How it works

Rent comes in, bills go out, and what is left raises the vRENT price once a month.

The monthly loop

Every month runs through the same seven steps. Steps 1 to 4 happen off chain, at the operating company. Steps 5 to 7 happen on rent day, the 1st of the following month, and leave a record on Robinhood Chain.

1. Apartments are let. Tenants rent apartments in buildings the operating company owns. At the close of the month, each apartment is paid, late or vacant.
2. Rent is collected. The company collects the month's rent, plus any late rent from earlier months that arrives during this one.
3. Bills are paid. Out of that rent come repairs and upkeep, capital works, property tax, insurance and the property manager's fee.
4. Vault fees are taken. The vault management fee and the vault performance fee come out of the same rent. The Fees page lists every rate.
5. Net rent moves into the vault. What remains is transferred to the vault as USDG. No new vRENT is minted against it.
6. The vRENT price rises. The vault now holds more USDG for the same number of shares, so each vRENT redeems for more.
7. The Roll is published. The operator publishes the month's Roll, a file listing every apartment and every cost, and writes its SHA-256 hash and the closing price to the RollRegistry contract.

The 1% token fee from $RENT trading is settled on the same day, so under normal operation rent day is the only day of the month the price moves. Deposits and cash-outs during the month happen at the current price and leave it where it is. The Share price page explains what moves the price and what does not, including months where costs are larger than rent.

What you own

You own vRENT, a share in an ERC-4626 vault whose single asset is USDG. vRENT has 18 decimals and USDG has 6. Your vRENT balance divided by all vRENT outstanding is your fraction of the USDG in the vault, and you can redeem it for that USDG at any time at the current price.

vRENT is a standard ERC-20 token, so you can hold it in any wallet that supports Robinhood Chain and transfer it like any other token. It pays nothing into your wallet between deposit and redemption. Income builds up in the price: a vRENT that redeems for 1.000000 USDG at launch redeems for more once net rent has been added.

vRENT gives you no title to a building, no lease and no claim on the operating company. $RENT, the community token, is a separate token with no claim on the vault.

Where the buildings sit

The operating company owns the buildings, signs the leases and pays the bills. The vault is a contract on Robinhood Chain that holds USDG and nothing else. Nothing about a building, its value or its tenants is stored on chain.

The contract has no function that sends USDG out of the vault except a holder redeeming their own vRENT, or someone they have approved doing it for them. The owner key cannot withdraw, sweep or redirect the vault's USDG. The link between the buildings and the vault is the monthly transfer, and the Roll that accounts for it line by line.

Once USDG is in the vault, the operator cannot take it back. The same design means the vault depends on the operator to keep sending net rent. The Risks page covers what happens if that stops.

Checking each month

Every figure in the loop ends up in the Roll. Reading a Roll walks through each section and the sums you can redo by hand. Verifying a Roll shows how to confirm that the file matches the hash on chain.