The protocol has collaborated with Polygon Labs to launch on Polygon’s zero-knowledge Ethereum Virtual Machine (zkEVM), which will lay the foundation of its integration of Spark Protocol.
“Powering MakerDAO and Spark’s DAI money markets, Chronicle is unlocking DAI’s strategic transition to the leader in L2 ZK rollups, Polygon zkEVM,” said Chronicle founder Niklas Kunkel.
Kunkel co-developed the first oracle on Ethereum in order to facilitate the creation of Single Collateral DAI (SAI), the predecessor of Maker’s native stablecoin DAI.
Some of the new features that Chronicle will introduce include a verifiable on-chain dashboard, through which users can track the end-to-end origin of every element of data, and enhanced security through its consensus network of 22 feed node operators, which include Infura, Etherscan, Gitcoin, MakerDAO and dYdX.
Chronicle has also developed a cryptographic primitive called Scribe which is capable of reducing gas fees by more than 60% – something that the protocol’s creators expect will introduce huge savings for DeFi builders and lower barriers to entry.
Another layer of control for users will be Chroncile’s on-chain accounting system Levier, which users can use to directly fund their on-chain operations and eliminate the need for off-chain remuneration. The team expects to introduce this functionality sometime later this month.
According to data from DeFiLlama, Chronicle currently secures over $5 billion in assets and accounts for 21% of the market secured by oracle providers. At its peak, the protocol secured more than $10 billion in value for the Maker ecosystem.
“The launch of Chronicle Protocol represents a pivotal moment in the Oracle space,” said Kunkel, adding that the protocol will be a “much-needed challenger in a space dominated by a single provider.”