kaal:claim:5583610-006

LER is a two-tiered architecture: registered off-chain shareholders receive redeemable vouchers, while on-chain holders receive programmable, non-transferable reward units such as soulbound tokens anchored to specific wallet addresses.

Source quote, verbatim

LER can be viewed as a clever, two-tiered system that uses blockchain technology to provide shareholders with simple, non-speculative benefits across both regular (off-chain) and tokenized (on-chain) stocks.

From

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025), 2.1. How LER Works, p. 6
https://ssrn.com/abstract=5583610 · source PDF

Cite as

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

Holds when

off-chain registered equity and on-chain tokenized equity coexist

Classification

designsupport: assertedtokenomics

Related claims

restates kaal:claim:5454054-002 LER should be built as a bifurcated architecture: voucher-based rewards for equities held in brokerage account...

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