If I buy yield tokens of a halal company like SpaceX xStock on Pendle just to earn XPoints for an airdrop, is that halal? My intention is not to earn yield, only to collect the points.

This is one of the most precisely structured compliance questions we receive and it deserves an equally precise answer. The honest ruling is that buying Yield Tokens on Pendle is Haram regardless of whether the underlying company is halal and regardless of whether your intention is to collect yield or to earn XPoints.

Let me explain exactly why, because the reasoning matters as much as the conclusion here.

When you buy a Yield Token on Pendle you are not buying SpaceX stock. You are not even buying a tokenized version of SpaceX stock. You are buying a financial derivative that represents only the separated yield stream of a position in SpaceX xStock, stripped away from the underlying asset itself. Pendle's core mechanism takes a yield-bearing position, splits it into the principal component and the yield component, and makes each tradable separately. The Yield Token you purchase represents nothing except the right to receive the yield income generated by the position until maturity.

The compliance question therefore is not about SpaceX. It is about what that yield stream is and what financial instrument the Yield Token creates.

SpaceX is a private company that pays no dividends. The yield generated by SpaceX xStock on tokenized asset platforms does not come from genuine equity returns like profit distributions. It comes from securities lending income where the platform lends out the underlying position to earn fees, or from the interest income generated by reserve instruments backing the tokenized structure. In either case the yield stream the Yield Token represents is interest-adjacent income rather than genuine permissible equity appreciation.

By purchasing the Yield Token you are purchasing a synthetic interest product. You are buying the separated yield stream of an interest-generating mechanism packaged as a tradable token. This is precisely the financial structure CoinStudy identifies as a Synthetic Interest Product in its red-line screening, and it is why Pendle itself is classified as Haram in our analysis.

Your intention to earn XPoints rather than collect yield does not change this assessment and this is the most important point to understand clearly. Islamic finance evaluates the nature of what you are purchasing and the financial relationship it creates, not exclusively the purpose for which you purchased it. The Yield Token is a synthetic interest product whether you intend to collect the yield or not. Purchasing it means you hold a synthetic interest instrument regardless of your farming intention.

The comparison to Pixie Chess helps clarify why intention matters in some cases and not others. Playing free chess games on Pixie Chess is halal even if your motivation is airdrop farming, because the activity itself is halal. Buying Yield Tokens on Pendle for XPoints is not halal even if your motivation is airdrop farming, because the instrument you are purchasing is itself a prohibited financial product. The activity determines the ruling in Islamic finance, and purchasing a synthetic interest product is prohibited activity regardless of the motivation behind the purchase.

The halal status of SpaceX as a company is genuine and we affirm it. SpaceX is a legitimate aerospace and technology business whose tokenized stock CoinStudy has assessed as permissible for Muslim investors to hold directly. But a halal underlying company passing through a haram financial engineering structure produces a haram outcome. Bitcoin is halal and SpaceX stock is permissible but depositing either into an interest-generating mechanism makes the specific financial product created from that deposit impermissible regardless of the asset's own clean status.

If you want to earn XPoints through permissible means, check whether XPoints can be accumulated by simply holding xStocks of halal companies directly in your wallet, through spot trading of halal company xStocks, or through LP provision in spot swap pools with permissible mechanisms. These paths to XPoints would be permissible. Buying Yield Tokens on Pendle specifically is not.