Lava Network, a blockchain infrastructure protocol, has signed a preliminary agreement to help design a tokenization sandbox for Alba Bay, a planned Caribbean residential development of more than 40,000 units. Lava said it is the protocol's first real-world asset mandate.
BHL says the project will span nearly 40 million square meters, cost multiple billions of dollars and target construction starting in the first quarter of 2027.
The arrangement is a non-binding memorandum of understanding, and BHL Group, the developer, pays Lava nothing upfront, the company said in written answers to questions from The Defiant. No units have been tokenized and no infrastructure has been deployed yet.
LAVA, the protocol's token, trades more than 90% below its 2024 peak and has a market cap of about $9 million, according to CoinGecko. Lava routes traffic for enterprise users including Fireblocks, NEAR, Arbitrum and Starknet.
The release announcing the partnership described a "regulatory sandbox" that would put every home, parcel and shared asset onchain. Lava described a “private, exploratory process between the parties” that’s fully aligned with existing legal and regulatory frameworks.” It named no Dominican regulator and said any future implementation would be coordinated with authorities later.
