CitaDAO integrates Chainlink to deliver tokenized real estate use cases to DeFi

To unleash tokenized real estate use cases in DeFi, CitaDAO is integrating industry-leading oracle technology Chainlink. 

CitaDAO is building a Decentralized Finance (DeFi) ecosystem on Ethereum that includes real estate-powered sustainable yield farms that can be combined with DeFi applications.

Chainlink’s architecture

The integration will use Chainlink’s oracle architecture to deliver a trustworthy real estate valuation data feed to the DeFi ecosystem, which is a critical backbone for protocols and developers looking to create trustless decentralized applications using real estate-backed tokens.

Appraisal data will be sourced from world-class global real estate consultancies such as Savills, CBRE, JLL, Knight Frank, and Cushman & Wakefield through Chainlink nodes. 

The data is cryptographically signed, ensuring that the data feed’s customer knows that it came from a trusted source. 

The Chainlink node can be used as a price oracle by smart contract authors to generate primitives based on real estate appraisals.

CitaDAO wants to expand the use cases for tokenized real estate in order to release capital in the $32.6 trillion global commercial real estate industry. 

New use cases

DeFi protocols will be able to access this value via tokenized real estate, enabling use cases such as real estate-backed lending.

CitaDAO is increasing the openness and efficiency of real estate appraisal data on blockchains by integrating with Chainlink,” CitaDAO said.

PropMarketCap, CitaDAO’s inaugural community grant recipient, is aiming to establish industry data standards and practices to ensure that real estate valuation data can be easily stored and used by DeFi applications,” CitaDAO contributor Joel Lin said.

CitaDAO will be able to spark a new generation of DeFi protocol innovation in the real estate industry by “Oraclelizing” real estate valuation data and creating powerful primitives and sustainable yield farms driven by real-world real estate to drive mainstream adoption of DeFi.

 

Image courtesy of Cointelegraph News/YouTube

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