Will The Launch Of Chronicle Protocol Be A Game Changer For Blockchain-Based Services?
Chronicle, the second-largest oracle provider, is set to extend its reach beyond the MakerDAO ecosystem, launching a new protocol to make oracles available on various networks. The Chronicle Protocol will initially roll out on Polygon zkEVM, which represents a thrilling innovation in the realm of Ethereum (CRYPTO: ETH)-compatible blockchain technologies.
As CoinDesk reported on Tuesday, this expansion is aimed at servicing the rapidly growing ecosystem and laying the groundwork for integrating Chronicle's key partner, Spark Protocol.
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Oracle networks, such as Chronicle, are pivotal in providing reliable data to blockchain-based services and products. The Chronicle Protocol is expected to use an estimated 60% less gas fees compared to other providers, a crucial factor in driving platform usage.
Chronicle will also introduce a dashboard allowing users to trace the origin of required data, enhancing on-chain data transparency. The service will utilize data supplied by over 22 node operators like Infura, Etherscan, Gnosis, Gitcoin, Argent, MakerDAO, and dYdX.
Chronicle founder, Niklas Kunkel, emphasized the significance of secure, cost-efficient, and verifiable Oracles for the integrity of DeFi. He added, “Our commitment to delivering secure, cost-efficient, and verifiable Oracles has driven the development of this market-leading release.”
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