What you are trading

The Loaf Property DPA

Properties listed on Loaf are represented by the Loaf Property DPA, a derivative for physical assets developed by Loaf with Baker McKenzie. On chain, each listing is an ERC-20  property token (PT). The supply of each PT depends on how much of the property was issued at the primary sale; later sales may increase supply. Property tokens are also known as PTs, property units, and PUs.

• Phase 1 Derivative: Price discovery in property
• 1:1 Backed: Security on official land title
• Dynamic Coupon: Acts like a realtime funding rate

The instrument

Building on Shiller’s (1993) perpetual futures framework for illiquid assets. Structured with Baker McKenzie.

Each listing is a regulated security rooted in a deferred purchase agreement (DPA). The contract gives full exposure to the asset’s economics: capital movement and yields, paid in real time as a dynamic coupon. On the capital side it works like a future: a set time at which the contract resolves in cash, backed by a sale of the asset or a payout from its owner. Settlement is not a fixed price set upfront. It tracks the underlying asset’s valuation at resolution, and the contract can be rolled and extended. It is backed 1:1 by a first-ranking lien on the property’s official land title, and issued under a financial services licensed entity. The instrument follows Nobel laureate Robert Shiller’s 1993 perpetual-futures framework, and opens price discovery, speculation, and real-time markets on illiquid assets such as property.

The Dynamic Coupon

The coupon is funding-rate like, paid in real time to holders: when the trading price sits below the asset’s last independent public valuation, it steps up, and vice versa. The deeper the dislocation, the higher the yield paid to holders.

Costs and friction

You get full exposure to the property’s capital movements and any yields it generates, paid to your position in real time. You avoid the usual acquisition and holding costs of physical property, and the long settlement periods of traditional property investing. You can sell on exchange at any time.

Token names (tokenName)

Public URLs, API path params, order bodies, and WebSocket market channels identify a property by its lowercase tokenName, not by the short ticker.

Examples:

• App: /trade/opera
• REST: GET /api/trade/opera, order body { "tokenName": "opera", … }
• WebSocket: orderbook:opera

Do not use the ticker (OPR) or hyphenated names (sunset-villa) in paths or order bodies. They will fail validation (tokenName is letters a-z only, max 20 characters).

Property Valuation Equation

To estimate a property’s total value from its tokenization:

Property Value = (1 / % tokenized) × (PT price × Supply of tokens)

Where:

• % tokenized: The fraction of the property that has already been tokenized (as a decimal, e.g., 0.25 for 25%)
• PT price: Price per property token
• Supply of tokens: Number of property tokens in circulation

Current Live Property tokens

You can view all live properties here.