Why the peg holds without a rebase

Why the peg holds without a rebase

The token tracks a share, not a dollar, and it holds that link without ever rebasing a balance. If you hold 100 tokens today, you hold 100 tokens tomorrow — the number in your wallet does not move.

The peg is held the same way an ETF holds its NAV: creation and redemption arbitrage. Only the market maker mints and redeems, always against attested custody. Mint high, redeem low, and the spread closes itself. That is the whole mechanism.

Corporate actions ride a multiplier instead of touching balances. A reverse split does not burn your tokens; it adjusts the multiplier so one token still equals one share. No rebase, ever. Backed 1:1 in custody.