CitaDAO is integrating Chainlink, a leading oracle solution, to unlock tokenized real estate use cases in DeFi. CitaDAO is creating a Real Estate powered DeFi ecosystem onEthereum that features sustainable yield farms powered by real estate that are composable with DeFi applications.
The integration will use Chainlink oracle infrastructure to provide a reliable real estate valuation data feed to the DeFi ecosystem, a key backbone for protocols and developers who want to build trustless applications using real estate-backed token.
Chainlink nodes will provide appraisal data from world-class global real estate consultancies such as CBRE, Savills, Knight Frank, JLL and Cushman Wakefield. The data is signed so that the consumer of the data feed knows that it came from a reliable source. Smart contract developers can use the Chainlink node as a price oracle to create primitives based on real estate valuations.
CitaDAO hopes to create more use cases for tokenized real estate to unlock capital in the global commercial real estate market. It is estimated to be valued at $32.6 trillion U.S. dollars. The tokenized real estate will allow DeFi protocols to access this value and enable use cases such as lending backed by real estate.
CitaDAO is creating transparency and efficiency around real estate valuations on a platform that is integrated with Chainlink. Joel Lin, a contributor to CitaDAO, said that PropMarketCap, CitaDAO's first community grant recipient, is working to create industry data standards and processes to make sure real estate valuation data can be used and stored easily by DeFi applications.