“Where am I buying this property token from?”

Somebody asked this after being shown a plan that bought property tokens. It is exactly the right question, and it is one most crypto products answer badly — usually by naming a contract address, which tells you nothing about whether there is a building.

What you are actually buying#

A share in a register that is a claim on a real building, with exactly one contract behind it and a registrar behind that. The shares are issued by 0xequity, and in this build there is precisely one register curated: WXRWA1.

You can go and look at it. 0xequity’s listings page is the register itself, from the issuer’s side rather than ours — and at the time of writing it lists exactly one tokenized property, which is the same one this build curates. Their own documentation on what a tokenized share legally is lives at docs.0xequity.com.

This matters more here than elsewhere in the system. A lending market is curated because it decides the price at which you are liquidated. A property is curated for a different reason: because it is a claim on a real building. They were once the same kind of thing internally, and the result was the planner cheerfully offering lending markets for a field that wanted a property token. Splitting them fixed that.

The price does not come from a market#

This is the part that behaves unlike everything else in the catalogue.

A swap gets its price from a pool, and you protect yourself with slippage settings. A property buy gets its price from the venue’s own oracle. There is no order book and no pool depth to move.

So the buy is written the other way round from a trade:

1. The amount is a count of whole shares

   Not an amount of money. You are asking for 99 shares, not for $999 worth.

2. What the plan bounds is the currency side

   max_spend is the most USDC that buy may part with. At $10.10 a share, 99 shares is 999.90 USDC — so the bound is written as 999900000, because USDC has six decimals.

Selling works the same way in reverse. min_receive is the least USDC the sale must bring in — and because the price comes from an oracle rather than a market, that number is the only thing standing between what you signed and whatever the oracle says at the moment it runs. Zero is refused at signing, for that reason.

You have to be enrolled#

A property share is a claim on a real asset, so it is not freely transferable to anyone. Selling requires your account to actually hold the shares, which it does only once enrolled.

How rent reaches you#

Four operations, all on Base. Which one you want depends on how the position is held.

There is one detail here that explains a design decision elsewhere in the system.

That is why a step’s amount can be “all of whatever is there” rather than a number. Rent is the case that forced it. A monthly rent claim cannot name an amount in March for a figure that will not exist until June.

What a full loop looks like#

The request people actually write is some version of “buy the property, then every month split the rent between paying down the debt and buying more.”

Note the last step. Repayment is an exact amount, deliberately: interest accrues every block, so “all” is a number nobody signed. If the rent underpays in a given month, the remainder simply stays outstanding and the next run repays more. Nothing breaks.

Two limits worth knowing before you plan#

The honest part#

One curated register, on one network, priced by one oracle. That is a narrow offering, and the narrowness is the current state of the build rather than a design goal.

What is not going to change is the shape: a property is a curated name with a registrar behind it, the plan never names an address, and anything produced goes to your account because the destination is a role rather than a field somebody can fill in.

Check it yourself, rather than trusting this page#

Everything above has a primary source, and this post will go stale before any of them do. The operation catalogue in particular is generated from the running system rather than written by hand, so it is the thing to believe in six months’ time.

Direct links: 0xequity · the listings · their docs · tokenized equity, explained · what a plan can do · the full catalogue