Charters are shares of the Dove treasury. Each charter can be redeemed for its share of every treasury asset. One charter is one CHARTER token; a whole token can be held as an NFT, and only NFTs vote. Charter NFT holders govern the protocol and choose the strategies that receive treasury funds. Revenue from the DOVE pool and bond premiums closes each day: at launch, half raises the backing of every charter and half backs new charters, sold for DOVE in Dutch auctions that burn the DOVE paid. The charter pool burns its unit fees, which raises every holder's share.