Chronicle Secures $12M Funding to Revolutionize Blockchain Oracles, Enhancing DeFi Ecosystem

Chronicle, a blockchain oracle provider, has raised $12 million in a seed funding round led by Strobe. This funding will fuel innovation in oracle technology, enhancing data accuracy, speed, and cost-effectiveness. Chronicle aims to boost the DeFi ecosystem by providing secure and trustworthy oracle solutions. This significant investment highlights the growing recognition of the importance of reliable oracles in the blockchain landscape.

The blockchain landscape is witnessing a significant shift, with the importance of reliable oracles gaining recognition. One of the leading players in this space is Chronicle, a blockchain oracle provider, which recently secured $12 million in a seed funding round led by Strobe [1]. This investment will fuel innovation in oracle technology, enhancing data accuracy, speed, and cost-effectiveness.

Chronicle, best known as the Oracle of MakerDAO, has an impressive track record of securing the largest decentralized finance (DeFi) lender since 2017, with no hiccups [1]. The company's proprietary development, Scribe, brings down the cost of operating oracles by over 60% through innate gas usage optimization [1]. This development is particularly significant for Ethereum, where the cost of operating oracles has been a significant barrier for many.

Oracles play a crucial role in the blockchain ecosystem, serving as the bridge that authenticates and delivers data from off-chain and from other blockchains [1]. They are indispensable for DeFi, a market valued at $11.96 billion in 2021 and projected to reach $232.20 billion by 2030 [2]. Reliable and high-quality oracles are essential for the growth and stability of this sector.

However, access to these oracles can be cost-prohibitive for many, especially smaller DeFi projects. Chronicle's Scribe development aims to address this issue, making access to data on-chain more affordable, accessible, and, most importantly, verifiable.

The team behind Chronicle, Chronicle Labs, is not resting on its laurels. They recently announced the launch of Chronicle Oracles to the entire Web 3 ecosystem [1]. This move marks the dawn of a wave of new oracle innovations that are set to alleviate many of the problems current oracle users face.

In conclusion, Chronicle's $12 million seed funding round is a significant investment in the future of blockchain oracle technology. With its innovative Scribe development and commitment to making data on-chain more accessible and verifiable, Chronicle is poised to play a leading role in the growth and development of the blockchain ecosystem.

References:
[1] TechTimes. (2023, September 8). The Blockchain Oracle Redefining Data Cost-Availability, Verifiability: Meet Chronicle Protocol. https://www.techtimes.com/articles/296130/20230908/the-blockchain-oracle-redefining-data-cost-availability-verifiability-meet-chronicle-protocol.htm
[2] Zion Market Research. (2021, May 11). Decentralized Finance Market Size, Share, Growth, Trends and Analysis Report By Component, By Application, By End-use, By Region, and Segment Forecasts, 2021 - 2030. https://www.zionmarketresearch.com/report/decentralized-finance-market