# kaal:claim:5454054-019

**Claim.** The NASDAQ tokenized stock framework materially expands the addressable market for LER, because every NASDAQ-listed stock becomes potentially eligible for time-weighted voucher reward accruals.

**Type.** predictive  **Support.** argued

**Holds when.**

- conditional on SEC approval of the NASDAQ framework

**Source quote.**

> Second, it significantly increases the addressable market for LER because all of NASDAQ-listed stocks are now potentially eligible for LER's time-weighted voucher loyalty reward accruals.

**From.** Wulf A. Kaal, *Liquid Equity Rewards* (2025), NASDAQ's Tokenized Stock Framework and LER Scalability, page 18

**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.** economics, tokenomics

**Keywords.** nasdaq, addressable-market, tokenized-stocks, time-weighted-accrual

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