📝 Hello everyone, I am 𝟏𝟎, and welcome back to the #BlockchainDevelopmentHistory project research series. Today, we will focus on Chronicle.
Chronicle is a well-established oracle project, announcing on March 25 that it has completed a $12 million seed funding round, backed by an inspiring story of a worker's reversal.
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1. What is Chronicle
Chronicle was originally part of the MakerDAO ecosystem, responsible for providing data support to MakerDAO. It primarily provided price data for the stablecoin DAI (later upgraded to USDS), helping to maintain its value.
It acts like a backend steward, silently transporting real-world data onto the blockchain, such as housing prices and government bonds. It initially operated quietly within the MakerDAO system, and has now developed independently into a general platform serving the entire blockchain industry.
2. Chronicle's Core Technology
1. Chronicle Dashboard
This is a transparent data dashboard that can clearly trace data sources, ensuring reliability. It relies on 22 decentralized nodes (such as Infura, Etherscan) to provide data, avoiding downtime and ensuring that the data is authentic and reliable.
2. Scribe
In simple terms, it's a fast and cost-effective signature technique using Schnorr signatures, allowing for quick data updates with low gas fees, unlike the slow and expensive traditional oracle systems.
3. Verified Asset
Focus on bringing offline assets (such as real estate and bonds) onto the chain, solving the integration challenges between DeFi and traditional finance. Ensuring that traditional assets can circulate safely and accurately on the blockchain.
Web3 giants like Sky (the upgraded version of MakerDAO), M^0 (Monetary Protocol), Centrifuge (Asset Tokenization), Superstate (On-chain Investment), and Securitize (Securities Tokenization) all rely on it for data. Chronicle acts like a data delivery service for Web3, delivering data when needed.
3. Reliable Team with Rich Experience
Chronicle's founder, Niklas Kunkel, is no novice; he worked on oracles at MakerDAO in 2017 and led hardcore projects like OasisDEX and DSProxy. Growth lead Jen Senhaji also has marketing experience from MakerDAO. The team has both technical strength and market understanding, with a solid foundation.
On March 25, Chronicle completed a $12 million seed funding round led by Strobe, with participation from institutions like Brevan Howard. The funding will mainly be used for product and technology development, with new offerings expected in the next year or two, aiming to make DeFi and RWA more engaging and practical.
4. From the Shadow of MakerDAO to Independence, Why Go Solo
Initially an internal employee of MakerDAO, it only served the organization. Later, MakerDAO upgraded to Sky, becoming more modular, and Chronicle seized the opportunity to branch out. There are many benefits to becoming independent:
1. Clearer Division of Labor: Sky focuses on stablecoins and governance, while Chronicle concentrates on data services, avoiding overlaps and allowing for more concentrated efforts.
2. Broader Market: No longer limited to Sky, Chronicle can collaborate with other blockchains (like Arbitrum, Optimism) and even establish connections with traditional financial institutions.
3. Being Your Own Master: Previously, it followed MakerDAO's lead; now it decides its own development direction and has complete freedom.
Chronicle's independence is related to MakerDAO's big boss Rune Christensen's Endgame plan from 2022, which aimed to break the ecosystem into flexible components.
After becoming independent, it not only focuses on oracles but also aims to create a data marketplace, on-chain identity verification, and even engage in AI, showing significant ambition. This fundraising round saw 71% of the funds coming from U.S. investment institutions, particularly the inclusion of traditional financial giant Brevan Howard, suggesting a potential alignment with banks and funds, making the boundaries between DeFi and traditional finance increasingly blurred.
5. Conclusion
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