Fund the first loss. Steer the next building. Expect nothing back.
The Aldeia token is a governance token on a public blockchain that anyone can hold. The money it raises becomes the 25% first-loss capital in each building, lent at 0% and repaid last. Holders decide where the next building goes. The token pays no rent and no yield, and it may lose all of its value. It is a donation with a vote attached, and it only works if it is sold that way.
Before you read on
Nothing is on sale. No ticker, price, sale date or allocation is published, and none will be until the token's offer document is live. Anyone offering you "Aldeia tokens" today is not us. The only official channels are listed in the footer.
What holding it gives you
- A binding vote on the next city and building, from a shortlist that has passed the gate below.
- A vote on priorities: how much goes to renovating vacant stock versus buying, and which new country to study next.
- Read access to the full data room for every building: deed, valuation, leases, rent account, audits.
- A priority window in each bond offer, for holders who pass identity checks on the platform. Counsel must confirm this is not an economic right; if it is, it goes.
What it never carries
- Rent, dividend, fee share or any share of a building's income.
- Staking yield, "rewards", or any annual percentage of anything.
- A buyback or burn funded by income or by the treasury.
- Redemption, or any claim on the buildings, the escrow or the association's assets.
- Any promise about its price. Most governance tokens fall at some point. The housing is built so that it survives a 90% fall in the token.
These exclusions are written into the issuing association's statutes and can only be changed with regulatory approval, so that no future vote can turn the token into a security.
Every €1 unlocks about €4 of capped-rent housing.
A building that rents 20% below market cannot attract bond money on its own. A 25% layer that takes the first loss and asks for nothing back is what makes the other 75% lendable at about 3%. That layer is what the token funds.
| 1 | Sale proceeds are converted to euro within days and placed in bank escrow earmarked for one named building. They never sit in the token or fund market-making. |
| 2 | Escrow is released only when all four are true: the deed is registered in the building company's name; the municipal assembly has voted the tax benefits; an independent valuation is at or above the price; and the bond raise has closed into notary escrow. |
| 3 | The association lends the money to the building company as a 0% subordinated loan: 25% of the price, repaid last, after bondholders. |
| 4 | If no building closes within 12 months, the money stays in euro escrow and rolls to the next candidate the holders choose. It never goes back to the team. |
| = | Pilot: €1M of first loss plus €3M of bonds buys about 18 flats. At maturity or refinancing the €1M returns to the association, for holders to point at the next building. |
Releases need two of three signatures from independent council members plus the notary. The founder cannot move the money alone.
Holders choose strategy. Nobody votes on repairs.
Per-property voting by thousands of small holders did not keep up with maintenance at Lofty, a US platform. Here holders decide which city and which building; a named, audited manager runs the homes.
The gate
A city joins the shortlist only if a capped-rent tax regime exists there, an independent model run shows a stress-case yield of at least the bond coupon, local counsel has given an opinion and an operator is identified.
The vote
Seven days, 10% quorum. Weight comes from locking tokens for one to twelve months, with square-root weighting and a 2% cap per wallet, so no whale decides. Locking pays nothing.
The veto
The association's council may block a result only for illegality or a failed gate, with a published reason. Never on preference.
New countries
"Anywhere" is real but costs money: a country study is about €30–60k and six months. Holders vote to fund them from the treasury. Spain is the obvious second.
The record
Every vote, release and audit is published with a hash on-chain, next to the land-registry code anyone can check.
Why we will never sell this as an investment.
A token that is sold worldwide, pays its holders from rent and gives them a vote is a transferable security in the EU and an investment contract in the US. It could not be listed on an open exchange, and selling it that way is how RealT ended. The law blocks exactly one of the four things people want: rent paid to anonymous holders worldwide. Everything else is here.
So the token is what it is: a way to put a small amount of money at full risk so that four times as much affordable housing gets built, and a say in where. The rent goes to bondholders, who have passed identity checks. If you want the rent, that door is open to EU and EEA residents.
Could the price rise? Supply is fixed, the pool of housing under the vote's control grows, and holders get first access to bond offers. It could also fall to nothing, because it has no cash flow. We will never publish a price target, and we will stop working with any market or community that does.
Words you will not see from us next to the token: invest, returns, yield, profit, passive income, APY, backed by real estate, asset-backed. Words you will: fund, steer, vote, mission, first loss, at risk, may lose all value.
What is fixed already, and what waits for the offer document.
| Item | Principle | Status |
|---|---|---|
| Issuer | A Portuguese non-profit association whose statutes give holders no economic rights and send assets on wind-down to a housing non-profit. Council of three independents and one founder seat, which lapses after the third building | Statutes drafted, pending counsel |
| Supply | Fixed. No mint authority, no freeze authority, metadata frozen. Unsold tokens burned at sale close | Principle fixed |
| Use of proceeds | First-loss escrow for a named building, a locked liquidity pool, a capped and disclosed reimbursement of launch costs, and two years of association operations | Split published with the offer document |
| Sale | Only once a named building has a conditional purchase contract and a council vote. Capped per building round. US and UK geo-blocked. EU buyers have a 14-day withdrawal right | Date, price and cap: offer document |
| Team allocation | Small, with a one-year cliff and four-year vesting. No free tokens to advisers or "partners" | Size: offer document |
| Liquidity | A liquidity pool locked for two years. No market maker with price targets | Principle fixed |
| Ticker, chain, contract address | One contract address, published on one page here, nowhere else. Every scam starts the day a ticker is public | Offer document |