CitaDAO integrates Chainlink to bring tokenized real estate to DeFi 🚨 This article is 3 years old...
CitaDAO integrates Chainlink to bring tokenized real estate to DeFi
Chainlink nodes will provide appraisal data sourced from world-class global real estate consultancies such as CBRE, Savills, Knight Frank, JLL, and Cushman & Wakefield.
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Updated: Feb. 20, 2022 at 2:37 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
CitaDAO is integrating industry-leading oracle solution Chainlink to unlock tokenized real estate use cases in DeFi. CitaDAO is creating a Real Estate powered Decentralized Finance (DeFi) ecosystem on Ethereum that features sustainable yield farms powered by real estate that are composable with DeFi applications.
The integration will leverage Chainlink oracle infrastructure to provide a reliable real estate valuation data feed to the DeFi ecosystem—a crucial backbone for protocols and developers wanting to build trustless decentralized applications using real estate-backed tokens.
Chainlink nodes will provide appraisal data sourced from world-class global real estate consultancies such as CBRE, Savills, Knight Frank, JLL, and Cushman & Wakefield. The data is cryptographically signed so that the consumer of the data feed knows that it came directly from a known, reliable source. Smart contract developers can use the Chainlink node as a price oracle to create primitives based on real estate valuations.
CitaDAO aims to create more use cases for tokenized real estate to unlock capital in the global commercial real estate market, estimated to be valued at $32.6 trillion U.S. dollars. The tokenized real estate will allow DeFi protocols to access this value and start to enable use cases such as lending backed by real estate.
“Through integration with Chainlink, CitaDAO is creating greater transparency and efficiency around real estate valuation data on blockchains. PropMarketCap, CitaDAO’s first community grant recipient, is working to create industry data standards and processes to ensure real estate valuation data can be stored and utilized easily by DeFi applications,” said Joel Lin, a contributor to CitaDAO.
The ‘oraclelization’ of real estate valuation data will allow CitaDAO to kickstart a new wave of DeFi protocol innovation in the real estate industry and create powerful primitives and sustainable yield farms powered by real-world real estate to drive mass adoption of DeFi.
