVM compatibility and inherits the interoperability of the Optimism Superchain. The market reaction was violent and immediate: trading volume spiked to $4.8 million, the highest level since February 2024, as capital rotated into the new narrative.

Institutional Context

This is not a random pump; it is a structural pivot. By adopting the OP Stack, HAQQ effectively conceded that isolated L1s are losing the war for liquidity. The migration aligns ISLM with the broader Ethereum L2 trend, where liquidity is fragmented but easily bridged. The chart reflects this repricing of risk: the token’s 7-day RSI hit 94.24, an extreme overbought signal that confirms the sheer ferocity of the accumulation.

“Ethiq is built to anchor liquidity and applications for the Haqq ecosystem. It pairs Ethereum security and OP Stack’s scalability… with a unified value layer.” HAQQ Network.

Outlook

ISLM has stabilized near $0.045 as early buyers take profit, but the market structure has shifted. The focus now turns to total value locked (TVL) migration: can Ethiq attract actual DeFi capital, or will it remain a ghost chain? The infrastructure is live; the liquidity test begins now.