Chronicle Expands its Oracle Services to Multiple Networks
Chronicle, the second largest oracle provider, is expanding beyond the MakerDAO ecosystem with its new Chronicle Protocol. This protocol will make oracles available on various networks, starting with Polygon zkEVM. The expansion aims to service the fast-growing ecosystem and pave the way for integrating another key partner, Spark Protocol.
One of the key advantages of Chronicle’s service is its estimated 60% reduction in gas fees compared to other providers. This cost efficiency is crucial for driving platform usage, as oracles currently represent a significant expense for blockchains and DeFi protocols.
Oracles play a vital role in blockchain-based services by fetching data from external sources. While blockchains are immutable, they can’t verify the authenticity of inputted information. Oracle networks solve this problem by referencing multiple sources to provide reliable data to blockchain-based products and services.
Chronicle will offer a user-friendly dashboard that allows users to track the origin of any required data, ensuring transparency in on-chain data. The service will rely on data from reputable node operators, including Infura, Etherscan, Gnosis, Gitcoin, Argent, MakerDAO, and dYdX.
Hot Take: Chronicle’s Expansion is a Game Changer
Chronicle’s expansion into multiple networks with its Chronicle Protocol is a significant development for the oracle space. By offering cost-efficient and transparent oracles, Chronicle is challenging the dominance of a single provider and driving innovation in the DeFi ecosystem. This move will not only benefit users but also contribute to the overall integrity of DeFi by ensuring secure and verifiable oracles at scale.
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