# kaal:claim:5454054-002

**Claim.** LER should be built as a bifurcated architecture: voucher-based rewards for equities held in brokerage accounts, and programmable on-chain reward units for tokenized equities.

**Type.** design  **Support.** asserted

**Holds when.**

- issuer serves both off-chain brokerage holders and on-chain token holders

**Source quote.**

> LER employs a bifurcated architecture: voucher-based rewards for brokerage-held equities and programmable, on-chain reward units for tokenized equities.

**From.** Wulf A. Kaal, *Liquid Equity Rewards* (2025), Abstract, page 1

**Cite as.** Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

**Verify.** sha256 of source PDF `9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards.pdf

**Topics.** tokenomics, smart-contracts

**Keywords.** bifurcated-architecture, tokenized-equities, smart-contracts, brokerage, design

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/5583610-006

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.