CitaDAO is leveraging the oracle infrastructure of Chainlink (LINK/USD) to unlock tokenized real estate use cases in DeFi, Invezz learned from a press release. The integration will provide the DeFi ecosystem with a reliable real estate valuation data feed, which is a critical component for developers and protocols that want to develop trustless dApps using real estate-backed tokens.
Appraisal data from world-class sources
Chainlink’s nodes will provide appraisal data from world-class real estate consultancies such as Knight Frank, JLL, CBRE, Savills, and Cushman & Wakefield. Since the data is cryptographically signed, the user has a guarantee of the reliability of the source. The Chainlink node can be used by smart contract developers as a price oracle to build primitives on the basis of real estate valuations.
International real estate market valued at $32.6T
With this integration, CitaDAO will create more use cases for tokenized real estate to make more capital available in the international real estate market, which is valued at $32.6 trillion. The tokenization of the real estate will enable DeFi protocols to begin enabling use cases based on this value, such as property-backed lending.
Joel Lin, a contributor to CitaDAO, commented:
Through an 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.
Yaser Jazouane, Head of Data Products at Chainlink Labs, added:
We’re excited to empower CitaDAO to unlock a novel asset class for DeFi by enabling them to bring high-quality real estate appraisal data on to leading blockchains. Doing so will allow DeFi applications to price tokenized assets using professional market assessments, enabling wider access to the opening up a real estate market, the world’s most significant store of wealth worth tens of trillions of dollars in value.
CitaDAO can kickstart new innovation wave
With this integration of real estate valuation, CitaDAO can launch a new wave of DeFi protocol innovation in the real estate industry. What’s more, it can create sustainable yield farms based on global real estate value to drive mass adoption of DeFi.
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