Chapter 05 of 10
The Offering · Vol. 02 No. 01
The Decline · 05
September 2026 · London
The 2017 habits that will kill a 2026 offering · Return
APY, “number go up,” and listing as a promise
Performance language is out of default scope. Softening it is still performance language.
Return claims are the shortest path from a product page to an investment promotion. APY on a token you are asking people to buy. Charts of a cousin asset. “When we list, the float is thin.” Market-making described as a floor. These sentences are why promotions regimes exist. They are also why Howey reconstructions are easy.
The prohibited list in the claims feature is the starting set. Add your founder’s tired vocabulary. “Expected listing with a top-five venue” is still a listing hope. “Revenue share, but not a security” is two claims, both hot. Delete.