Update pool-shares.md

src/reserve/pool-shares.md

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-description: >-
-  Directly contribute risk capital to the Frankencoin system to get Frankencoin
-  Pool Shares (FPS) in return.
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-
 # Pool Shares
 
+**Directly contribute risk capital to the Frankencoin system to get Frankencoin
+  Pool Shares (FPS) in return.**
+
 ## Reserve Pool Shares
 
 Frankencoin Pool Shares (FPS) are shares in the equity reserve pool of the Frankencoin system. Being an FPS holdes is similar to being a shareholder of a bank. As the Frankencoin system makes profits through fees or liquidations, the price of the pool shares is automatically adjusted upwards. Likewise, when risks materialize and the reserve pool incurs a loss, the value declines. They can be minted at any time and redeemed again after a mimimum holding period of three months. Over time, reserve pools shares that are not moved accumulate votes. Shareholders with at least 2% of the votes gain veto power.
@@ -18,14 +15,27 @@ Anyone can create additional pool shares by depositing reserve capital at any ti
 
 In an approach inspired by the research paper "[The Continuous Capital Corporation](https://papers.ssrn.com/sol3/papers.cfm?abstract\_id=4189472)", the Frankencoin system evaluates itself at a constant multiple of its capital. This multiple is set to three. So if there is 1 million ZCHF in equity capital K, anyone can subscribe to new pool shares at a valuation of 3 million ZCHF, or also redeem old shares at that valuation. Mathematically, valuation V is:
 
+![Pool Shares 1](https://github.com/DFXswiss/frankencoin-docu/assets/169650174/456ba802-0111-40f4-a74e-ebcf84567ffb)
+
 Whereas V(K) is the market cap of all Frankencoin Pool Shares (FPS) in circulation if there are K Frankencoins in equity capital. Given the number of pool shares s in circulation, the marginal price p per share is given as
 
+![Pool Shares 2](https://github.com/DFXswiss/frankencoin-docu/assets/169650174/4b2b25c8-8884-4074-a840-b1b385ad3ef2)
+
 From the above constraints follow that an investment of additional capital ΔK leads to the following rules for determining the new number of shares given the old number of shares:
 
+![Pool Shares 3 ](https://github.com/DFXswiss/frankencoin-docu/assets/169650174/e141897e-fd87-446e-8f1a-457488982808)
+
+
 Similarly, the same investment ΔK leads to a new price:
 
+![Pool Shares 4](https://github.com/DFXswiss/frankencoin-docu/assets/169650174/fc86e5c9-1fd6-491f-96e1-2f77511bfeae)
+
+
 One can verify that the valuation equation still holds after that investment by multiplying the number of shares with their price in order to obtain the new valuation:
 
+![Pool Shares 5](https://github.com/DFXswiss/frankencoin-docu/assets/169650174/464f5e6d-721e-4b34-b491-e11fb079030b)
+
+
 In other words: when someone invests into the Frankencoin system, two thirds of the increased market cap comes from the price increase and one third from the increased number of shares.
 
 ### Equilibrium