Same $100,000.
Different rules.
ABSTRACT
Read the investment thesis ↓Economic exposure can look identical while redemption, transfer and lending rights diverge. Know what you own before deciding what it is worth.
TERMS
MATTER
MATTER
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One stock. Two sets of terms.
Fictional wrapper comparison. These are not verified issuer terms.
RIGHT / CONDITIONWRAPPER AWRAPPER B
Economic exposure$100,000$100,000
Redemption windowDailyWeekly
Transfer eligibilityVerified walletsJurisdiction restricted
Lending permissionExplicitly permittedNot established
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The decision rule
THE MATHEMATICAL FOUNDATION
Terms become executable predicates.
Eligible(w, a) = ∧ₖ₌₁ᵐ Pₖ(w, a)
RiskWeightᵢ = min(1, g(redemption, transfer, jurisdiction, lending))
- w
- Wallet attributes and verification state
- a
- Requested transfer, lending or redemption
- Pₖ
- A required rights predicate
- g
- A specified rights-to-risk mapping
Eligibility depends on documented predicates. The risk-weight mapping must be specified and validated independently.
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