Jerry Chu 🍊
@PMDBT
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CEO & Co-Founder @lofty_ai Working on making real estate investing more affordable and convenient for everyone. Part-time angel investor.
Los Angeles
Joined July 2010
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The smart VCs always ask me why I think
@lofty_ai
will be the exception to the rule, where every
#fractional
or
#tokenized
real estate platform failed to get big enough for a great venture outcome.
It comes down to this:
Does your product only convert people who couldn't afford
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@wagieeacc
You should try
#Algorand
. I never get into the maxi wars because I genuinely don’t care and it doesn’t matter to our product.
But the truth is in the 3 years we’ve used Algorand, the chain has never had issues, transactions are fast and settle quickly, gas fees are fractions of
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@alz_zyd_
@lofty_ai
We actually looked into this before we started. There actually isn’t a good way to do this without blockchain for what we think is necessary to succeed here.
These are just a few of the key details:
1. You need transactions to be public records and people can look up their
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Hey
#algofam
, here are my person thoughts on discussions around creating a fund to repay victims of the recent myalgo exploit.
I personally wish that every single victim will be made whole in time, but I wanted to bring up something that folks might not be considering.
Until
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I guess the news broke about
@lofty_ai
Slowly but surely, one house at a time. Sure it's cool getting some recognition once in awhile, but we're just getting started.
Step 1 is building the base so that investing in
#RWA
is easy and provides at least the same experience as
Two Algorand companies are leading the way for RWAs and real estate tokenization:
@lofty_ai
and
@vestaequityvpm
.
Lofty CEO,
@PMDBT
and Vesta Equity CEO,
@mjcarpentier
, share their insights on how real estate tokenization works on
@CNBC
.
Watch the interview from 2:31:
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Some updated stats for
#tokenized
#RealEstate
on
@lofty_ai
:
- The platform has cumulatively generated $2,102,880.09 USD in rental income earned from all the properties for our users.
- Users have collectively re-invested $512,580.10 USD of the rental income back into more
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We're writing a blog post to address this video. Unfortunately Kevin is using the incorrect numbers in his calculation and doesn't see to understand how the structure works.
That could be partly our fault as there are things in the UI we can leverage so people are less likely to
Congrats to
@lofty_ai
for the bad press from
@realMeetKevin
🔗
The vid is rife with misinformation but it's cool to see an
#Algorand
#RWA
platform be (poorly) dissected; this is an opportunity to educate the misinformed in comments!
#Algofam
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@Mrbobo79
@GladneyJak
@algotabasco
We are building something that will let people pay with USDC on any chain and it’s automatically converted and settles to USDCa on Algorand. Won’t be a problem soon :)
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While our new AMM and liquidity pool feature on
#Algorand
has been delayed from our original projections, I’m super excited to announce that our team at
@lofty_ai
has started testing the alpha internally this week! 🎊🚀
I believe this is also the first time that a brand new AMM
Words cannot describe how excited I am for Q2 of 2023! It's taken some time, but it's crazy to think what we envisioned almost 2 years ago is about to become a reality.
#realestate
meets
#DeFi
🤯💪🏡
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First milestone for the liquidity pools have been hit. All organic too. No VCs or foundations helping to seed like with a lot of other dexes.
Onwards to the next million!
#RWA
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This will be long, so read it only if you're genuinely curious about
#RWA
in web3 and why we're building
@lofty_ai
in this particular way.
I regularly invite our users to chat with me and I always ask them in these calls whether they know what a REIT is and if they do, why do
@AlgoFamily
@nmadon65
@OysterPack
@lofty_ai
@vestaequityvpm
@travelx__
@agrotoken
@Quantoz
@HesabPay_
@DaffiWallet
@PlanetWatchsas
@PiPhi_Network
@Algorand
@PMDBT
Not random, there are specific REITs for different areas/housing types.
In theory, the ability to pick and choose individual properties could be useful. But in practice, I think most investors will prefer a larger subset of the market than a single property for risk management
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Super excited to announce that we've rolled out Algo staking for the liquidity pools on !
When you stake $ALGO it's converting them behind the scenes into $USDC and staking those for you. The reverse happens when you withdraw.
Staking demo
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It's live
@lofty_ai
! We hope you'll enjoy this new feature as much as we did building it 😀
Try it out at
- new AMM architecture on
#Algorand
designed for lower volatility for
#RWA
.
- Connected
#DeFi
with ownership in houses. Web3 people can stake USDC
Liquid real estate is here 🚀
👉
Introducing the world's first liquidity pools for real estate, powered by
#Algorand
Buy/sell real estate instantly just like stocks & crypto
Connect
@PeraAlgoWallet
or
@deflyapp
wallet & stake USDC against US properties
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Excellent news! I know from the Discord chatter at
@lofty_ai
that our existing users are loving this news and I'm sure it'll make our new user onboarding much easier as well.
Congrats to the teams on each side for pushing this through!
Coinbase has enabled send and receive support for USDC on Algorand. We are excited to keep expanding multi-network USDC availability.
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Words cannot describe how excited I am for Q2 of 2023! It's taken some time, but it's crazy to think what we envisioned almost 2 years ago is about to become a reality.
#realestate
meets
#DeFi
🤯💪🏡
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It's out :)
Read it and judge for yourself. It's long and detailed, but this should answer all the questions and concerns people have.
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Things are starting to look really good on the developer side for
#Algorand
. I hope this is actively developed and maintained. If so, I see a lot of adoption with new builders in the ecosystem.
The TEALScript dev preview has been released! TEALScript allows
@algodevs
to write smart contracts in native TypeScript syntax. Tools like VSCode, ESLint, and Prettier are supported out of the box! Check out the getting started guide:
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I think this is a net negative. There is a lot of platform risk for a business given that $USDC is centralized.
In March 2023, Circle informed us that they would be reviewing our account as a normal part of their compliance review each year. No big deal right, as this is
Two different blockchains with two different views of $USDT.
@Algorand
vs
@Voi_Net
I’ve personally always preferred $USDC from
@circle
, but what are your thoughts? Is
@Tether_to
not being MICA compliant forcing them to focus on indie chains?
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Another quality of life update for our users! Users have previously told us that they would like to see the current operating reserve balance for their DAOs as well as what the "full" operating reserve value is.
We released a quick update where you can now view the "current
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We're getting closer than ever to the official launch of the AMM and liquidity pools on
@lofty_ai
! Our team is compiling a list of users to participate in our closed beta test this week. If you signed up for the waitlist at early, you'll receive an email
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People have been asking me for a tutorial on how to use
@lofty_ai
and how to get started on the platform.
Well, here it is and don't be shocked, it really is that easy! If you want to invest and own individual
#RealEstate
properties instead of passively investing in a fund,
If you’ve been waiting for an excuse to start investing with Lofty, here it is! 🥳
Starting today, you can earn $500 extra on your first Lofty investments.
Choose between Airbnb's, horse ranches, apartment complexes, land, and more.
Learn more 👉
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There have been and will be many “firsts” at
@lofty_ai
. This new property launch is special because it’s not only the first California property and first
#LosAngeles
property, but also physically close to home for some of our team. Seeing our product and progress in a tangible
Our newest
#tokenized
home in Los Angeles is now live! 🌴
The property owner is leasing the property back from investors on Lofty & paying rent as he sells his equity 🤝
Another world's first, only on
#Algorand
🌎
#algofam
$ALGO
#RWA
#tokenization
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Another small step on our journey towards becoming the real estate super app🦄🏠🎉
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I previously responded to
@JTinvestsInYou
's post, but my thread ended up all out of order, so reposting again here.
The issue is there is a difference between the ease of building an app vs the ease of building a scalable company.
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🎉 Amazing news for the $algo community! With more developers joining, we'll see new community-built templates making building with the
#AlgoKit
more of a breeze! This positive feedback loop is sure to take the ecosystem to new heights 🚀
#Algorand
#cryptonews
#developers
Hello World …
#AlgoKit
is here!
We’re excited to launch the world’s most comprehensive, easy-to-use dev tool suite for building Web3 apps on Algorand.
AlgoKit was designed to be an easy onramp for Web2 devs looking to switch to Web3.
Start building 👇
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Honestly our product isn’t even meant to be an on-ramp or off-ramp for USDCa. We just built it because there are so few user friendly alternatives. We actually lose money right now per transaction.
It was also a product decision because when we launch the new liquidity pools,
@Coop_Daniels
I’ve just been using Lofty to transfer in and out USDC. No fees this way, but does take about 5 biz days
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Now it's getting spicy! I always knew if we were focused on the product and build the best real estate investing experience, we'd convert actual real estate investors who are jaded with the outdated real estate market.
I did NOT expect to convert users who like crypto and stocks
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Wait until you guys see the second one 🤯😉
By far one of the nicest property on the platform. More and more sellers are coming to us with nicer listings in class A neighborhoods.
It's only a matter of time before our users can brag to their network that they own mansions haha.
ICYMI:
@lofty_ai
launched the world’s 1st tokenized luxury
@Airbnb
property. Guess which blockchain they used…
@Algorand
. $algo
#RealEstate
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Ok this has resonated with some people. So when I say WE are building something, it’s actually
@suave_money_
, which is another
@OrangeDAOxyz
company, that are building it. We are just integrating them into our rails.
Can’t take credit when we don’t deserve it. Go give them some
@Mrbobo79
@GladneyJak
@algotabasco
We are building something that will let people pay with USDC on any chain and it’s automatically converted and settles to USDCa on Algorand. Won’t be a problem soon :)
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Finalized governance vote to install solar panels to a property owned and managed by a DAO on
@lofty_ai
.
These votes happen on a very regular cadence. I've lost track of how many cumulative votes our platform has handled at this point.
It's the reason why we're so confident
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Haha what's the saying? If you're not embarrassed😅 by your first launch, you've launched too late?
Thanks for the patience
#algofam
, you should be able to stake USDC without KYC in all the released pool now. Please try it again if you encountered an error originally.
My DM is
We fixed a bug causing some users to be unable to stake $USDC with
@PeraAlgoWallet
or
@deflyapp
Now you can stake USDC against U.S. properties.
No KYC or ID Verification required.
👉 👈
Learn more -
#algofam
$ALGO
#algorand
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@patrickbennett
@suave_money_
@OrangeDAOxyz
That will be a component of it. But the idea is once integrated, not only can people just pay with USDC from any supported chains, they can also pay with any ERC20 token including meme ones etc. Everything is converted into USDCa and we can then settle those through our smart
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It's not everyday you get to hear your own user evangelizing the product you built on a local radio station!
It's a sign that our product at
@lofty_ai
is resonating with people! Funny enough, I get asked the two following questions pretty frequently by people, including VCs.
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If you go through some of the case law rulings here, you’ll notice a very nuanced detail. Management matters. If you have “some” management rights, it can still be deemed a security. If you have most of the management rights, it’s not enough, not even if it’s 99%.
The only way
This was a good paper that was linked to by somebody in the Lofty Discord ... making some good points regarding both arguments for and against Limited Liability Company Interests As Securities:
Unfortunately, this paper is also 28 years old ...
I
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We've had many users over time asking about how they actually legally own the properties they purchase on
@lofty_ai
or how they've actually signed any agreements between them and their co-owners.
So, I figured this topic deserves its own video. The simple answer is we've
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First property in New York State live on the
@lofty_ai
marketplace now! Another state under our belt. I'll come back to this tweet at some point, because one day we'll be everywhere in the country.
Our first ever property in New York is now live! 🗽
✅ 4-unit vacation rental 🌇
✅ Managed by an
#Airbnb
Superhost 🤝
✅ Historically significant building in Albany, NY 📜
#Algorand
#ALGO
$ALGO
#Algofam
#realestateinvesting
#RWA
#realestate
#DeFi
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Better late than never! When we were in
@ycombinator
's summer 2019 batch, there wasn't an official way to launch publicly like this. So, we're doing it now 5 years later!
If you've enjoyed using our product so far or if you've been interested in what we're building
@lofty_ai
,
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Ok, as promised, here is the second
#tokenized
Airbnb property on
@lofty_ai
's marketplace. All the photos you see are actual photos including the furniture.
I might even take the team here for an offsite one day so we can swing in those hanging chairs outside together.
Fun
Our newest
#tokenized
Airbnb property is now live! 🌄
Introducing a Luxury Mountain Home with amazing views, hot tub, and sauna located in Black Hawk, Colorado 🏂 🚵♀️
Tokens starting at just $50 ⚡️
Only on
#Algorand
🚀
#algofam
$Algo
@bchesky
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Proof that I wasn’t kidding when I said pretty much any real estate structure can be done on Lofty 😉
This one might be a bit unaffordable for the average person, but if you’re interested in staying in wine country
#NapaValley
for a part of the year without the cost of full
Introducing the Edinburg Estate! 🏰
The world's 1st opportunity to Co-own & vacation at a
#tokenized
luxury home 🎉
Located in wine country: Napa, California 🍷
#RWA
possibilities are endless on Lofty: the real estate super app 🦄🏠
Built on
#Algorand
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You’ve got to admit, the properties are looking nicer with each new launch.
Btw, second property in the state of
#NM
!
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This is certainly already outlined if you look in our terms of conditions and the learn center on how things work.
In fact, when users buy ownership of a property, they aren't even given the tokens until they sign the co-ownership agreement, which outlines their responsibility
@Donkey_DAO
@PMDBT
@lofty_ai
If there is indeed a "more than enough evidence" to prove that users manage their own properties and have 100% absolute control, now would be a good time for Lofty to outline that
I'm not rooting for a failure here and would love to be proven wrong with facts
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Genuinely curious here and not aimed at AlgoExplorer specifically. With all the traffic explorers get in general, why don’t they monetize by running ads?
We tried to give AF all the possibilities. To date, we have been operating under a budget of $65k per quarter from AF grant, despite being paid less than this in reality. AF was informed that maintaining AE for 2024 costs ~240k of which a significant portion goes to cover
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I'm so excited about this new feature for our users and even those in the broader ecosystem. One of the consistent complaints our users have had, especially from those who are not crypto native, is the volatility of using cryptocurrencies for transactions. Stable coins make a ton
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Highlighting two new things on
@lofty_ai
!
1. We've improved the charting modal on the platform to better reflect the higher trading volume and liquidity from the AMMs. You can even zoom in on a specific part of the chart for more granular data.
2. We're testing a feature that
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Just sent out the first batch of emails for the closed beta of the new PMM and liquidity pool feature at
@lofty_ai
! We'll only be whitelisting ~50 users for this. Can't wait to see actual users playing around with this!!!
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People travel and stay at Airbnbs all the time. But, how often do they get to stay at one that they also own? This is the flexibility
@lofty_ai
brings to the
#RealEstate
ecosystem. Almost any real estate structure can be built on top of our governance and payment rails.
#RWA
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We’re finally in Austin!! Honestly, I thought we’d have a property on the platform from this city earlier, but better late than never! 🎉🍾
Lofty is now in Austin, Texas! 🌄
Introducing a 5 bedroom, 4 bathroom New Construction home with a beautiful open-concept kitchen 🧑🍳
Rented to a tenant paying $3,100/month 🤝
#Algorand
#algofam
#ALGO
#realestateinvesting
#DeFi
#tokenization
#RWA
#RWAs
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This is really cool! An actual one click node solution for
#Algorand
? Will play around with this over the weekend
NodeManager is going to be a complete package including the public status page.
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This was my first and, probably, last time flying with
@airfrance
.
We were traveling with a 7 month old baby and booked a separate seat for him on the flight. He has a baby seat that’s certified and accepted by all the airlines.
We also called ahead of time (weeks ahead) to
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Honestly pretty impressive. A lot of web3 KPIs can be gamed easily. It's why we focus a lot more on tried and true traditional KPIs at
@lofty_ai
.
Would love to see more of these stats published for more chains and see how the real "adoption" is actually trending.
Any guesses as to what
#Algorand
metric is on the chart ?
🚀250% of what it used to be 6 months ago. 📈
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First ever HELOC structure on
@lofty_ai
and also first property in
#Oregon
state! Bet people didn’t know that you’re not limited to just selling a property on Lofty. You can do so much more! Come talk to us about your
#RealEstate
needs.
Check it out, you can invest in my house so that I don't have to use a bank. Who knew crypto was good for more than just monkey JPEGs :)
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The closed beta is officially live! We just sent out the first batch of emails to onboard users who opted in last week. I don’t even have words to describe how excited we are at
@lofty_ai
to finally put this in the hands of our users, even if it’s likely buggy and only on
Thanks to everyone that confirmed their opt-in. Waitlist is closed now. We'll send out an email with a guide + tutorial next week for you guys to onboard to our dev platform.
We may open more spots for the beta in the coming weeks, so stay tuned!
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Yes they legally do, but would have to KYC to abide by US laws.
People still don’t quite grasp how
@lofty_ai
works. You legally own the property, we DO NOT. You are just buying properties and selling properties from and to other people, exactly like how the actual real estate
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How to know when you’re building something with impact that can replace the traditional
#RealEstate
market?
When you have repeated buyers but also repeat sellers 😀
#RWA
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Very interesting development today from a US court on
#DeFi
. We will be reviewing the details
@lofty_ai
to see if any changes need to be made for our own upcoming AMM and liquidity pools. Seeing the courts care about nuance in the details of how the code practically works and who
On the Uniswap dismissal today
Today’s decision out of SDNY highlights the extent to which some in the federal judiciary appreciate the uncharted territory on the applicability of securities laws to an asset class as broad as crypto. For example, the judge:
*Recognizes
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Another happy user spotted in the wild! 🎉
We’re building something so that he can automatically roll the rents into staking for even more compounded yield if he wants to 😉
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A happy user spotted in the wild! This is why we do what we do!
A lot of our users are already in the traditional real estate industry. If they’re flocking to us, you should probably ask why 😉
I’ve tried almost every fractional real estate platform I’ve found.
@lofty_ai
is by far my favorite. Staking crypto and providing value to homeowners.
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We get a lot of international submissions to our marketplace actually!
This is the first test to see what our user base thinks. If people want this, we’d be more open to letting on more international listings. Overall, expansion will still be slow and steady as regulations in
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As we continue to grow and add in new features to improve the platform at
@lofty_ai
, certain aspects of the platform sadly get more complicated over time.
We always try to simplify information, so that anyone can feel comfortable interacting with all the features we has to
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You can already do this 😅
@PMDBT
It would be awesome to buy property tokens using $ALGO as payment. That would help remove friction for $ALGO holders by automating the $ALGO conversion to $USDC behind the scenes.
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Yep, we knew ahead of time that the LPs would be one of the most important but difficult part of the roadmap to get right. But the future it enables if we got it right is incredible.
We were previously playing catchup feature wise to traditional real estate. The proliferation of
The
@lofty_ai
wealth effect, powered by co-owned properties and liquidity pools, is in full swing. Here are five properties, recently launched, where 100% of the initial buyers are up from the par at $50.
1. 88 Madison - $71.19 / 42%
2. 12615 Jackson - $61.08 / 22%
3. 27 Pillar
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There aren't that many condos on
@lofty_ai
, so it's always great to see more and offer greater choice and diversification to our users. Another one in Austin, TX as well!
Now open - a luxury condo located in Austin, Texas with an 11.8% rental yield 🏙️
Buy just a fraction for $50 and collect your first rent payment later today!
Lofty lets you easily invest in rental properties without getting locked in (or out).
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Things are progressing along nicely. This is by far the feature I’m most excited about building in the last 2 years 🎊
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Quick quality of life update for our users on
@lofty_ai
this week!
We got feedback that it was hard to extract useful information from the order book of a tradable property.
So, our team got to work and added new buy and sell tags for order types, so users can track the
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Talk to users and build build build! Everything else is irrelevant.
Seeing posts like these out in the wild reaffirms that we're on the right path!
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This could provide a much higher ROI than certain marketing efforts. 1M USD spent in this way would get so many services to include Algorand and drive a lot more entrepreneurs to the ecosystem, which lead to an influx of high quality dapps in the future.
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Join me this week if you have questions for me on
@lofty_ai
and you can learn and check out
@namefi_io
too!
Hey ever wondered about what can fractionalising domain assets unlock things unimagined before in Web2? Join a space with
@lofty_ai
and Namefi on fractionalising real estate! 🏠🥷
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Hmmm… if only there was a better way to do this where you can get the best of both worlds
@lofty_ai
🤷♂️
I bought a property in 2022 for cash and sold it last year for a small profit.
Here’s what I can tell you. Being a landlord sucks and the returns are not comparable unless you are levered 5-1
If you like property, buy a reit, let someone else be the landlord and have a beer
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@StokesNeuro
Hi Mark, I don’t know you, but came across this tweet randomly. It’s left a a powerful impression on me and I hope I can be even half as brave as you when my time comes.
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Keep the feedback coming folks! We actually do look at every single one
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Check out the new property on our marketplace if you haven’t yet. New one in
#Florida
. We’re expanding :)
Lofty is taking over Florida 🏝️😎
Introducing a fully-occupied Duplex located just minutes from the beach in Dunedin, Florida 🍹
The garage is rented separately for extra cash flow 🤯💸
#algofam
#Algorand
#algo
#RWA
#realestateinvesting
#tokenization
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Just making it easier for devs to build on Algorand is definitely a step in the right direction, but by itself won't be sufficient imo for rapid builder adoption.
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Keep the feedback coming folks! A lot more coming soon
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Thanks for the wonderful breakdown! 👍
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We do not do this because it is easy. We do this because we thought it would be easy 😅
You’re a founder. You can raise:
$100M building an L1/L2/infrastructure protocol, can launch a glorified testnet and personally cash out $100M - $1B with zero production users.
$2.5M building an app that will struggle to gain users, chance of exiting close to zero.
Choose 1.
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This is not the only problem that exists, but I believe it's an important one to address. For example, I'm confident if the foundation were to offer some reward (10k to 50k USD) to certain 3rd party services, they'd probably be more than happy to support Algorand too.
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Well put haha 😂
But this is kind of just how technology and business works. Most of the time when you hear something new, if you actually look into it more, that thing actually isn’t very “new”.
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Hmm… it’s almost like investing in real estate and then taking the income to re-invest in more real estate is a smart move, and that if someone is patient and disciplined, they’ll probably end up a millionaire.
To be frank, this is why we built
@lofty_ai
Of all the kids
I found a guy who goes around Miami asking millionaires how they got rich.
Funny enough…
Almost all of them say the same thing.
Here are my top 8:
1K
14K
98K
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@JaxNole_algo
@lofty_ai
@russiabot420
Currently $COOP volume is too low and price is too volatile for us to accept it as payment. None of our OTC trading partners would be able to settle it either and we don’t want to drain liquidity from the community through dexes. The rental income payout could be viable though.
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Thanks to everyone that confirmed their opt-in. Waitlist is closed now. We'll send out an email with a guide + tutorial next week for you guys to onboard to our dev platform.
We may open more spots for the beta in the coming weeks, so stay tuned!
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Look at that! This marks the first one for
#Vermont
!
One state closer to presence in all 50 states 😎
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@venturetk
@coinbase
You can try our ramps at
@lofty_ai
it’s in beta right now, but should accomplish what you need it for.
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One day we will have a longer one😁
Lofty is live in Times Square! 🚀🏡
Thanks to
@brexHQ
for the awesome billboard 🤝
#Algorand
is slowly taking over the 🌎
#GrowWithBrex
$ALGO
#algofam
@Algorand
@AlgoFoundation
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Check out this podcast I was on recently with the
@NuViewTrust
team chatting about
@lofty_ai
and
#Tokenization
of real estate. If you didn't know, you can actually directly purchase real estate using your IRA and other retirement accounts for additional tax benefits. A few users
Lofty's CEO
@PMDBT
was featured on the All About Alts podcast presented by
@NuViewTrust
🎙
Learn how Lofty got started, what's coming next, and much more 🚀🏡
Check out the video below 👇
#algofam
$ALGO
#Algorand
#realestateinvesting
#RealEstate
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Because you have to build all sorts of internal tools on Algorand instead of just using things that are plug and play. This ends up wasting a lot of your time, so you build and grow slower as a result. As a result, entrepreneurs who are thinking of where to build
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If dev tools increase, that's certainly good for the community as it makes it easier for devs to build on Algorand. However, that alone won't fix the issue. There is another big issue for folks who want to build on Algorand, which is the lack of access to 3rd party services.
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@Andrew__Ashur
@lofty_ai
Thanks for the support Andrew! Expect parts of the beta to still be janky, but our team is doing live updates over the next week or so to stabilize things. The core features of staking, un-staking, buying, and selling through the
#AMM
should be working fully. Our hope is that
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@mochanerd
@Richflairstv
Fun fact for you, probably ~70% of our users are not Algorand users and have no idea they're using Algorand.
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So, most companies end up using 3rd party services that already exist. You pay them some money and boom, it's integrated and you don't have to worry too much. The problem is in our experience, almost NONE of these reputable 3rd party services support
#Algorand
out of the box.
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