CitaDAO Is Integrating with Chainlink to bring Real Estate Appraisal Data and Tokenized Real Estate to DeFi
We’re excited to announce that CitaDAO is integrating industry-leading oracle solution Chainlink to unlock tokenized real estate use cases in DeFi. 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 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.” — Joel Lin, a contributor to CitaDAO.
“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 hundreds of trillion of dollars in value.” — Yaser Jazouane, Head of Data Products at Chainlink Labs.
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.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.
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. Real estate tokens will enable the DeFi community to diversify their portfolio on-chain into an inflation resistent asset class and create an ecosystem of DeFi primitives backed by productive Real Estate, such as stablecoins, mortgages, options, and more.