TokenFi has announced Real World Assets Tokenization under the TokenFi RWA Tokenization Module. TokenFi aims to enable the tokenization of assets that are not categorized as securities. The end-utility will include trading, selling, and attracting liquidity from investors. Users will have a quick and efficient way to tokenize their RWA.
TokenFi has withheld the majority of the information due to the scheduled launch in 2024. However, TokenFi has clarified that it is in talks with Chainlink to help power the module. TokenFi is looking to leverage two aspects of Chainlink. These are the Cross-Chain Interoperability Protocol and Proof of Reserve.
Chainlink PoR is being considered to power the TokenFi RWA Tokenization Module, for it helps smart contracts validate true collateralization. It has been termed the most important factor in making sure that tokenized assets have an accurate representation on a blockchain.
Another advantage of including Chainlink PoR is that it helps prevent tampering and/or manipulation. PoR employs trustworthy on-chain auditors who are entrusted with checking a tokenized asset’s reserves in real-time. Chainlink Proof of Reserve expands its capabilities to enable secure minting, burning, and redemption of wrapped assets, as well as to halt them based on real-time status.
Chainlink’s CCIP, or Cross-Chain Interoperability Protocol, has been considered to enable the seamless movement of assets across chains that Chainlink supports.
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Users can transfer their RWAs from Ethereum to alternative chains such as Base and Polygon, eliminating the need for concern regarding the underlying mechanisms. CCIP intends to eventually support an increased number of chains. As a result, TokenFi is better equipped to facilitate scalability. Users will feel more assured when transferring RWA from one chain to another, knowing they can upgrade to a superior chain at any time.
The superiority of a chain is primarily judged on factors including, but not limited to, scalability, cost, and speed.
TokenFi’s parent company, Floki, is already working with Chainlink. The upcoming development will most likely be based on direct communication with the core team. The names of the other chains have not yet been revealed, but TokenFi has stated that they are striving to expand the network as soon as possible before going live in 2024, as per the roadmap. A suggestion of a partnership with Chainlink is generating conjecture within the community regarding the imminent bullishness of the native token, FLOKI.
Moving forward, TokenFi plans to implement ERC-3643 as a standard for permissioned tokens. ERC-3643 has tokenized over $28 billion in assets.
TokenFi RWA Tokenization Module will use $TOKEN as a utility token in the ecosystem. The mainnet launch is scheduled to happen in 2024, with the exact date yet to be announced publicly.
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Many Floki community members have said they are excited about the development. Most of them have also appreciated the team for always developing trends and innovations in the field.
