Zug, Switzerland, May 3, 2024, Chainwire
Chronicle Protocol is proud to announce the launch of support for zkSync. Scribe, the first fully verifiable and cost-effective Oracle blockchain, is now available on zkSync Era. Chronicle Protocol's zkSync integration unlocks decentralized, secure, and resilient price feeds for over 100 dApps already in the ecosystem.
Chronicle launched on zkSync Era with its core Oracles, BTC/USD and ETH/USD, with other price feeds such as USDT/USD, USDC/USD and WSTETH to follow.
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“Together, Chronicle and zkSync combine the resiliency of verifiable, gas-optimized, decentralized Oracles with the security and scalability of zk rollups, helping builders launch and serve their users on high-integrity core infrastructure” , said Jennifer Senhaji, head of BD & Growth. to the Chronicle.
Scribe addresses the underlying engineering problem that causes the high cost of operating Oracles. The result is an Oracle that costs up to 6 times less than Chainlink to update and 3.5 times less expensive than Pyth (on L1 and L2). This was achieved using Schnorr signatures – to learn more, users can check out this research report from Token Terminal.
With the arrival of Scribe on zkSync Era, builders will immediately have access to these enormous cost savings benefits without compromising the security, resiliency, or decentralization of the Oracle network.
Aligned values
Chronicle was the first Oracle on Ethereum in 2017. It has long been a proponent of the “Ethereum approach.” Therefore, preserving its core values – freedom, self-sovereignty and decentralization – values on which Chronicle and zkSync are built – makes this integration a perfect fit in more ways than one. Chronicle is excited to collaborate with those in the zkSync ecosystem.
If users are interested in boosting their protocol, DeFi Dapp, or anything else with a custom Oracle designed by Chronicle, or would like to integrate one of its existing real-time price feeds, they are encouraged to contact us directly via Discord or by email to (email protected).
The TL;DR on Scribe
Choosing an Oracle to secure a protocol and its TVL is the most important consideration of all. With this in mind, Chronicle Protocol has prepared a brief overview of the questions every Oracle user should have definitive, verifiable answers to and how Scribe stacks up:
Where does the data come from?
Chronicle Scribe displays each data source in real time and historically via The Chronicle, its on-chain dashboard. Users can choose an Oracle, choose a time and date on the chart, and click the drop-down arrow on any validator to see which exchanges were queried for price data.
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Oracle providers that use low-volume, low-liquidity exchanges or pools for data sources are behind most DeFi protocol attacks. Each Oracle protocol must provide full transparency of data sources to its users, and in a manner cryptographically verifiable manner – not just through words and images. Users are encouraged to seek verification rather than relying solely on trust.
How many validators or signatories does the protocol have?
At Chronicle, protocol participants are called validators. Other vendors may call them signers or Oracles. These actors operate protocol nodes that attest to the integrity of reported data, such as the price of BTC/USD at a specific time.
Here's how to establish truth in an Oracle network. A sufficient number of these nodes must report the requested data to develop consensus. However, if a malicious actor manages to gain control of the majority of these nodes, they can manipulate the reported data. Therefore, the more validators or nodes an Oracle protocol has and the more distributed (or decentralized) they are, the more secure it is against hacking.
Using The Chronicleanyone can see who Chronicle Protocol validators are, what cryptocurrency pairs or Oracles they are looking for data for, and when their reported data was last updated.
Scribe is the first Oracle design to pioneer the use of Schnorr signatures. This allows Chronicle Protocol to scale to an unlimited number of validators. No other Oracle protocol can achieve this because they all use an implementation of ECDSA which has a linear relationship between the number of validators and Oracle's operating cost.
Oracle networks built this way must maintain a low number of validators or signers to maintain a lower operating cost, sacrificing better security and decentralization.
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Who are the validators or signatories of the protocol
Knowing the identity of validators is just as important as their total number. Indeed, an actor running a node can report any data it wants. For example, they could ask the node to report that BTC is worth $10,000 when the market value is $40,000, thereby creating an attack vector and draining the DeFi protocol that Oracle “secures.”
Therefore, decentralized and distributed nodes should be at the top of your Oracle provider's shopping list, unless you want your Oracle provider to have the power to drain your project. Currently, several Oracle providers manage all or the majority of their protocol's nodes themselves, securing millions of dollars of TVL. Nothing stops them from draining your project if they are compromised. This is the risk of using a centralized Oracle.
At Chronicle, all of our validators are distributed and identifiable, and many are operated by well-known brands with good reputations and track records – projects such as MakerDAO, Infura, Gnosis, Gitcoin, Etherscan, and DeFi Saver. Our goal is to create a community of validators of some of the most used protocols in the space, creating a positive feedback loop increasing security and decentralization.
How much does Oracles cost to operate?
Oracles are very gas hungry. For example, every time BTC/USD Oracle (or Feed) is updated to the latest price, it incurs a gas cost because it is necessary to publish the result on-chain. Regardless of L1 or L2, the more updates, the higher the cost, and the Oracle provider bears this cost. As a result, many Oracle vendors are looking to update data less frequently. This creates stale data and opens up arbitrage opportunities, in which both the Dapp and the Dapp user lose out.
With Scribe, we solved the underlying engineering problem that causes the high cost of operating Oracles. The result is an Oracle that costs up to 6x less that Chainlink to update and 3.5x less than Pyth (on L1 and L2). This was achieved using Schnorr signatures – to find out more, check out this research report from Token Terminal.
About the chronicle protocol
Chronicle Protocol is a new Oracle solution that has exclusively secured over $10 billion in assets for MakerDAO and its ecosystem since 2017. With a history of innovation, including the invention of the first Oracle on Ethereum, Chronicle Protocol continues to redefine Oracle networks. A blockchain-agnostic protocol, Chronicle overcomes the current limitations of on-chain data transfer by developing the first truly scalable, cost-effective, decentralized and verifiable Oracles, thereby rewriting the rules for data transparency and accessibility.
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Pierre Padovano
(email protected)