# Non-Transferable Token Logic

To prevent speculative behavior and preserve the vault’s internal pricing logic, all ERC-20 tokens issued by REDCAP are:

* **Non-transferable** during the active vault period
* **Unwrappable** at vault end (or via gated DeFi wrapper in future)
* **Bound to wallet adress**

This design ensures:

* Accurate NAV per holder
* No secondary market manipulation
* Controlled liquidity and exit strategy

🔐 It’s not DeFi. It’s collectible-native capital structuring.
