Tom N Toms Coffee Is Integrating Chainlink Price Feeds To Help Secure Prices in its NFT Marketplace HEYST
We’re excited to announce that Tom N Toms Coffee — a coffeehouse chain based in South Korea with over 400 branches in 9 countries — is integrating Chainlink Price Feeds on Polygon mainnet into its NFT marketplace HEYST. By integrating the industry-leading decentralized oracle network, Tom N Toms Coffee has access to high-quality, tamper-proof price feeds needed to help calculate prices in HEYST. This will provide our users with stronger assurances that the prices in our NFT marketplace are calculated using high-quality price data.
Our initial integration involves the use of the following Chainlink Price Feeds: ETH/USD, KRW/USD, KLAY/USD, SOL/USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
Tom N Toms was established in 1999 to popularize Korean coffee and has grown into one of the top coffee brands in the country. The brand has expanded to over 400 branches in 9 different countries worldwide and is expanding market share by targeting both domestic and overseas markets. Tom N Toms recently announced the launch of an NFT aggregator marketplace HEYST, which will be live in mid-December, 2022.
In order to help secure pricing in HEYST, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
“In order to build blockchain applications with real-world use cases, it’s essential that smart contracts have access to external data. Chainlink services are known for their reliability, security, and ease of use in the Web3 industry. Chainlink provides a battle-tested price data solution that helps us calculate prices in our NFT marketplace.” — Sunchul Myoung, CEO at Tom N Toms.
About Chainlink
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Tom N Toms Coffee and HEYST
Tom N Toms Coffee, a coffeehouse chain based in South Korea with over 400 branches in 9 countries, announced the launch of an NFT aggregator markeplace “HEYST” in mid December, 2022.
“HEYST” is a platform that combines NFTs from multiple NFT markets in one place. Therefore it provides convenience to NFT users.
It is equipped with several useful functions, such as “Minting calendar,” which helps check new NFT projects in real time and else. Most importantly, it has the advantage of being able to find the lowest trading price of NFT by each exchange at once.