Author: Weilin, PANews

The RWA track has recently made significant progress. In mid-last month, BUIDL, Superstate, and Ondo Finance under BlackRock's umbrella planned to apply for MakerDAO's $1 billion national debt tokenization plan. The goal of this plan is to tokenize $1 billion of real-world assets (RWA) and introduce them to MakerDAO. Due to its investment scale, it is expected to have a huge driving force on the development of the RWA protocol.

Data also indicates the popularity of RWA. According to the 2024 Q2 crypto industry report released by CoinGecko, the RWA track accounted for 11.3% of network traffic in the second quarter, second only to the Meme token, which ranked first and contributed 14.34% of the traffic. These data indicate that the RWA track is receiving increasing attention and is expected to become the next leader in crypto wealth growth. Data from RWA.xyz shows that as of August 26, the on-chain assets of the RAW track (excluding stablecoins) reached $116.6 billion, mainly concentrated in private credit, US government bonds, commodities, etc.

In fact, in addition to common national debt RWA projects, the intersection of real estate and blockchain is nurturing many opportunities, and some long-standing projects continue to innovate but have not received widespread public attention. This article will introduce a project that has been listed on Coinbase for a long time but remains low-key—Propy. Founded in 2017 and headquartered in Silicon Valley, Propy has become a star project by reducing costs, simplifying processes, and enhancing transaction security. In recent months, Propy has announced partnerships with the decentralized real estate derivatives protocol Parcl and the oracle network Chainlink. These partnership dynamics have enhanced Propy's technological capabilities and injected more positive factors, making it one of the most innovative projects in the RWA track.

Bringing Real Assets onto the Chain, Increasing Real Estate Liquidity and Accessibility

Traditional real estate transactions face many pain points, such as high property rights costs, opaque processes, low efficiency, and fraud risks. By bringing real estate assets onto the chain and combining blockchain technology, Propy is committed to providing safe and convenient services for real estate transactions, thereby solving these problems. As of August 26, Propy's transaction volume has exceeded $50 billion.

Propy's founder, Natalia Karayaneva, is a serial entrepreneur with rich experience in real estate development, and the other co-founder, Denitza Tyufekchieva, has professional experience in blockchain, real estate, and business development. Propy raised $7.7 million in August 2017 and received investments from Arrington Capital and well-known venture capitalist Tim Draper in October 2020.

Propy has three core products: the Propy real estate transaction platform, Propy property rights and escrow services, and PropyKeys. The Propy real estate transaction platform uses smart contracts, RWA, and blockchain technology to provide end-to-end real estate transaction services for agents and clients. This innovation not only enhances transaction transparency but also simplifies the transaction process and reduces costs.

The second core product is blockchain-based property rights and escrow services, ensuring transaction security while supporting traditional property transfer processes.

Propy's third core product, PropyKeys, is based on the Ethereum Layer 2 network Base and achieves the tokenization of real estate. In March of this year, PropyKeys was officially opened to the public. Users can use the PropyKeys app to mint and store on-chain addresses corresponding to physical real estate and property certificates, thereby earning PRO tokens. PropyKeys is also a "gamified" platform that has introduced a staking mechanism, rewarding users for staking real estate NFTs and allowing users to mint globally recognized landmark NFTs generated by AI for personalized customization. The introduction of this tokenization and staking mechanism provides users with more investment and earning opportunities, further driving market activity. As of August 26, PropyKeys has minted 268,618 addresses.

Through its three core products, Propy, combined with blockchain technology, has significantly improved the security and efficiency of real estate transactions. The distributed ledger technology of blockchain ensures that all participants can view transaction history, preventing tampering or fraudulent behavior. Each transaction step is recorded on the blockchain, and any party involved can track it in real time, reducing problems caused by human negligence or errors.

Propy has improved the efficiency of real estate transactions by automatically executing transaction terms through smart contracts, reducing reliance on intermediaries and human intervention, thereby simplifying the transaction process.

Through blockchain technology, Propy has also enhanced the security of real estate transactions. According to FundingShield's fraud analysis report for the first quarter of 2024, 48% of the loans processed in the first quarter of 2024 had at least one risk factor leading to wire and property rights fraud. Although this proportion has decreased slightly from the record data in the fourth quarter of 2023, it is still considered a high level.

When property rights fraud occurs, fraudsters steal the identity of homeowners, forge documents, and transfer property ownership without the homeowner's knowledge. They then submit these false documents and quickly sell the property, leaving the real homeowner and unsuspecting buyer to deal with the consequences. This fraudulent behavior not only causes losses to homeowners but also brings serious legal and financial risks to buyers.

From the perspective of preventing property rights fraud, which relies on paper documents and manual verification, the need for modern digital solutions becomes particularly necessary due to slow processing speeds and susceptibility to errors. Propy's Propy KYC (Know Your Customer) and POF (Proof of Funds) tools are designed to further reduce the risk of real estate transfers. These tools enable agents to verify the identity of potential buyers and confirm the legitimacy of their funds, whether in cash or cryptocurrency. By reducing fraud risks and identifying legitimate buyers, all parties can ensure the security and credibility of transactions.

Collaborating with Leading Projects to Launch Multiple Partnerships, Boosting the Development of the RWA Track

Propy has recently shown significant growth and successfully reached partnerships with several key partners, driving the project's development.

As a core product of Propy, PropyKeys launched its Dapp on Base in March, which has become a new growth point for Propy. In April, PropyKeys integrated Chainlink Automation on Base to distribute staking rewards. Chainlink's Automation allows developers to automate key on-chain functions at set intervals or in response to external events, thereby enhancing the user experience, efficiency, and reducing the possibility of human errors in decentralized protocols. The collaboration not only enhances the functionality of PropyKeys but also strengthens the overall platform's stability and reliability.

In early July, renowned private equity fund manager Grant Cardone listed his $42 million Florida mansion for sale on the Propy platform, marking Propy's further expansion into the high-end real estate market. This move has increased Propy's market visibility and attracted more attention from high-net-worth clients.

Grant Cardone listed his $42 million Florida mansion for sale on the Propy platform.

On July 19, Propy and the decentralized real estate derivatives protocol Parcl announced a strategic partnership to enhance on-chain property analysis and valuation quality. Propy will use Parcl's API to improve valuation and analysis capabilities related to PropyKeys.

With many positive developments, Propy is nurturing potential opportunities. Its native token is PRO, used to access platform services and reward users in the gamified Propy experience.

Since the launch of PropyKeys and its dApp, Propy's presence and adoption in major real estate markets in the United States have continued to expand, with plans for global expansion in 2024. Propy's global expansion plan will further drive the development of the RWA track and bring innovative solutions to more users and markets.

Meanwhile, the entire RWA track is flourishing, providing Propy with broader market prospects. According to a BCG report, the global RWA market is expected to reach $160 trillion by 2030. Currently, traditional financial giants such as Citigroup, BlackRock, Fidelity, and JPMorgan Chase have entered the market. Their participation not only demonstrates the enormous potential of the RWA market but also provides strong support for the future development of Propy and other innovative projects.

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