Seigniorage Shares

SHARE served multiple roles within the Dollar Protocol:

• Reward Mechanism: During supply expansion phases, newly minted Dollars are distributed to SHARE holders as a reward for bearing risk during contraction periods.

• Governance: SHARE holders were intended to participate in protocol governance, voting on system parameters such as supply expansion rules or peg adjustments.

• Speculation on Growth: Because SHARE does not maintain a price peg, it acts as a volatile asset reflecting market expectations of future Dollar demand and expansion.

SHARE had no direct utility beyond its role in incentivising behaviour that supported Dollar price stability. Its value was driven by projected future issuance of new Dollars.