Real Estate Assets Headline the Security Token Market in September

房地产资产交易量在9月数字资产市场中拔得头筹。

Every month, the Security Token Market research team and I compile the security token trading and data analysis report. If you haven’t read the September 2020 report already, compare all asset prices, volumes, and more in detail here.

Security Token Market研究团队每月均会发布有关数字资产交易与数据分析报告，请点击查阅2020年9月报告。

🚀 Real Estate Tokens Take Flight 房地产业数字代币飞速发展

This month in security tokens saw the real estate sector dominate.

本月，房地产业数字证券的交易量占整个市场的主导地位。

RealT, the leading tokenized real estate issuer, has tokenized 28 single and multifamily homes across the US, with a current focus on Detroit-based Section 8 housing. Nine of these 28 properties have completed the 12-month lockup and are now trading on decentralized exchange Uniswap. These live properties range from a 15-unit apartment building on Fullerton Avenue to a 2,500 sq ft single-family home on Audubon Road. These tokens range from $50-$200 per share, representing ownership in real estate assets from as little as $50,000 to over $600,000 in equity value.

目前，美国领先的房地产数字化发行商RealT将业务重心集中在底特律第八区的住宅项目（Section 8 housing）中。此前，该公司已对全美境内的28处独栋/多栋房产进行了数字化操作。其中的9个项目已度过了为期12个月的锁定期限并正式在去中心化交易平台Uniswap中进行发售。这些房产包括位于Fullerton Avenue的15单元公寓楼以及Audubon Road上的2500平方英尺的独栋住宅。上述地产项目的数字证券价值从每股50美元到200美元不等，代表着从5万美元到60多万美元不等的权益价值。

September was a landmark month for these properties on the open market, as all but one property closed in the black this month, with the sector netting a weighted-average return of 13.51% in September.

对于公开市场中的地产物业而言，刚刚过去的9月无疑具有者非凡意义。纵观市场，仅一处房产未实现盈利，整个房地产行业9月份的加权平均回报率高达13.51%。

Three properties headlined the big run:

以下三大地产在市场中的表现尤为出色。

20200 Lesure Street (+27.90%)   Lesure St 20200号项目(+27.90%)

20200 Lesure St, Detroit, MI 48235

Lesure St 20200号，底特律，密歇根州，邮编48235

20200 Lesure Street is a single-family property in Detroit. The property had an initial valuation of $69,400 and pays investors an estimated 10.24% in rental dividends each year. It was listed on Uniswap in March 2020 and is up 11.40% YTD.

Lesure St 20200号项目是位于底特律的单栋住宅。该项目的原始估值为69,400美元，每年向投资者支付约10.24%的租金红利。项目于2020年3月在Uniswap正式发行，迄今为止涨幅达11.40%。

The live-trading tokenized real estate is a fascinating asset to watch on secondary markets. The full portfolio of RE assets listed on Uniswap totals $1,978,864, only 0.37% of the total tokenized asset market to date. However, these assets have an incredibly passionate community and a very active liquidity base. These assets are the nine most liquid assets in the market when comparing trading volume-to-market cap in order to determine the Adjusted Liquidity Rate.

能进行实时交易的数字化房地产项目在二级交易市场中独具魅力。虽然截止目前，Uniswap中已发行的全部RE资产组合的总额为1,978,864美元，仅占数字化资产市场总额的0.37%。然而，此类项目却始终拥有着热情忠实的受众群体以及极具活跃性的流动性基础。在通过比较交易量与市值上限以确定调整流动性比率时，此类资产成为了市场中流动性最高的九种资产。

According to my calculations, these assets are more than twice as liquid as the assets on leading marketplace tZERO, despite representing only a fraction of the market cap and trading volume.

据我评估，尽管上述资产的市值和交易量占比不大，但其流动性是领先平台tZERO中所有资产流动性的两倍之多。

Can this demand scale past just a few million dollars in assets? Only time will tell, but the company has noted that it sells each new property listed (seems to average 2–3 a month) in a matter of minutes to investors in 50+ countries around the world. Investment access to US real estate for international investors is a prime use case for security tokens, and 20200 Lesure Street is leading the pack.

那么这些资产的价值究竟几何？只有时间能给出答案。该公司指出新的数字房产项目一经发行(平均每月发行2-3个项目)，几分钟内便可售予全球50多个国家的投资者。为国际投资人士提供售买美国房产项目的机遇是数字证券的一大主要功用，而Lesure St 20200号项目无疑是其中翘楚。

16200 Fullerton Avenue (+18.12%)   Fullerton Avenue16200号项目(+18.12%)

16200 Fullerton Ave, Detroit, MI 48227

Fullerton Ave 16200号，底特律，密歇根州，邮编48227

16200 Fullerton Avenue is a 15-unit apartment complex in Detroit. The property had an initial valuation of $490,000 and pays investors an estimated 12.76% in rental dividends each year. It was listed on Uniswap in November 2019 and is up 4.99% YTD.

Fullerton Avenue 16200号项目是位于底特律的15单元公寓楼。该项目的原始估值为490,000美元，每年向投资者支付约12.76%的租金红利。项目于2019年11月在Uniswap正式发行，迄今为止涨幅达4.99%。

This asset is notable as the largest property by market cap, but also due to a recent fire at the property. On August 30, a loose cigarette caused a fire that, along with water and smoke damage, resulted in $125,000 in lost equity while RealT navigates the insurance claims process. Fortunately, no residents were injured, and while the property took a strong hit at the beginning of the month, reaching a low of $131.23 on September 11, the price fully rebounded back to over $166 by the end of the month. With a low token supply and strong demand for double-digit cash-flowing assets, RealT assets consistently show strong price elasticity and quickly rebound from extreme buy or sell pressure.

该物业是市值最高的数字化房地产项目，近期的一场火灾事故也使其备受关注。8月30日，由香烟头引发的火灾连同水和烟雾，导致RealT在保险索赔过程中共损失了12.5万美元。幸运的是本次事故并未造成任何人员伤亡。该处地产于月初遭受重创， 9月11日的价格更是跌至131.23美元的低点，但到月底价格已完全反弹至166美元以上。由于象征性的供应量较低，而两位数现金流资产的需求强劲，RealT资产持续显示出强劲的价格弹性，并迅速从极端的买入或卖出压力中实现反弹。

10024–28 Appoline Street (+17.12%)   Appoline Street 10024–28号项目  (+17.12%)

10024–28 Appoline St, Detroit, MI 48227

 Appoline Street 10024–28号，底特律，密歇根州，邮编48227

10024–10028 Appoline Street is another 15-unit apartment complex in Detroit. The property had an initial valuation of $582,000 and pays investors an estimated 11.47% in rental dividends each year. It was listed on Uniswap in March 2020 and is up 2.44% YTD.

Appoline Street 10024–28号项目同样是位于底特律的15单元公寓楼。该项目的原始估值为582,000美元，每年向投资者支付约11.47%的租金红利。项目于2020年3月在Uniswap正式发行，迄今为止涨幅达2.44%。

This property stood out not only for its large market cap and strong performance this month on the open market, but 10024–10028 Appoline had the highest trading volume of any real estate asset, with nearly $35,000 in trading volume this month. It doubled the trading volume on 16200 Fullerton, which is similar in asset type and size, with increasing interest in this property likely accelerated by the uncertainty around Fullerton’s structural damage due to the fire. This again is a strong sign of healthy liquidity in the tokenized real estate market, as investors that sell one property seem to be redistributing their allocation to other properties instead of leaving the market altogether.

该物业不仅以其庞大的市值和本月在公开市场中的强劲表现在一众项目中脱颖而出，而且拥有所有房地产资产中最高的交易额，本月该值更是一度逼近35,000美元。Fullerton Ave 16200号项目在物业类别和项目规格上均与本项目相仿，但意外火灾的发生增大了其不确定性，诸多投资方纷纷转投本项目，本项目的交易量因而翻了一番。这也是数字化房地产市场中流动性健康的强烈表现，因为投资者在出售房产之后似乎是在进行资产的重新分配而非完全告别市场。

📉 Trading Volume Bottoms Out 交易量触底
Even when other assets are outperforming those listed on tZERO, it’s hard to ignore the grip that $TZROP, $OSTKO, and $ASPD have on the market. These three tokens represent 84% of the industry-wide market cap and 98.96% of the total volume. TZERO’s listings have performed very well in 2020, with OSTKO and TZROP seeing 3.5x and 4.5x returns YTD, respectively.

尽管tZERO发行的其他资产项目在9月的表现也可谓是可圈可点，但$TZROP, $OSTKO, 以及$ASPD的表现还是让人难以忽视。毕竟上述三款代币占整个行业总市值的84%和总交易量的98.96%。纵观2020年，tZERO中发行的项目均表现优异，OSTKO回报率已达3.5倍，而TZROP的回报率更是高达4.5倍。

However, it was a surprisingly slow month for TZROP and OSTKO in September, with the assets breaking a streak of four consecutive months netting positive returns. Moreover, a -1.5% drop for OSTKO and a -2.2% drop for TZROP wasn’t the smoking gun — the most shocking result of September trading was a 58% decline in trading volume on the tZERO ATS.

然而，TZROP和OSTKO的9月业绩进展却出奇地滞缓。数据显示两家公司净利为负，中断了此前连续四个月净利为正的傲人记录。交易量方面，OSTKO下跌了1.5%、TZROP则下跌了2.2%。最令人震惊的结果是tZERO ATS的交易量居然暴跌了58%。

August was a headlining month for tZERO as the ATS had two key announcements to share: the placement of the St Regis Aspen ($ASPD) security token and the launch of tZERO Markets, a retail broker-dealer subsidiary. The St Regis Aspen Resort was a long-awaited token project to be listed on the marketplace that excited investors and enthusiasts as it became the first third-party security token placed on tZERO. Prior to the ASPD placement, only tZERO’s own token, $TZROP, and parent company Overstock’s tokenized dividend, $OSTKO, had been available for purchase on tZERO’s marketplace. This clearly brought strong interest and demand for the platform, but it did not translate to price appreciation for the new ASPD asset, which has pretty much traded flat since listing.

8月，tZERO ATS宣布了两大重磅通知，即开始配售St Regis Aspen ($ASPD)数字证券并推出零售经纪自营商子公司tZERO Markets。瑞吉阿斯彭度假酒店(St Regis Aspen Resort)是一个期待已久、即将发行的代表性项目，也是首个在tZERO中进行配售的第三方数字证券。此前，只有tZERO的自有代币TZROP及其母公司Overstock的数字化股息$OSTKO可以在tZERO中进行交易。此举无疑使投资者和热心人士对该平台产生了强烈的兴趣和投资需求，但这种激情并未转化为ASPD的价格上涨动力，该资产自发行以来价格基本保持平稳态势。
 

It has led to additional interest in the TZROP token, which provides value to investors through trading fees recouped by the platform with increased retail trading, which becomes more valuable as the marketplace adds additional assets for investors to trade. It is a strong sign for the health of the market that the decreased trading activity did not harshly affect asset prices, suggesting that the market is unfazed by the decreased volume and is satisfied with the current liquidity discount applied to the assets on the platform.

ASPD的发行还激发了人们对TZROP代币的兴趣。TZROP代币为投资者提供价值，其交易费用由平台通过增加零售交易的方式进行补偿。随着市场为投资者增加的额外交易资产量的不断增多，零售代币的价值也随之增加。交易活动减少并未对资产价格产生严重影响，这是市场健康的一个强烈信号，表明市场对交易量减少的情况并不担忧，且对平台资产目前的流动性贴现率表示满意。

🧊 Lottery.com? Not so Lucky After All    Lottery.com根本没那么幸运

Lottery.com ($LDCC) was one of the highest-profile security token offerings in the early 2017–18 stage of the security token industry, back when the differences between ICOs and STOs were unclear and the hype was primarily driven by terms like ‘blockchain’ and ‘decentralized.’ LDCC was launched as a lottery security token offering investors exposure to a new upcoming raffle, The Global Impact Raffle. The idea centered around collecting raffle participation and incentivizing users to continue playing through gamified economic mechanisms. However, since the inception and fundraise in 2018, not much has been heard from the initiative. The Global Impact Raffle is not a live competition and no new updates regarding the planned platform or incentive features have been recently published.

Lottery.com ($LDCC)是2017-2018年初数字资产行业中最受瞩目的产品之一，彼时ICO和STO间的差异还尚不明晰，各路宣传主要着眼于诸如“区块链”和“去中心化”一类的行业术语。LDCC是一种彩票类数字资产，旨在为投资者提供一种名为“The Global Impact Raffle”的新型博彩方式。这一想法的核心在于鼓励用户参与并通过游戏化的经济机制激励其持续参与。但自2018年启动并开启募资以来，该倡议并未获得多少回应。The Global Impact Raffle已不再活跃，也未曾发布任何规划中的平台项目或进行奖励功能的更新。

Despite that, the token has been listed on OpenFinance Network since March of 2019, and as of February 2020, the token can be bought and sold by retail non-accredited US investors by leveraging the Rule 144 Exemption.

尽管如此， $LDCC已自2019年3月起开始在OpenFinance Network中进行发行。截至2020年2月，非认证的美国散户投资者可根据144号豁免规定进行$LDCC的买卖操作。

Since placement in 2019, LDCC tokens have only really moved in one direction: downward. The tokens are down 75% this year, now trading for $0.05/share, which is bad news. What’s worse is the thought of this asset being in total free fall. Without disclosures or transparency, it seems that even retail access has not been enough for OpenFinance Network to stop the bleeding. According to records pulled directly from the ATS, there have been 14 10,000+ share transactions between the months of August and September, and 12/14 were sell orders. In that time frame, the shares fell from $0.18 to $0.05.

从2019年配售以来，LDCC代币仅拥有下跌表现。今年以来，这款代币更是暴跌了75%，目前的交易价仅为每股0.05美元。更糟糕的是，这些资产还在呈直线下跌态势。由于缺乏信息披露和透明度，即便是开启零售渠道也不足以让OpenFinance Network止血。据ATS直接提取记录显示：今年8月到9月期间，共录得14万余笔LDCC代币交易，其中的12笔均为卖单。在此期间，该公司股价也从0.18美元跌至0.05美元。

With an asset this opaque that appears to be in full free-fall, one question remains: Who is on the other side of these huge sell orders? Who is market making for this token?

面对如此不透明、似乎是在做自由落体状的减值资产，以下问题油然而生：到底是谁在对抗这些巨额卖单？究竟又是谁在为这款代币做市呢?

⛓ Uniswap Upgrades Liquidity Platform    Uniswap平台流动性升级

Uniswap has an interesting mechanic to provide liquidity for the assets trading on its platform. Leveraging what has become known as ‘Automated Market Making,’ Uniswap incentivizes investors to stake their assets in the protocol to provide liquidity for higher-frequency traders in exchange for the proportional share of the 0.3% trading fee on each transaction on the platform. In this way, Uniswap always has assets on either side of the trading pair to allow for stronger liquidity for the system without requiring a centralized market maker to determine the spread or fees on a given asset. The given exchange rate between the trading pair is then determined by the level of liquidity in the trading pair, relying on arbitrage in a competitive market to rebalance the price if asset values change.

Uniswap创造出了一个有趣的机制来为其平台中的资产交易提供流动性。即利用所谓的“自动造市”功能来鼓励投资者入股协议，以为高频交易员提供流动性，从而换取平台中每笔交易费用0.3%的费用份额。这样一来Uniswap便可在无需中央做市商来确定给定资产的价差或费用的前提下，始终在交易双方的任何一方中持有资产，从而有效提升交易体系的流动性。交易对之间的给定汇率是由其流动性水平所决定的。当资产价值发生变化时，则依靠竞争市场中的套利操作来重新获得平衡价格。

However, the liquidity pool for each trading pair also has an effect on the price of an asset, especially when executing bulk orders. As an investor seeks to purchase an asset, they are depleting the reserves in the pool, causing a price change as the liquidity function rebalances. It’s unlikely that any one trade will cause significant slippage for highly liquid pairs, but the rate of price change is dependent on the size of the liquidity pool of an underlying trading pair.

然而，每个交易对的流动性池也会对资产价格产生一定的影响 —— 特别是在执行大宗订单时。当投资者想要购买一处资产时，便会耗尽其资金池中的储备。为确保流动性功能的重新平衡，价格便会发生变化。任何一笔交易都不大可能导致高流动性对的大幅下滑，但价格变动的速度无疑取决于基础交易对中的流动性池子规模。

This whole price/liquidity function changed when Uniswap upgraded from its ‘V1’ trading protocol to the ‘V2’ trading protocol, building on new liquidity pools for its assets. In August, Mt Pelerin tokenized shares ($MPS) upgraded to the V2 trading pool, which is now more efficiently providing liquidity for the MPS shares as the individual trading pairs are no longer powered individually, but rather through a collective pool. However, the liquidity almost immediately transferred from the V1 pool to the V2, causing the V1 MPS prices to crash due to a collapse of liquidity.

当Uniswap将其“ V1”交易协议升级到“ V2”交易协议，并为其中资产建立新的流动性池子时，整个价格/流动性功能便也随之发生了改变。 8月，Mt Pelerin数字证券（$ MPS）已成功升级到V2交易池。由于单个交易对不再单独作用而是通过集体交易池进行操作，因而现在MPS股票的流动性也得到了有效提升。 但是，流动性从V1池转到V2池的操作极为迅速，导致了V1 池中MPS的价格因流动性的崩溃而出现暴跌。

However — now the token is in a better place! We retroactively changed MPS prices after the migration to avoid any wonky pricing data points on the historical charts.

现在数字资产环境已经得到了改善！我们已在流动性迁移后对MPS的价格进行了追溯，以避免历史图表上出现不可靠的数据记录。

Thank you for reading my September 2020 Market Report Review! Check out live prices of security tokens around the world at stomarket.com!

感谢阅览！欢迎访问stomarket.com，查看数字证券的实时价格。