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Oracle Titan Ventures Beyond MakerDAO: A Multibillion-Dollar Expansion Saga

Sep 5, 2023 at 04:23 pm

Chronicle, renowned for safeguarding more than $5 billion worth of assets within the MakerDAO ecosystem by ensuring accurate pricing data, has unveiled its ambitious plan to broaden its horizons. As the second-largest oracle provider deeply entrenched in the MakerDAO ecosystem, Chronicle is now embarking on a new journey, one that transcends the confines of MakerDAO.

In an exciting development, Chronicle announced the forthcoming launch of the Chronicle Protocol, an innovative solution set to debut on Polygon zkEVM. This strategic move is aimed at serving the burgeoning Polygon ecosystem while laying the groundwork for a seamless integration with another key partner, Spark Protocol.

One of the standout features of the Chronicle Protocol is its promise to drastically reduce gas fees, estimated to be approximately 60% less compared to alternative providers. This cost-efficiency is pivotal in fueling platform adoption, particularly within the blockchain and DeFi spheres, where oracles currently rank among the most substantial cost centers, as acknowledged by developers.

But what exactly are oracles? In the realm of blockchain, they play a vital role in retrieving data from external sources, bridging the gap between immutable blockchain data and verified real-world information. Oracle networks, like Chronicle, tap into multiple sources to deliver reliable data, serving as the bedrock for numerous blockchain-based services and products that cater to users' needs.

Chronicle's offering goes even further by introducing a user-friendly dashboard. This dashboard empowers users to trace the origins of any required data, thereby ensuring transparency in on-chain data. The backbone of this operation lies in a network of over 22 node operators, including prominent names like Infura, Etherscan, Gnosis, Gitcoin, Argent, MakerDAO, and dYdX.

"Verifiable Oracles at scale are a critical innovation to ensure the integrity of DeFi," emphasized Chronicle founder Niklas Kunkel in an email to CoinDesk. Kunkel's dedication to the space dates back to 2017 when he co-developed Ethereum's inaugural oracle, a pivotal contribution that facilitated the birth of SAI, the precursor to the U.S. dollar-pegged DAI stablecoins.

With unwavering commitment, Kunkel expressed, "Our commitment to delivering secure, cost-efficient, and verifiable Oracles has driven the development of this market-leading release, uniquely positioning Chronicle and providing a much-needed challenger in a space dominated by a single provider." Chronicle's bold expansion is poised to bring newfound competition and innovation to the forefront of the oracle landscape.

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