Chronicle, a leading oracle provider that protects over $5 billion for MakerDAO and its ecosystem, announced on Tuesday that it is launching a new protocol to offer oracles on various networks beyond MakerDAO.
The Chronicle Protocol will first debut on Polygon zkEVM, where it will serve the rapidly growing ecosystem and pave the way for integrating Spark Protocol, another key partner of Chronicle.
The service will have an estimated 60% lower gas fees than other providers. Developers said that low fees are crucial for increasing platform adoption, as oracles are one of the biggest expenses for blockchains and DeFi protocols.
Oracles are blockchain-based services that retrieve data from outside a blockchain. Blockchains are designed to be immutable data repositories, but they cannot verify the accuracy of the data they receive.
This is where oracle networks come in – they consult multiple sources of information to deliver trustworthy data to blockchain-based services and products for users.