Haus는 미국 주거용 부동산에 묶여 있는 16조 달러 규모의 비유동 주택 자본을 해제하기 위한 오픈소스 토큰화 주택 자본 유동성 프로토콜을 구축 중임.

블록체인 기술을 활용해 주택 소유자가 주택 자본의 일부 소유권을 분할 판매하여 즉시 유동성을 확보하고, 투자자는 부동산 가치 상승에 노출될 수 있도록 함.

이미 이더리움 프라이빗 블록체인에서 프로토타입을 개발해 총 2,000만 달러의 TVL(총 예치 가치)을 확보했음.

이번 제안으로 HausCoin과 유동성 프로토콜을 Cardano로 이전해, 안전하고 확장 가능하며 비용 효율적인 Cardano 인프라를 활용해 주택 자본 거래를 위한 분산형 시장을 구축할 계획임.

이 재무부 출금은 Intersect가 공급업체를 대신해 제출했으며, 제안서의 개요, 동기, 근거 및 공급업체 프로필은 Intersect 예산 절차의 승인된 제안서에서 발췌했음.

총 ₳2억7,526만9,340(약 275M ADA) 규모의 승인된 예산 집행을 위한 39개 제안 중 하나에 자금을 지원하며, Intersect가 gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh를 통해 관리함.

이 정보는 Cardano 헌법상 재무부 출금 정보 조치 요건을 충족하기 위해 제안된 솔루션 세부사항, 예산 정렬 및 출금 금액을 명확히 제공함[3][4].

많은 주택 소유자들이 자산은 풍부하지만 현금 유동성이 부족해 집에 묶인 자금을 활용하지 못하는 상황임.

반면, 투자자들은 전통적인 스테이블코인이나 변동성이 큰 암호화폐 대신 안정적이고 가치가 상승하는 자산 담보형 투자처를 찾기 어려움.

이에 대한 해결책으로 **에퀴티 릴리스(equity release)**가 제시됨.

에퀴티 릴리스는 주로 55세 이상 주택 소유자가 집을 팔거나 이사하지 않고도 집에 묶인 자산 가치를 현금화할 수 있는 금융 상품임[1][2].

주요 특징은 다음과 같음.

- 대출 상환은 사망 시 또는 요양시설 입소 시 이루어짐으로, 평생 거주권을 유지할 수 있음[1][5].

- 월별 상환 의무가 없고, 고정 이자율 적용, 신용 평가나 상환 능력 심사 없이 진행 가능함[1].

- 주택 일부 가치를 상속인에게 남길 수 있는 '링-펜싱(ring-fencing)' 옵션도 제공됨[2].

- 대출 형태는 주로 '라이프타임 모기지(lifetime mortgage)'와 '홈 리버전(home reversion)' 두 가지가 있음[2].

이러한 방식은 자산은 있으나 현금이 부족한 고령층에게 유동성을 제공하며, 투자자에게는 안정적인 자산 담보 투자 기회를 제공함.

유럽 및 스위스 사례에서는 연금 저축을 주택 구매 자금으로 활용하는 등 유사한 자산 유동화 모델이 존재함[3].

따라서, 에퀴티 릴리스는 자산-부유하지만 현금-빈곤한 주택 소유자와 안정적 자산 담보 투자처를 찾는 투자자 모두의 문제를 동시에 해결할 수 있는 금융 솔루션임[1][5].

---

**주석**

- 에퀴티 릴리스(equity release): 주택 자산의 가치를 현금으로 전환하는 금융 상품

- 라이프타임 모기지(lifetime mortgage): 주택 가치를 담보로 대출을 받고, 대출금은 사망 시 또는 이사 시 상환하는 형태

- 홈 리버전(home reversion): 주택의 일부 또는 전부를 금융사에 매각하고, 평생 임대료 없이 거주하는 형태

- 링-펜싱(ring-fencing): 상속을 위해 주택 가치 일부를 보호하는 옵션

이를 통해 효율적이고 확장 가능한 부동산 담보 자산 클래스가 만들어지며, 주택 소유자는 현금 유동성을 확보하고 투자자는 주택 가치 상승에 따른 수익을 공유할 수 있음.

Haus는 Cardano에서 부동산 담보 토큰인 HausCoin을 발행해 대규모 주택 자산 거래를 가능하게 할 예정임.

투자자는 토큰화된 부동산 자산을 사고팔고 거래할 수 있어, 실제 자산(RWA)에 대한 새로운 디파이(DeFi) 활용 사례가 열림.

이미 3만 명의 대기자 명단과 41억 달러(₩4.1B) 상당의 총 주택 자산 가치(TVL)를 보유하고 있으며, 이 중 일부를 Cardano에 온보딩해 프로토콜의 실사용을 촉진할 계획임.

미국, EU 및 국제 시장에서 규제 준수를 위한 법적 프레임워크를 구축해, 토큰화된 부동산의 발행과 거래가 전통 부동산 시장과 원활히 통합되도록 할 예정임.

유동성 풀과 시장 인프라를 구축해 주택 자산 토큰의 즉각적인 거래와 대출을 지원하며, 이를 통해 부동산 담보 대출, 수익 농사(yield farming), 스테이킹 등 디파이 연계가 가능해짐.

자금은 제품 개발 완성, 사용자 경험 향상, 주요 블록체인 생태계와의 통합에 사용되며, 전략적 파트너십과 마케팅, 투자자 유치를 통해 시장 확장을 추진함.

Haus 팀은 블록체인, 핀테크, 부동산, 기술 분야에서 다년간 경험과 성공 사례를 보유하고 있음.

- CEO Siddarth는 20년 이상 부동산 투자 경험과 10억 달러(₩1B) 이상의 손익 관리 경험이 있으며, 아마존 AI 플랫폼, 구글, 마이크로소프트 등에서 혁신을 주도했음.

- COO Rakesh Pullabhatla는 여러 레이어 1 블록체인 프로젝트와 핀테크 기업에서 운영 및 금융 전문가로 활동했으며, 대규모 기업 확장과 IPO 경험이 있음.

Haus는 이미 2천만 달러(₩20M) TVL과 2천5백만 달러(₩25M) 이상의 운용자산(AUM), 15만 달러(₩150K) 연간 반복 수익(ARR)을 기록하며 재무적 안정성을 입증했음.

SEC Reg D 승인을 받은 HausCoin과 토큰화된 부동산 투자에 대한 규제 준수에 집중하고 있으며, 기관 및 투자자 네트워크를 통해 유동성과 장기 지속 가능성을 확보하고 있음.

프로젝트 계약은 Cardano Development Holdings(CDH)와 Haus 간의 오프체인 법적 계약으로 체결되며, Intersect가 관리하고 분쟁 해결을 담당함.

프로젝트 진행은 계약에 명시된 마일스톤, 수락 기준, 지급 금액, 예상 완료일에 따라 이루어지며, Intersect와 제3자 검증자가 작업 완료를 검토하고 커뮤니티에 보고함.

재무 관리는 Sundae Labs가 개발한 스마트 계약 프레임워크를 활용해 온체인으로 투명하게 관리되며, Intersect가 관리하고 Sundae Labs, Cardano Foundation 등 5개 독립 외부 기관이 감독함.

재무 권한은 Intersect 관리자와 리더십, 그리고 신뢰 기관의 다중 서명으로 엄격히 통제되며, 모든 자금 이동과 계약 이행은 온체인에서 검증 가능함.

이 모든 과정은 Cardano 헌법 제4조 4, 5항의 요구 사항을 충족함.

Haus is building an open-source Tokenized Home Equity Liquidity Protocol to unlock the $16 trillion in illiquid home equity sitting in U.S. residential real estate. By leveraging blockchain technology, our platform enables homeowners to sell fractional ownership of their home equity, instantly accessing liquidity while allowing investors to gain exposure to real estate appreciation.

We have already prototyped and deployed this model on a private Ethereum blockchain, securing $20 million in Total Value Locked (TVL). With this proposal, we aim to transition HausCoin and the liquidity protocol to Cardano, leveraging its secure, scalable, and cost-effective infrastructure to power a decentralized marketplace for home equity trading.

This Treasury Withdrawal is submitted by Intersect on behalf of the vendor. The following sections; Abstract, Motivation, Rationale and Vendor Profile have been sourced from the approved proposal submitted by the Vendor as part of the Intersect budget process.

This treasury withdrawal funds one of 39 proposals to give effect to the approved budget info action for ₳275,269,340, administered by Intersect via gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh. The information provided herein is intended to fulfill the spirit of the constitutional requirement for a treasury withdrawal info action by also providing the details of the proposed solution, alignment to the budget, and amount to be withdrawn from the Cardano Treasury.

Many homeowners are asset-rich but cash-poor, lacking access to liquidity tied up in their homes. At the same time, investors struggle to find stable, appreciating, asset-backed alternatives to traditional stablecoins or volatile crypto assets.

### Tokenizing Home Equity on Cardano:

- Haus will move its existing liquidity protocol onto Cardano's mainnet, allowing homeowners to tokenize and sell portions of their home equity directly to investors.

- This will create an efficient and scalable real estate-backed asset class, providing homeowners with cash liquidity and investors with a share in home appreciation.

### Launching HausCoin on Cardano:

- Haus will issue HausCoin, a real estate-backed token enabling home equity trading at scale.

- Investors will be able to buy, sell, and trade tokenized real estate assets, unlocking new DeFi use cases for real-world assets (RWAs).

### Leveraging an Existing 30,000-User Waitlist ($4.1B in TVL):

- Haus already has a 30,000-person waitlist representing $4.1 billion in Total Home Equity Value (TVL).

- A fraction of this TVL will be onboarded to Cardano, driving real-world adoption of the protocol.

### Building a Legal Framework for Compliance:

- Haus will develop a regulatory-compliant framework for issuing and trading tokenized real estate in the U.S., EU and international markets.

- Legal and financial structuring will ensure seamless integration with traditional real estate markets.

### Deploying Liquidity Pools & Market Infrastructure:

- Haus will establish liquidity pools to facilitate instant trading and lending of home equity tokens.

- This will support DeFi integration, enabling real estate-backed lending, yield farming, and staking mechanisms.

### Product Completion & Market Expansion:

- Funding will be used to finalize product development, enhance the user experience, and integrate with key blockchain ecosystems.

- Haus will drive market adoption through strategic partnerships, marketing, and investor outreach.

### Vendor Profile

## Relevant Experience & Track Record

Haus is led by a seasoned team of experts in blockchain, fintech, real estate, and technology, with a proven track record of scaling businesses, executing blockchain projects, and driving financial innovation.

### 1. Leadership Team with Deep Industry Expertise

**Siddarth (CEO)** -- A product and tech executive with $1B+ P&L and 20+ years as a real estate investor.

- Turned around a $2B public company leading to a $6.4B private equity exit through product and engineering innovation.

- Built a $500M revenue AI platform at Amazon.

- Scaled (NYSE: PL) from $2M to $140M revenue, leading strategic acquisitions including Google's Terra Bella in a $2.8B exit.

- Launched Microsoft Surface 3 ($0 to $475M revenue) and developed the first Android phone at Google.

**Rakesh Pullabhatla (COO)** -- A financial and operations expert, blockchain specialist, and fintech/proptech strategist.

- COO/CFO Consultant at multiple Layer 1 blockchain projects (Nodle, Astar, Oasis, Metallicus) and several DeFi and NFT ventures.

- Director at Planet Labs (NYSE: PL) -- Led company expansion from 30 to 650 employees, growing revenue from $0 to $150M ARR, leading to a $2.8B IPO

- Director at Boku (AIM: BOKU) -- Helped build a global mobile payments platform in 120+ countries, leading to a $500M IPO

- Former Economics Consultant at Cornerstone Research and held product & operational roles at Apple, Textron, and Fortune 150 companies.

### 2. Proven Execution & Market Validation

- Developed and tested the Haus Liquidity Protocol, completing 36 tokenized home transactions with $20M in TVL.

- Strong Product-Market Fit, validated by a 30,000-user waitlist with $4.1B in tokenizable home equity.

- Early DeFi Partnerships, including promising conversations with MinSwap and other liquidity providers.

### 3. Real Estate, Blockchain, and Legal Readiness

- Haus is already operational, with $25M+ AUM, $20M TVL, and $150K ARR, proving its financial viability.

- Regulatory compliance focus, with an ongoing legal framework for HausCoin (SEC reg D approved) and tokenized real estate investing.

- Institutional & Investor Network, ensuring liquidity, adoption, and long-term sustainability.

With a track record of scaling multi-billion-dollar businesses, building blockchain protocols, and executing real estate tokenization, the Haus team is well-positioned to deliver this project successfully on Cardano.

### Contract Management

A written off-chain Legal Contract will be created between the Vendor and the Cardano Development Holdings (CDH), as mandated by the constitution, and will be administered by Intersect. This will include details of the project delivery schedule and dispute resolution.

### Project Delivery

All milestones, acceptance criteria, payment amounts and expected delivery dates will be agreed between the Vendor and Intersect, acting on behalf of the CDH. The vendor will deliver according to the agreed-upon project schedule within the Legal Contract, of which the necessary information will be made public via the budget management platform via transaction metadata.

Defined by the milestones within a Legal Contract, the vendor will submit and attest milestone acceptance to the community, Intersect or 3rd Party Assurer.

Project progress will be monitored via Intersect's delivery assurance function which will be communicated to the community.

Acceptance of the above work is expected to be supported by a 3rd Party Assurer, who will be responsible for reviewing and signing off the work completed at each project milestone against the corresponding milestone deliverables detailed within the Legal Contract. This work is funded from a portion of this treasury withdrawal.

### Budget Management Tooling

To administrate treasury funds on-chain, Intersect will utilize the treasury management smart contract framework developed by Sundae Labs. The smart contracts have been [extensively tested](https://github.com/SundaeSwap-finance/treasury-contracts/tree/main/offchain/tests) including audits from TxPipe and MLabs. Examples of the usage of these contracts can be seen across mainnet described across Intersect authored [Blog 1](https://www.intersectmbo.org/news/smart-contract-mainnet-demo-a-step-toward-on-chain-treasury-withdrawals), [Blog 2](https://www.intersectmbo.org/news/smart-contract-mainnet-demo-day-two-update) and [Blog 3](https://www.intersectmbo.org/news/smart-contract-mainnet-demo-day-three-update).

Final mainnet validation test can be seen via the Disburse action within transaction: 0f591dc544ae14102dbb4a74d5311a6acffc1772b163d8b7a9656b9525950b17

With the confirmed treasury reserve contract address being: stake17xzc8pt7fgf0lc0x7eq6z7z6puhsxmzktna7dluahrj6g6ghh5qjr

#### Specifics

Intersect will utilize a single Treasury Reserve Smart Contract (TRSC), with many Project-Specific Smart Contracts (PSSC), managed by Intersect. Intersect's management consists of three 'admin' and two Intersect 'leadership' roles. An Oversight Committee consisting of five external, independent third-party entities will provide checks and balances on Intersect, and safeguard against errors and unilateral control. The administration of both TRSC and PSSCs will be managed by Intersect, with external oversight on certain actions from the Oversight Committee.

The Oversight Committee consists of Sundae Labs, Cardano Foundation, Dquadrant, Xerberus and NMKR. Their role is to independently verify key administrative actions using on-chain logic, ensuring accuracy and consistency without exercising discretion over governance decisions.

For all details on Intersect's configuration please see the **[Smart Contract Guide](https://docs.intersectmbo.org/cardano-facilitation-services/cardano-budget/intersect-administration-services/smart-contracts-as-part-of-our-administration)** on the knowledgebase.

The high level permissions are as follows:

- TRSC Fund and PSSC Modify

- Two of the three Intersect admins, two of the five trusted entities and one of the two Intersect leadership sign-off must authorize

- TRSC Disperse

- Two of three Intersect admins, three of five trusted entities and two of two Intersect leadership sign-off must authorize

- TRSC Pause and Resume

- Two of three Intersect admins, and one of two Intersect leadership sign-off must authorize

- TRSC Sweep

- One of three Intersect admins, and one of two Intersect leadership sign-off must authorize

- TRSC Reorganize

- Two of three Intersect admins and three of five trusted entities must authorize

#### Processes

Upon enactment of this governance action, funding for this project will be directed into the TRSC's stake account. All instances of TRSC and PSSC can not be staked with a SPO and will be delegated to the auto-abstain predefined DRep. From here funds will be withdrawn into a UTxO remaining at the TRSC.

When the Legal contract is prepared and the vendor is ready, funding for this project will be transferred using the Fund action to a PSSC. All milestones will be outlined within the metadata.

A dashboard will be available for the community to audit the TRSC or PSSC and track metrics related to this withdrawn ada as well as being immutably verifiable on chain.

The subsections; Contract Management, Project Delivery, and Budget Management Tooling described above cover the constitutional requirements specified in Article IV section 4 and 5.