Announcing the success of our IRO
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After a 5-day long IRO process, CitaDAO is proud to announce that our 2nd IRO is a major success. Within the 5 day span, our community raised a remarkable US$617,647 to meet the Softcap required to tokenize the Singapore-based Real Estate asset.
Following the successful IRO, a legal transaction is required to occur before the Real Estate Tokens can be minted and made available for claiming. For the IRO participants, do stick around for our Discord announcement to claim your share of RET from your Dashboard. Before then, feel free to read our guide on claiming here.
RET-USDC Liquidity Pool
Subsequently, a Uniswap V3 concentrated liquidity pool consisting of the RET and USDC will be set up. The liquidity mining reward will be accessible on xToken Terminal. One of CitaDAO’s key goals is to address the issue of lack of liquidity that plagues the Real Estate industry. CitaDAO has leveraged liquidity pool to achieve that goal by allowing for 24/7 trading of RET and USDC. As a RET (prospective) holders you enjoy the convenience of being able to swap their RET at any time via the Uniswap liquidity pool.
CitaDAO will also be incentivizing RET holders to be liquidity providers. As liquidity providers, RET holders stake an equal value of RET and USDC into the Uniswap liquidity pool to supplement liquidity for trading via xToken Terminal. Liquidity providers will be able to earn CitaDAO’s governance token, KNIGHT, as a reward for providing liquidity. Stay tuned for our tutorial on providing liquidity and earning KNIGHT rewards.
What’s next for us?
This IRO marks a significant milestone for CitaDAO as our first ever successful IRO and Proof-of-Concept. The team has planned a pipeline of properties to be listed for IROs in the coming months to continue growing the CitaDAO platform’s TVL and reach greater heights. In addition, the team has also been exploring partnerships and integrating with various protocols in the DeFi space to enhance CitaDAO’s ecosystem.
Integration with Chainlink
CitaDAO announced our integration with Chainlink back in November 2021 with the goal of leveraging Chainlink’s decentralized oracle network to bring off-chain Real Estate valuation data to the blockchain. With the success of our second IRO, a Chainlink data feed for the property’s valuation will be created. Chainlink’s oracle infrastructure will enable CitaDAO to increase the transparency and efficiency centered around off-chain Real Estate data and thus, enhance CitaDAO’s DeFi interoperability. More information about the integration can be found here.
Ideas for Real Estate Tokens (RET)?
We are constantly exploring more use cases that can be built with the ERC20 Real Estate Tokens. If you have any ideas/suggestion on what we can do with the RET, join our discord community and drop us a note. We run a regular introduction and Q&A call on our Discord server.
About CitaDAO
CitaDAO.io is a Decentralized Finance (DeFi) platform for Real Estate to be tokenized on-chain, built on the Ethereum ecosystem. CitaDAO aims to solve the lack of liquidity, access limitation, and lack of composability in the existing real estate ecosystem by creating interoperability with other DeFi applications/primitives that operate on the Ethereum protocol. Real Estate Tokens allow the community to diversify their portfolio on-chain to generate stable yield through real-world assets that have constant liquidity through AMMs.
Follow us on Twitter: @citadao_io
Join our community on Discord: discord.gg/citadao
Or check out our website: citadao.io
Disclaimer: The information contained in this communication is based on sources considered to be reliable, but not guaranteed, to be accurate or complete. This communication should not be relied upon or the basis for making any investment decision or be construed as a recommendation to engage in any transaction or be construed as a recommendation of any investment strategy
