In January, Base – a fast, scalable, developer-friendly L2 incubated by Coinbase and secured by Ethereum – announced it integrated Chainlink Automation to enable smart contract applications with verifiable, decentralized, gas-efficient automation capabilities. This week, PropyKeys, a gamified platform created by blockchain real estate startup Propy, announced it integrated Automation on Base to power seamless and secure user staking rewards distribution.
Propy is a blockchain-based title company that facilitates real estate transactions through NFTs with the goal of utilizing smart contracts to bring simplicity and transparency to the real estate market. The first U.S. real estate-backed NFT sold for over $653,000 in ETH on the Propy platform in 2022.
PropyKeys, which officially launched this March, allows users to mint digital addresses and deeds for real-world properties with the goal of bringing one million home addresses onchain by 2025. Additional features, such as AI-generated landmark NFT minting and a novel staking mechanism, create a gamified experience designed to make home ownership more accessible, secure, and engaging.
Automation is a decentralized service that allows developers to automate critical onchain functions at regular time intervals or in response to external events. Leveraging Chainlink’s industry-standard oracle network, which has securely enabled over $10.5 trillion in onchain transaction value, Automation allows decentralized protocols to enhance their user experience, increase efficiency, and minimize potential for human error.
Automation is one of Chainlink’s comprehensive suite of oracle services that are critical for creating and securing tokenized real-world assets such as real estate-backed NFTs onchain.
“We’re excited to leverage Chainlink’s highly secure, reliable, and decentralized automation service,” said Andrew Zapo, COO of PropyKeys, in an official announcement. “Chainlink is industry-standard tokenized asset infrastructure, which is why using it to power our staking rewards distribution mechanism was an obvious choice.”