VLC-10, issued by Reental, is a tokenized real-estate investment that fractionalizes a single property vehicle onchain and tracks the value and rental performance of - VALENCIA 10 [S1][S2].

The reference asset is - VALENCIA 10 (VLC-10), and each token represents a proportional claim on that property held by its per-project vehicle [S1][S3]. This is a total-return instrument: tokenholders receive rental income distributed monthly in USDT, a stablecoin, in proportion to their holding, and may claim or reinvest distributions to compound [S1][S3][S2]. At the end of the property's cycle, holders recover their initial investment plus a share of any capital gain on sale; a 19% withholding applies in Spain [S4].

Reental operates from Spain and the United States, forming a dedicated per-project vehicle for each issuance rather than a single named parent issuer [S5][S1]. U.S. projects are private placements under the Securities Act of 1933, using Regulation D Rule 506(c) and Regulation S; Spanish projects are issued under Law 6/2023 on Securities Markets and Investment Services [S5][S2]. The token represents tokenized LLC shares in the United States, or a beneficiary interest in a participatory loan in Spain [S1][S5]. Investors complete KYC and AML checks, and U.S. tax residents must be accredited [S5][S4]. There is no issuer buyback; tokenholders sell to validated buyers [S6].

The property tokens are issued natively on the Polygon network and held in the investor's own offchain self-custodied wallet, such as MetaMask, Rabby, or HumanWallet [S5][S6]. To invest, a user registers, completes KYC and AML validation, purchases tokens with USDT or by bank transfer at a one-token minimum, and signs the investment agreement [S1][S5]. Distributions settle in USDT to the tokenholder's wallet [S1][S2].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://www.reental.co/en/blog/what-is-reental-and-why-we-tokenized-spanish-real-estate" },
    { id: "S2", url: "https://www.reental.co/en" },
    { id: "S3", url: "https://www.reental.co/en/properties" },
    { id: "S4", url: "https://www.reental.co/en/faqs" },
    { id: "S5", url: "https://www.reental.co/en/faqs" },
    { id: "S6", url: "https://www.reental.co/en/help" },
  ]}
/>


# Asset holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique addresses holding a non-zero balance of the asset.

Asset holders

Tokenized funds

Reental tokenizes individual real estate properties on the Polygon blockchain, allowing investors to purchase fractional ownership through digital tokens. Each property is represented by a unique token with transparent rental income distribution and property management.

A real estate tokenization platform that enables fractional investment in rental properties worldwide through blockchain technology, providing accessible real estate investing with low minimums and automated income distribution.

Real estate investors seeking fractional ownership in tokenized property investments across global markets including Spain, Dubai, Mexico, and the United States.

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Real-world asset (RWA) issuers

Reental

REENTAL - VALENCIA 10 (VLC-10) is a tokenized fund share issued by Reental.

Each token is a direct claim on the issuer.

The fund is closed-ended and invests in real estate in Europe.

Retail investors and accredited investors can subscribe and redeem in EUR, with a EUR 100 minimum after completing KYC.

VLC-10 has been issued on Polygon as an ERC-20 token since May 2024.

REENTAL - VALENCIA 10VLC-10