Chronicle, the second-largest oracle provider with more than $5 billion in assets in the MakerDAO ecosystem, has announced that it will also operate outside of the ecosystem. Chronicle Protocol will be launched first on Polygon zkEVM to serve the rapidly growing ecosystem and integrate Spark Protocol, one of Chronicle’s key partners.
Thus, the services provided will use an estimated 60 percent less gas fees compared to other providers. The developers point out that low fees are a significant advantage, as oracles are currently the biggest cost for blockchains and DeFi protocols.
Oracles are blockchain-based services that provide data from outside the blockchain. Blockchains are inherently immutable data stores but cannot verify the authenticity of the information entered. This is where Oracle networks come in, they can use multiple sources to provide reliable data for users to blockchain-based services and products. Chronicle will provide a dashboard that users can access to track the source of the data. The developers state that this is important for on-chain data transparency. The table will feature more than 22 node operators such as Infura, Etherscan, Gnosis, Gitcoin, Argent, MakerDAO and dYdX. In an email to CoinDesk, Niklas Kunkel, founder of Chronicle, says:
Verifiable Oracles are a critical innovation for the integrity of decentralized finance (DeFi).
Kunkel developed the first oracle on Ethereum in 2017 to facilitate the creation of SAI, the predecessor of the US dollar-pegged DAI stablecoin.