Primary sales
Primary sales, also known as initial property offerings (IPOs), are events where properties are first offered to the public. A percentage of a property (between 1 and 100%) is tokenized and offered to wholesale investors. Minimum purchases for primary sales are currently set to 1000 property units. For smaller amounts, buy on the market once the property is trading live.
Who can purchase primary sales?
Only accredited wholesale investors can purchase property tokens in primary sales. A minimum purchase of 1000 units is required. If you qualify, the primary sale product will prompt you to submit the information needed to place your purchase.
Secondary trading
Secondary trading on Loaf works like trading on Hyperliquid, Binance, or Coinbase: a real-time order book, market and limit orders, and an activity panel.
The activity panel
The activity panel shows your real-time and past trading history:
- Trading positions: Your current asset holdings (non-USDC)
- Initial offerings: Holdings of any primary sale units that are not yet on the secondary market
- Open orders: Orders still open on the order book and not yet fully taken. Track fill progress and status here
- Order history: All your prior orders, with fill progress and status
- Trade history: Each order can be made up of multiple trades. This tab shows each trade that made up your orders
- Transfers: Transfers of USDC and property units in and out of your account
Locked balances
Locked (frozen) balances are funds or tokens reserved and temporarily unavailable to trade. This commonly happens when:
- You have an open order: the matching engine freezes the cash (BUY) or tokens (SELL) needed to fill it.
- An order or trade is settling on-chain: amounts stay locked until settlement completes.
Available cash is what you can spend (cash on the Portfolio response). Frozen cash is the locked portion. For positions, quantity is tradeable size; totalQuantity includes reserved tokens.
These funds are not lost. They unlock when the order fills, cancels, or settlement finishes. Live changes also stream on the private WebSocket channel as balances_update frames.