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Real Estate Meets Blockchain: PropyKeys Integrates Chainlink Automation for Staking Rewards

source-logo  crypto-news-flash.com 02 April 2024 19:55, UTC

PropyKeys aims to make real estate ownership more accessible, secure, and engaging through the help of Chainlink Automation.

  • The integration of PropyKeys and Chainlink Automation is a huge leap toward mainstream adoption of LINK and PRO crypto assets.

The unquenchable need to tokenize real-world assets (RWA) through blockchain technology has significantly improved global cryptocurrency liquidity. As Crypto News Flash previously reported, the future of the cryptocurrency industry is largely pegged to the concept of real-world asset tokenization. Moreover, asset tokenization through the use of reputable smart contracts helps enterprises reach global markets with ease.

PropyKeys Taps on Chainlink Automation to Democratize Smart Contracts

PropyKeys, a subsidiary of Propy Ecosystem that introduced a decentralized title deeds registry through an escrow settlement protocol, announced a successful integration with Chainlink Automation to securely and efficiently distribute staking rewards on its platform. According to the announcement, the integration between Propykeys and Chainlink Automation is live on the Coinbase-backed Base mainnet, thus improving the user experience for seamless mass adoption.

“We’re excited to leverage Chainlink’s highly secure, reliable, and decentralized automation service. Chainlink is industry-standard tokenized asset infrastructure, which is why using it to power our staking rewards distribution mechanism was an obvious choice,” Andrew Zapo, COO of PropyKeys, noted.

The integration of PropyKeys and Chainlink Automation reaffirms that the latter is a leader in real-world asset tokenization through its easy-to-sue smart contracts. Furthermore, PropyKeys is committed to onboarding more than one million home addresses on-chain by next year.

.@PropyKeys—a project bringing real estate onchain via NFT addresses and landmarks—has integrated #Chainlink Automation on @base to help distribute staking rewards.

Why tokenization projects are choosing Chainlink ⬇️https://t.co/yaFsP1akN2

— Chainlink (@chainlink) April 1, 2024

According to market data provided through the NFT marketplace, OpenSea, more than 71k items have already been minted by around 64k unique owners on the PropyKeys platform. With a floor price of around 0.001 ETH, anyone around the world can mint different locations on PropyKeys via the Base network.

Notably, Chainlink Automation operates as a decentralized service purpose-built to manage different tasks on behalf of smart contracts. As a result, PropyKeys can guarantee its users that staking rewards are distributed on time in a trustless manner.

Market Impact on the Dual Integration

The integration of PropyKeys and Chainlink Automation will have a long-lasting impact on the respective native coins. According to the latest market data, Propy (PRO) price gained around 9 percent in the past 24 hours leading to Tuesday to trade about $2.25. The small-cap altcoin with a fully diluted valuation of around $225 million has seen its daily average trading volume spike by 75 percent to about $16 million.

On the other hand, Chainklink’s LINK will significantly benefit from increased on-chain activity through the increased adoption of the PropyKeys ecosystem. As of this report, LINK price traded around $18, up about 7 percent in the past two weeks.

As Crypto News Flash previously pointed out, the Chainlink network has registered a significant increase in development frequency, thus bolstering LINK’s bullish outlook. Furthermore, the altcoin has been making higher highs and higher lows since the breakout from a macro bear trend late last year