# SHARES Tokens SHARES are the unit of ownership in a Rayze fund. They are minted when you deposit and burned when you withdraw. ### How SHARES work When the fund accepts your membership request, your USDC moves to the treasury and SHARES tokens are minted to your wallet. The number of SHARES you receive is proportional to your contribution relative to the fund's total treasury value at the time of deposit. If a fund treasury holds $50,000 and you deposit $5,000, you receive 10% of the SHARES supply. If the treasury later grows to $100,000 through trading, your SHARES still represent 10% - now worth $10,000. If the treasury drops to $30,000, your SHARES represent 10% of that. SHARES track your claim on the treasury's current value, not your original deposit. ### Non-transferable SHARES cannot be sold, sent to another wallet, or traded on any marketplace. They are bound to the wallet that deposited. This is a deliberate design decision - it prevents secondary markets from forming around fund membership and keeps ownership tied to actual capital contribution. ### Minting SHARES are minted in two situations: * **On deposit** - When a new contributor is admitted and their USDC moves from the Limbo Vault to the treasury * **On additional deposit** - When an existing member adds more capital to the fund Each minting event is proportional. Existing members are not diluted unfairly - new SHARES are minted based on the contributor's deposit relative to the fund's current value. ### Burning SHARES are burned when a member withdraws. The fund proportionally liquidates positions based on the SHARES being redeemed and returns the corresponding capital. Once all of your SHARES are burned, your membership ends. --- # 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/shares-tokens.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.