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Chronicle Protocol Launches Outside of MakerDAO Ecosystem

by BSCN

September 7, 2023

chain

Chronicle, which currently secures more than $5 billion is emerging from the MakerDAO ecosystem, opening services to all of decentralized finance.

Chronicle, which is currently the second largest oracle provider in the industry, securing more than $5 billion for the MakerDAO ecosystem, is launching Chronicle Protocol, in a move that will extend its offering beyond MKR.

Chronicle further announced its intention to launch on Polygon’s zkEVM which will, in turn, lay the foundation for integrating another of Chronicle’s key partners, Spark Protocol.

Chronicle’s founder, Niklas Kunkel, already possesses a track record of expertise pertaining to oracle services, having launched the first oracle on Ethereum in 2017, which facilitated the inception of DAI-predecessor, SAI.

According to Kunkel, “Verifiable Oracles at scale are a critical innovation to ensure the integrity of DeFi… Powering MakerDAO and Spark’s DAI money markets, Chronicle is unlocking DAI’s strategic transition to the leader in L2 ZK rollups, Polygon zkEVM.”

According to Chronicle, its launch will be accompanied by a host of unique features including:

  • Verifiable Data: At the core of Chronicle’s mission is verifiability. This rests on the premise that all data should be verifiable, and verification eliminates the need for trust.  As a result, the protocol showcases an on-chain dashboard called The Chronicle that allows anyone to intuitively and provably track the origin of every element of data, end-to-end: creating a high integrity censorship-resistant layer for data transmission. 
  • Enhanced Security: Underpinning Chronicle Protocol is a community-powered consensus network of 22 Feed node operators that includes trusted protocols such as Infura, Etherscan, Gnosis, Gitcoin, Argent, MakerDAO, and dYdX. Millions of blockchain users use these protocols daily, servicing billions of dollars of value. 
  • Cost-Efficient Oracles: Chronicle has been engineered from the ground up for a high degree of scalability. The key innovation is a next-generation Oracle cryptographic primitive called Scribe. Scribe reduces Oracle gas fees by over 60% via a clever utilization of Schnorr signature aggregation. Having been battle-tested in Bitcoin, Schnorr cryptography solves one of the fundamental Oracle problems by decoupling the number of Feeds from the cost to verify an Oracle update.
  • Ubiquitous Accessibility: The protocol architecture centers around accessibility, offering unparalleled flexibility for blockchain integration and a plug-and-play interface for most current Oracle users. Chronicle Oracles are blockchain agnostic and can be deployed on both public and enterprise ledgers.

Disrupting the Oracle Industry

Chronicle’s launch is exciting as, despite oracles’ underpinning of the entire on-chain ecosystem, it remains a vertical dominated but just a small number of projects.

Chronicle’s status as the second largest oracle provider could position it well to disrupt the sector, ushering in a new host of services and the benefits of additional market competition.

What is Chronicle Protocol?

Chronicle Protocol is a novel Oracle solution that has exclusively secured over $10B in assets for MakerDAO and its ecosystem since 2017. With a history of innovation, including the invention of the first Oracle on Ethereum, Chronicle Protocol continues to redefine Oracles. A blockchain-agnostic protocol, Chronicle overcomes the current limitations of transferring data on-chain by developing the first truly scalable, cost-efficient, decentralized, and verifiable Oracles, rewriting the rulebook on Oracle data transparency and accessibility.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].

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