xtocks
The xStocks points campaign is not permissible to participate in. The underlying project tokenizes conventional US equities and ETFs, which include confirmed exposure to prohibited industries such as interest-based finance, alcohol, and gambling. Furthermore, while a technical path exists to earn points without lending, the core activity requires purchasing these impermissible assets, and higher tiers explicitly require haram lending and borrowing tasks.
Airdrop Tasks
Connect Web3 wallet
RequiredConnecting a wallet is a neutral administrative task.
Enter referral code
OptionalReferrals are generally permissible but become doubtful when promoting an impermissible platform.
Join Telegram channel
OptionalJoining a social channel is a neutral administrative task.
Purchase and hold tokenized stocks
OptionalPurchasing conventional ETFs and stocks involves acquiring assets with prohibited industry exposure.
Supply xStocks as collateral
OptionalSupplying assets as collateral on lending platforms involves impermissible interest-based (riba) transactions.
Provide liquidity to DeFi pools
OptionalProviding liquidity is scholar-debated and in this context involves impermissible underlying assets.
Open PT/LP market position on Pendle
OptionalYield tokenization and liquidity provision are scholar-debated and involve impermissible assets.
Share referral link
OptionalEarning points from invited users is doubtful when the underlying platform activity is impermissible.
Perform limited-time tasks
OptionalLimited-time tasks vary and may involve interacting with impermissible specific stocks or pools.
Why This Verdict
The xStocks points campaign is not permissible to participate in. Evaluating this asset requires a three-layer screen: infrastructure, application, and the asset itself. The underlying infrastructure passes, as it runs on neutral networks like Solana, Ethereum, and TON. However, the application fails because it tokenizes conventional US equities and ETFs with confirmed exposure to prohibited industries such as interest-based finance, alcohol, and gambling. Furthermore, the asset itself warrants caution; as unissued points, they do not yet possess the ascertainable supply and transferability required to qualify as recognized digital property (Mal). Consequently, purchasing and holding the core tokenized stocks to earn points is Haram. Regarding the campaign's optional mechanisms, basic administrative tasks like connecting a Web3 wallet or joining a Telegram channel are Halal. However, higher-tier point multipliers require Haram activities, such as supplying assets as collateral for interest-based lending on platforms like Kamino Finance. Other optional tasks, including providing liquidity to DeFi pools, opening yield positions on Pendle, and sharing referral links, are Doubtful because they involve scholar-debated mechanics applied to an impermissible platform.
Points of Caution
- !The core activity requires purchasing tokenized conventional ETFs and stocks, which inherently exposes the holder to prohibited industries like conventional banking, alcohol, and gambling.
- !Earning higher point multipliers explicitly requires participating in Haram interest-based (riba) lending and borrowing on platforms like Kamino Finance.
- !The rewards are currently in a points-only phase (xPoints), meaning the actual token does not yet exist, and its future tokenomics, supply, and transferability remain unknown.
- !Users hold a tokenized representation of real-world assets managed by regulated custodians under the Swiss DLT Act, meaning they hold a redemption claim against an issuer rather than a native protocol position.
Purification Note
Not applicable. Because the core activity of purchasing the tokenized conventional equities is impermissible, participation in the campaign is prohibited entirely. There is no purification formula that can legitimize acquiring assets with direct exposure to prohibited industries or engaging in interest-based lending.
Bottom Line
The xStocks points campaign is not Shariah-compliant because it requires users to purchase and interact with tokenized conventional stocks and ETFs that contain prohibited industry exposure. Furthermore, maximizing rewards in the campaign involves explicitly Haram activities, such as interest-based lending and borrowing. Muslim investors should avoid participating in this airdrop campaign. Please note that final religious authority rests with a qualified Shariah scholar.
How this verdict was reached
This is not an opinion issued by ShariaQuant. It is the output of a documented screening methodology applied to researched facts about xtocks, and every row above states the specific evidence that drove it — so the reasoning can be examined rather than taken on trust.
An airdrop raises two separate questions, and both are answered: whether the reward token is permissible to receive and hold, and whether the tasks required to qualify are themselves permissible. Every eligibility task is ruled individually, so a campaign can be usable by completing only the permissible tasks.
Lending and borrowing tasks are assessed as riba, perpetual and margin trading as excessive uncertainty (gharar), and prediction markets or chance-based games as gambling (maisir).
AAOIFI has not reviewed, approved or endorsed this report or ShariaQuant, and no scholar named in our methodology has reviewed this individual verdict. This is analysis, not a fatwa — final religious authority rests with a qualified scholar.
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