# kaal:claim:5583610-006

**Claim.** 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.

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

**Holds when.**

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

**Source quote.**

> 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, page 6

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

**Verify.** sha256 of source PDF `2d73609d95ddb1573acc2a9e7af617fbe6283d6e591deb6317f6d5d804517c62` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards%20in%20Corporate%20America.pdf

**Topics.** tokenomics

**Keywords.** dual-architecture, vouchers, soulbound-tokens, tokenized-equity

**Related claims.**

- restates: https://wulfkaal.github.io/claims/5454054-002

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