How it works
The whole mechanism, from a tenant paying rent to your share being worth more.
The loop
- Apartments are let. Each has a lease, and the lease says what the rent is.
- Rent is collected. Some arrives on the first, some arrives late, some does not arrive at all because the unit is empty.
- Bills are paid out of it — maintenance, capital works, property taxes, insurance, and the property manager. Then the vault's own two fees.
- What is left is transferred into the vault, as USDG, on chain.
- The share price rises, because the vault holds more and the share count did not change.
- The Roll is published on the first of the next month, showing every step above as its own line.
You do not receive anything monthly. The gain is in the price of the share you already hold, and you realise it when you redeem.
What you own
A vDEED share. It is an ERC-4626 vault share over USDG, with 18 decimals. It is a claim on the vault's USDG, in proportion to the shares outstanding.
vDEED is minted when you deposit and burned when you redeem, and it is the only token a deposit produces. It is the ticker your wallet will show; DEED is the name of the product it is a share of.
It is not a deed to an apartment. It does not give you a vote on the portfolio, a lease, or a key.
There are two tokens, and only one of them is a share
Worth being blunt about, because both carry the DEED name and the footer of this site links the second one.
| vDEED | The vault share. Minted when you deposit, burned when you redeem, priced at the vault's USDG over its shares. |
| The DEED community token | A freely tradeable token on a Pons bonding curve. Fixed supply, no vault behind it. |
The community token carries no claim on the apartments, no share of the vault, and no NAV. Buying it is not depositing, and it does not entitle you to anything the Roll reports.
The connection runs one way. 1% of the community token's trading is routed to the vault, so trading it lifts the price of vDEED. Holding vDEED gives you nothing in the community token. See Reading a Roll for how that inflow is reported.
What the portfolio is
A bounded set of apartments across a handful of US cities, held by an operating company. Bounded on purpose: the point of the Roll is that one person can read every row in a few minutes and notice when a unit that was empty last month is still empty. A portfolio too large to read would make the report a formality.
Buildings are identified by city and letter — Atlanta · Building D. Names, addresses and valuations are not published, because the counterparties on those deals have not agreed to disclose them.
Where the buildings actually sit
Not in the vault. The vault holds only USDG, and there is no code path by which anything can leave it except a holder redeeming their own shares. The operating company owns the buildings and routes their net rent into the vault as a plain transfer.
That has a consequence worth being clear about: the share price tracks cash that has come back, not what the buildings are thought to be worth. A revaluation changes what taxes and insurance are charged on. It does not move the share price, because nobody can redeem a building.