Hybrid framework · Debt + Equity · ← BTR Hub

Yield from day one,
rent after habite-se

The Hybrid variant keeps token holders earning from the moment the offering closes. IPO proceeds park in BRLE-linked yield during construction and distribute CDI-proxy monthly; after habite-se, distributions transition to real rental cashflow — same contract, phase-tagged on-chain.

Um framework para incorporadoras que querem pagar investidores desde o dia 1.

View SALRIO live example → Compare with Pure Equity
Construction yield
~14.4% a.a.
Cadence
Monthly
Dividend asset
BRLE
Network
Base
How it works
From offering to rent, in four steps.
The Hybrid contract gives investors BRLE distributions from day one. During construction those distributions come from CDI-linked yield; once the building is operational, the same contract routes real rental cashflow instead. One ERC-20, four lifecycle phases tagged on-chain.
Step 01
Subscribe
Buy at par
Investors subscribe at par from the operator Safe treasury or buy on the Uniswap V3 pool. Reg S Category 3 offering.
Step 02
Hold
Track the pool
Balance entitles holder to pro-rata cashflow. ERC-20, ERC-2612 Permit, freely transferable, fully composable.
Step 03
Collect
Claim BRLE
Operator Safe calls depositDividend() monthly. Anyone calls claim() to pull accrued BRLE. Phase-tagged on-chain (CDI proxy vs rental).
Step 04
Unlock
Borrow or swap
Deposit the share as collateral on Morpho Blue, borrow USDC up to 62.5% LTV. Or sell into the Uniswap pool for instant liquidity.
Lifecycle
Four phases, one contract, zero upgrades
Cashflows shift across distinct phases — each tagged on-chain so the audit trail distinguishes pre-operational yield (BRLE-linked CDI proxy) from real rental income once habite-se is issued.
Phase 0
Construction
CDI proxy
Operator parks IPO BRL in BRLE-linked yield. Monthly CDI yield (~14.4% a.a.) distributes as dividendPhase = 0 (ConstructionProxy).
Phase 1
Ramp-up
Mixed sources
Partial habite-se issued. Units come online progressively. dividendPhase = 1 (RampUp). Both CDI and rental cashflow.
Phase 2
Operational
Rent pro-rata
All units stabilized. dividendPhase = 2 (Operational). Straight rental cashflow distributed monthly via Batog 2018 math.
Any time
Extraordinary
Non-recurring
Capex refunds, legal settlements, insurance payouts. dividendPhase = 3 (ExtraordinaryDist). Same math, different tag.
The Unlock
Brazilian real estate credit, meet DeFi rates
Brazilian property-collateralized mortgages typically cost 15-20% a.a. An on-chain Hybrid share on Morpho Blue targets ~6% a.a. — the same asset, the same cashflows, a fraction of the cost of capital. Liquidity comes from USDC suppliers on Base, not Brazilian banks.
Traditional BR Mortgage
~18%
a.a. in BRL, 5-30 year terms, heavy documentation, property lien, IOF tax layer. Pre-habite-se financing doubly restricted.
Morpho Blue on Hybrid share
~6%
a.a. in USDC, 62.5% LTV, no lockup, instant, Morpho Adaptive IRM. Global USDC supply, Brazilian-asset demand.
Features
Primitives only. No clever abstractions.
Every piece is a well-understood building block: Batog 2018 dividend math, OpenZeppelin v5.4 AccessControl, Gordon Growth formula for on-chain NPV, Chainlink for BRL/USD, Morpho Blue's immutable-market primitive. Integration reviewers recognize every line.
O(1) Math
Scalable reward distribution
Single dividendPerShareScaled counter, lazy settlement on transfer. O(1) deposit, O(1) claim, zero off-chain infra. Published Batog 2018 pattern with a decade of production use.
NFT-Backed
Real cashflow backing
Lobie Unit NFTs registered via BTROfferingRegistry link each share to specific rental assets. Each NFT carries audited monthly observations once habite-se fires.
Gordon Growth
NPV oracle on-chain
Registry exposes gordonGrowthNPV(dividendPerPeriod, r, g) as a pure function. Any frontend or agent can reprice the share at custom discount / growth assumptions without off-chain models.
Reg S Cat 3
Offshore securities framing
Wyoming LLC SPE structure (BTS engagement), Regulation S Category 3 with 12-month distribution compliance period. Legend embedded in ERC-20 token name. No U.S. persons in primary.
Morpho
Immutable lending market
Hybrid-share / USDC market on Morpho Blue with 62.5% LLTV, par-peg × Chainlink BRL/USD oracle, Adaptive IRM. Isolated, permissionless, unupgradeable — standard Morpho primitive.
Phase Tags
On-chain audit trail
Every depositDividend is tagged with its lifecycle phase (Construction / RampUp / Operational / Extraordinary). Holders, auditors, and agents can attribute yield to its true source.
Live Example
SALRIO — our flagship Hybrid pool
The first production deployment of the Hybrid framework. Rio de Janeiro Build-to-Rent, 5 Sal Rio Residences studios, operated by Lobie. Live on Base since April 2026.
Sal Rio Residences Pool #1
SALRIO — 1,861,310 shares · R$ 1.00 par
Fractional equity in 5 studios in the Sal Rio building (Rio de Janeiro), backed by audited Lobie Unit NFTs. Issued by EFIX Plataforma de Tokenização e Crowdfunding Ltda, operated by Lobie. See the full offering, live contracts, dividend history, and investor onramp on the SALRIO page.
Open offering →
Compliance framework
Regulated issuer, audited operator
The Hybrid framework is delivered via EFIX Plataforma de Tokenização e Crowdfunding Ltda under Reg S Cat 3. Each pool's operator is the entity managing the underlying rental asset; Harris & Trotter audits the cashflow observations before they land on-chain.
Issuer
EFIX Plataforma de Tokenização e Crowdfunding Ltda
Offering Framework
Reg S Category 3
Legal Vehicle
Wyoming LLC (BTS)
Operator (example)
Lobie
Auditor
Harris & Trotter
Dividend asset
BRLE
Network
Base · Chain 8453
Solidity / OZ
0.8.22 / v5.4
Custody model
Operator multisig

Structure your BTR on this framework

See the live SALRIO offering, or talk to us about launching your own pool on the Hybrid rails.

View SALRIO → Talk to us