Beyond coins: stocks, airdrops and presales

Coins are not the only thing on the site, and the other three lists each ask a different question.

Tokenized stocks

A tokenized stock is a token that tracks a share in a real company. That means two screens have to pass, not one.

The company itself has to be permissible, on the usual revenue and debt thresholds. Then the wrapper has to be permissible too, which is a separate matter entirely: what you hold is usually a claim on an issuer who holds the actual share, not the share itself. Whether that claim is the same thing as owning the stock is the live question, and it is why these get their own list rather than sitting with the coins.

Airdrops

An airdrop is a token distributed for free, usually to people who used a protocol early.

The screening question is not really about the token, it is about what you had to do to qualify. If earning the drop required lending, providing liquidity into an interest-bearing pool, or trading with leverage, then the reward is downstream of something impermissible and the token arrives carrying that.

If it required nothing but using the thing, that is a different situation.

Presales

A presale is the hardest of the three, and the reason is straightforward.

You are paying now for a token that does not exist yet, issued by a project that may not exist either. Gharar, meaning uncertainty in a contract severe enough to invalidate it, is the obvious concern, and quite a lot of presales fail on it before you get anywhere near the tokenomics.

Not all of them do. The screening looks at whether the thing being sold is defined, whether delivery is certain enough, and whether the money is doing anything impermissible while it waits.

In one line: three lists, three questions. The company for a stock, the qualifying activity for an airdrop, and whether the thing exists yet for a presale.