# Membership When a fund accepts your request, you receive two things: a membership NFT and SHARES tokens. Together, these represent your membership and your ownership. ### Membership NFT Your membership NFT is proof that you belong to the fund. It is minted to your wallet on acceptance and is non-transferable - it cannot be sold, sent, or traded. It is bound to the wallet that deposited. The NFT grants access to the fund's private resources. Without it, you cannot view internal fund data. ### SHARES tokens SHARES represent your proportional ownership of the fund treasury. They are also non-transferable. As the treasury grows or shrinks through trading activity, your SHARES reflect your current claim on the balance. When you withdraw, SHARES are burned and your proportional capital is returned. ### What members can access Once admitted, you can see: * **Transaction history** - Every trade the fund has executed, with amounts, venues, and timestamps * **Analytics** - Returns, drawdowns, vault-level performance breakdowns * **Positions** - Current allocations across vaults and protocols * **Chat** - Fund-level communication with other members and Admins * **Member directory** - Who else is in the fund and their relative ownership This data is derived from onchain activity. It updates in real time. ### Governance participation As a member, you can vote on governance proposals - parameter changes, role promotions, strategy adjustments. Voting uses HybridVoting, which requires both capital-weighted and member-count approval to pass. If you prefer to stay passive, you can delegate your voting power to the Admin or another member. Delegation is the default. You can opt into active participation at any time. ### Losing membership Your membership lasts as long as you hold SHARES. When you fully redeem and withdraw, your SHARES are burned and your membership NFT is burned with them. Access to the fund's chat, analytics, transaction history, and member directory is revoked. If you want to rejoin, you submit a new request and go through the standard Limbo Vault process. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.rayze.io/architecture/membership.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.