According to an April 1 announcement, the tokenized real estate project PropyKeys has successfully integrated with Chainlink Automation. With this integration, PropyKeys will be able to automate the distribution of staking rewards, harnessing Chainlink’s smart contract automation service. The collaboration seeks to refine PropyKey’s user experience by ensuring the seamless and secure execution of rewards.
Chainlink Automation’s appeal lies in its decentralized nature, designed explicitly for executing critical on-chain functions essential for smart contracts. This system facilitates automatic operations based on specific schedules or in response to external triggers.
Andrew Zapo, COO of PropyKeys, underlined the rationale behind choosing Chainlink Automation, stating:
Chainlink is industry-standard tokenized asset infrastructure, which is why using it to power our staking rewards distribution mechanism was an obvious choice.
Among Chainlink Automation’s key attributes are the capability for instantaneous transaction identification and confirmation, along with significant infrastructure cost savings. It also enhances operational speed and efficiency, and provides the capacity for rapid scaling across multiple blockchains.
Notably, this integration enables PropyKeys to sidestep the complexities associated with building and maintaining its automation infrastructure. It thereby allows for an expansion in the exploration of new use cases, the announcement added.
The integration follows PropyKey’s launch on March 13, 2024. The project offers blockchain-powered solutions for the real estate industry.
PropyKeys is currently live on crypto exchange Coinbase’s Layer 2 network Base. It allows users to mint digital addresses of any tangible property, offering easy access to real world asset (RWA) tokenization. All transactions are powered by the project’s native PRO token.
PropyKeys aspires to onboard one million home addresses onto the blockchain by 2025, building upon its history of pioneering on-chain real estate transactions since 2017. This plan involves the development of a decentralized title registry and an escrow settlement protocol for secure onchain transactions.
Real-world asset (RWA) tokenization isn’t a new concept. However, interest in this sector saw a massive surge when asset manager BlackRock introduced its Institutional Digital Liquidity Fund for USD. Following BlackRock’s move into RWAs, prices for many related projects went up significantly.
