Lofty, a platform for investing in tokenized real estate, has surpassed $4 million in rent being distributed to investors on the dApp.
According to Lofty Co-Founder Jerry Chu, it took one year for Lofty to reach $1 when it was first launched. The growth of the platform has since reached new heights.
The news comes as Algorand appears on radars for its real-world asset tokenization capabilities, as the Algorand Foundation welcomes a new team member.
Lofty embraces $4M in rent payouts as Algorand increases in RWA adoption
Lofty’s Jerry Chu announced that the real-estate platform has crossed $4 million in distributed rent to investors.
With Lofty, barriers to real estate investing have been lowered and made inclusive. By accessing the decentralized application, Algorand users are able to invest in fractionalized properties.
The Lofty marketplace is home to various properties where users can invest as little as $50, allowing them to own a fraction of the tokenized estate.
Payouts from Lofty are given to investors, like dividends in a stock. Depending on the type of property, investors are able to receive daily income streams from their investments.
Jerry Chu decided to build Lofty on Algorand due to the network’s robust security and efficiency:
“Every VC or founder I talk to in this space always asks me why we use Algorand at Lofty. L2s didn’t have the right UX for mainstream adoption, so we tried a few L1s, Solana included. I can say that we’ve never had a single failed transaction on Algorand since 2021.
ALGO token in the green after Bitcoin makes a new ATH
The Algorand token is up 7% over the last 7 days at $0.24, surging alongside Bitcoin after the top cryptocurrency made a new all-time high of $111,814.
Looking onchain, Algorand DeFi is also on the rise, with staked ALGO up 54% and online, active Algorand accounts up 132% according to recent data.
The Algorand Foundation recently appointed Jennie Levin as Chief Legal & Operations Officer. With the US adoption of pro-crypto strategies, we can expect Levin’s experience in US policy to possibly help ALGO gain new opportunities with Trump’s new crypto rules.