# kaal:claim:5583610-028

**Claim.** Soulbound tokens are load bearing for the design: because they are non-transferable and bound to a specific individual, the reward can only motivate cooperation and cannot be resold for speculative gain.

**Type.** design  **Support.** argued

**Holds when.**

- on-chain tier of the LER architecture

**Source quote.**

> Much like a personalized membership card that cannot be sold or given away, SBTs ensure the rewards focus on encouraging cooperation rather than speculative gain.

**From.** Wulf A. Kaal, *Liquid Equity Rewards in Corporate America* (2025), 6.2. Co-Opting Activists Through Utility Rewards, page 24

**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.** soulbound-tokens, non-transferability, cooperation, anti-speculation

**Related claims.**

- restates: https://wulfkaal.github.io/claims/5454054-021
- extended_by: https://wulfkaal.github.io/claims/6244278-009

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