TreasureDAO Announces Integration of Chainlink Oracles for Secure NFT Marketplace Pricing
TreasureDAO is integrating Chainlink Price Feeds to deliver ETH prices on Arbitrum for Trove, its generalized NFT Marketplace.
March 17, 2022 - TreasureDAO (“Treasure”) announced its integration of Chainlink Price Feeds to deliver accurate, decentralized NFT pricing into its upcoming marketplace, Trove. Denominated in ETH, Trove is being launched by Treasure in response to significant market demand for an Ethereum-based, decentralized layer 2 NFT marketplace that truly puts its users first, while gamifying the NFT collecting experience in a trustless manner.
Chainlink decentralized price oracles are the industry standard for high-quality on-chain data delivery due to their strong security and extensive developer tooling for open frameworks. Chainlink enhances smart contract security by aggregating a wide range of price data sources and providing an incentivized network for delivering the data. This removes outliers and creates strong protections against outliers or asset price manipulation.
Trove is preceded by the incredible success of the MAGIC-denominated Treasure NFT Marketplace, which focuses only on deeply integrated ecosystem projects. Since November 2021, the marketplace has achieved over 62M MAGIC in volume or US$250M based on current prices. Because of the clear user demand, Treasure anticipates significant trading volumes on Trove, and believes that implementing a decentralized and trustless pricing oracle is paramount to building and fostering trust with its users and the community.
Treasure will also be implementing safeguards to help ensure exploit prevention while simultaneously promoting integrity and fair competition across its growing ecosystem of metaverse and play-to-earn projects by utilizing Chainlink’s suite of decentralized services for use across DeFi composability of MAGIC (e.g. via a MAGIC price oracle) and NFTs. One such service is Chainlink VRF, which provides non-deterministic and provably fair randomness for smart contracts and blockchain-based applications, helping ensure tamper-proof and trustworthy outcomes for users.
“We’re thrilled to launch Trove for users, and are confident in our ability to create a secure user experience by implementing time-tested price data from Chainlink. Integrating the industry-leading oracle solution also simplifies the developer experience for us, offloading a high-effort engineering task to the Chainlink Network and letting us focus on creating a quality NFT marketplace.” — Josh Whitney, CTO of Treasure.
Treasure is a decentralized DeFi-NFT ecosystem on Arbitrum built for metaverse projects. Every project listed on Treasure’s marketplace utilizes MAGIC in its respective metaverse, with each project’s community generating its own lore and storytelling surrounding this resource. MAGIC, the native token of Treasure, is the sole currency for marketplace transactions. In this way, MAGIC acts as the reserve currency for the entire web of metaverses connected under the Treasure umbrella. As a DAO, the community drives the direction of how the Treasure ecosystem expands.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.