Bart Hillerich

<hr class="wp-block-separator has-alpha-channel-opacity"/>



Key takeaways



<ul class="wp-block-list">
<li>Calling on its experience at Maker and collaborating with <a href="https://centrifuge.io/" target="_blank" rel="noreferrer noopener">Centrifuge</a>, Chronicle Labs is exploring solutions for providing reliable, accurate, and tamper-proof information on real-world assets (RWAs) to blockchains, ensuring data security, regulatory compliance, and fostering trust in the DeFi sector.</li>



<li>Chronicle Labs&#8217; Scribe promises heightened security and efficient data transfer. Its innovative approach has led to over a 60% reduction in gas usage during testing, making it a pivotal advancement in the Oracle domain and bringing the cost of Oracle operations down considerably.</li>
</ul>



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Oracles are crucial in transmitting data on-chain, underpinning the <a href="https://blockworks.co/category/defi">decentralized finance (DeFi)</a> revolution. Yet, despite their importance in DeFi, the growth in Oracle technology has remained relatively static.



The efficiency of on-chain Oracles, particularly on platforms like <a href="https://blockworks.co/tag/ethereum">Ethereum</a>, is constrained. This limitation impacts DeFi&#8217;s potential. Many Oracles are not easily accessible, often hampered by costs or the protocol team’s availability, and also tend to be lacking in true transparency and decentralization, both core to DeFi principles. <a href="https://chroniclelabs.org/" target="_blank" rel="noreferrer noopener">Chronicle Protocol</a>, in this context, presents a novel solution to these prevalent on-chain issues.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="2560" height="1344" src="https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Hero-image-with-Logo-2-scaled.jpg?w=1024&amp;h=1024" alt="" class="wp-image-74308" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Hero-image-with-Logo-2-scaled.jpg?w=2560 2560w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Hero-image-with-Logo-2-scaled.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Hero-image-with-Logo-2-scaled.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Hero-image-with-Logo-2-scaled.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Hero-image-with-Logo-2-scaled.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Hero-image-with-Logo-2-scaled.jpg?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Hero-image-with-Logo-2-scaled.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Hero-image-with-Logo-2-scaled.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Hero-image-with-Logo-2-scaled.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Hero-image-with-Logo-2-scaled.jpg?w=80 80w" sizes="auto, (max-width: 2560px) 100vw, 2560px" /><figcaption class="wp-element-caption">An artistic interpretation of Chronicle Protocol | Source: <a href="https://chroniclelabs.org/" target="_blank" rel="noreferrer noopener">Chronicle Labs</a></figcaption></figure></div>


In this investor’s guide, we’ll dive into what Oracles are, as well as the history of Chonicle Protocol and how it’s looking to spark the next generation of DeFi growth with its launch.



<h2 class="wp-block-heading">First things first—what are Oracles?</h2>



Blockchain Oracles function as secured passageways, linking blockchains to the external world and different blockchains to each other. They transfer data, ensuring its validity before letting it pass through. While Oracles don’t generate the data, they act as intermediaries, confirming its authenticity and moving it from its origin to the end-user. This data might encompass price details, voting outcomes, or sports event results.



Without these on-chain Oracles, blockchain applications would be akin to secluded islands, restricted to data from their own network. Such limitations would constrict the potential applications of blockchain technology. Hence, on-chain Oracles play a crucial role in the Web3 framework, acting as enablers for all the wonderfully creative ideas this industry has.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="2320" height="2320" src="https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Decentralized-Connected.jpg?w=1024&amp;h=1024" alt="" class="wp-image-74307" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Decentralized-Connected.jpg?w=2320 2320w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Decentralized-Connected.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Decentralized-Connected.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Decentralized-Connected.jpg?w=150 150w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Decentralized-Connected.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Decentralized-Connected.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Decentralized-Connected.jpg?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Decentralized-Connected.jpg?w=257 257w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Decentralized-Connected.jpg?w=261 261w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Decentralized-Connected.jpg?w=219 219w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Decentralized-Connected.jpg?w=80 80w" sizes="auto, (max-width: 2320px) 100vw, 2320px" /><figcaption class="wp-element-caption">An illustration of Ancient Greek Oracle Temples connected by a network | Source: <a href="https://chroniclelabs.org/" target="_blank" rel="noreferrer noopener">Chronicle Labs</a></figcaption></figure></div>


In the context of blockchain and DeFi, RWA (“Real-World Assets”) Oracles are a type of Oracle that provides information about real-world assets (like real estate, stocks, commodities, etc.) to the blockchain. They ensure there&#8217;s a reliable, accurate, and tamper-proof way to reflect the value and status of real-world assets in the blockchain environment. The data they provide can be used for various purposes, including loan collateralization, asset tokenization, or any other DeFi applications that involve real-world assets.



Chronicle Labs is currently exploring an institutional-grade infrastructure layer for RWAs with <a href="https://twitter.com/centrifuge" target="_blank" rel="noreferrer noopener">Centrifuge</a>, a leader in real-world asset tokenization. The cost-efficiency, security, and verifiability upgrades of Chronicle Oracles uniquely position Chronicle to develop the infrastructure needed to effectively connect RWAs to on-chain capital and vice versa.



<h2 class="wp-block-heading">The value-driven Oracle of MakerDAO</h2>



Chronicle Protocol aspires to become the premier open and authentic data chronicler. Its foundations rest on verifiability, accessibility, and affordability. Along with its inherent scalability, integration, and security, these values drive the protocol forward.



Chronicle, having its roots in <a href="https://makerdao.com/en/" target="_blank" rel="noreferrer noopener">MakerDAO&#8217;s</a> Oracle team, invented the first Oracle on Ethereum to facilitate the introduction of SAI in 2017. Four years later, with MakerDAO&#8217;s backing, the team branched out to establish a fresh brand on a mission to make the protocol accessible to a wider audience: thus, Chronicle Protocol was established.



While Chronicle Oracles have safeguarded over $10B for Maker since 2017, their innovative tech was only available to Maker and its ecosystem—until now.&nbsp;



<h2 class="wp-block-heading">Chronicle Labs unveils the future of Oracles: Meet Scribe</h2>



Chronicle Protocol was developed to be blockchain agnostic, implementable on any chain, and accessed through its on-chain interface, which is plug-and-play with users that have previously used Chainlink or Maker Oracles. For the first time, Chronicle not only supports MakerDAO but is also extending its protocol to the expansive blockchain ecosystem, starting with Polygon zkEVM via a collaboration with <a href="https://polygon.technology/" target="_blank" rel="noreferrer noopener">Polygon Labs</a>.



This has been accomplished by Chronicle Labs developing Scribe, a proprietary next-gen Oracle cryptographic primitive, to address the high costs of on-chain computations for Oracle updates.&nbsp;



Initial tests suggest that Scribe will reduce gas consumption by over 60% compared to an earlier iteration, and an even higher gas saving versus Chainlink, positioning it as a potential game-changer for the industry.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="2560" height="1400" src="https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Data-scaled.jpg?w=1024&amp;h=1024" alt="" class="wp-image-74311" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Data-scaled.jpg?w=2560 2560w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Data-scaled.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Data-scaled.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Data-scaled.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Data-scaled.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Data-scaled.jpg?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Data-scaled.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Data-scaled.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Data-scaled.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Data-scaled.jpg?w=80 80w" sizes="auto, (max-width: 2560px) 100vw, 2560px" /><figcaption class="wp-element-caption">An illustration of Herodotus, the ‘Father of History | Source: <a href="https://chroniclelabs.org/" target="_blank" rel="noreferrer noopener">Chronicle Labs</a></figcaption></figure></div>


To bring about cost-efficient Oracles, Chronicle Labs focused on calldata on L1 blockchains, which is economical; however, L2s introduced a new challenge with affordable computations but pricier calldata. Crafting unique solutions for L1 and L2 might have minimized costs, but it would have added complexity. Aiming for a unified approach suitable for both platforms resulted in Scribe and its optimistic-schnorr hybrid design.



This hybrid system allows multiple parties to co-sign a message, enhancing security while compressing calldata. They adopted an optimistic model on L1, where a proposed price, if undisputed for a certain period, becomes final. In a decentralized fashion, Scribe’s framework allows any relay to submit data to the Oracle contract. If validated, the data, including the optimistic price, is stored.&nbsp;



If a price update seems dubious, a fraud proof can be triggered which verifies the signatures and, if found fraudulent, removes the price and bans the erring Feed. The caller of the fraud proof will also receive all of the Oracle’s ETH as a reward, opening up a new MEV opportunity for searchers, and ensuring an efficient and resilient response to malicious acts.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1927" height="1365" src="https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-The-Chronicle-dashboard-1.png?w=1024&amp;h=1024" alt="" class="wp-image-74310" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-The-Chronicle-dashboard-1.png?w=1927 1927w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-The-Chronicle-dashboard-1.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-The-Chronicle-dashboard-1.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-The-Chronicle-dashboard-1.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-The-Chronicle-dashboard-1.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-The-Chronicle-dashboard-1.png?w=363 363w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-The-Chronicle-dashboard-1.png?w=368 368w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-The-Chronicle-dashboard-1.png?w=309 309w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-The-Chronicle-dashboard-1.png?w=80 80w" sizes="auto, (max-width: 1927px) 100vw, 1927px" /><figcaption class="wp-element-caption">Chronicle Labs’ Dashboard, The Chronicle | Source: <a href="https://chroniclelabs.org/" target="_blank" rel="noreferrer noopener">Chronicle Labs</a></figcaption></figure></div>


Scribe is powering Chronicle’s competitive advantage, but the team hasn’t neglected the user experience; they’re reshaping how DeFi interacts with reliable and verifiable data. Users will be free to swiftly subscribe and unsubscribe to Oracles based on needs, complete with on-chain payment and subscription functionalities. They can easily request the latest data in the DeFi sphere, trace data back to its source &amp; verify its validity, and integrate effortlessly with any blockchain, all via a decentralized on-chain dashboard called The Chronicle.



<h2 class="wp-block-heading">Charting the Future: Chronicle Labs&#8217; Definitive Impact on DeFi</h2>



In the rapidly evolving landscape of decentralized finance (DeFi), Chronicle Protocol emerges as a beacon of innovation, addressing long-standing challenges with on-chain Oracles. By intertwining verifiability, scalability, and adaptability, Chronicle Labs is not just presenting solutions but is actively shaping the future of DeFi. With groundbreaking initiatives like Scribe, Chronicle is establishing new standards in how we approach and utilize on-chain data, bringing down many of the current barriers that exist for on-chain Dapps and protocols. 


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="2560" height="1706" src="https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Chronicle-Labs-Team-2-scaled.jpg?w=1024&amp;h=1024" alt="" class="wp-image-74309" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Chronicle-Labs-Team-2-scaled.jpg?w=2560 2560w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Chronicle-Labs-Team-2-scaled.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Chronicle-Labs-Team-2-scaled.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Chronicle-Labs-Team-2-scaled.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Chronicle-Labs-Team-2-scaled.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Chronicle-Labs-Team-2-scaled.jpg?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Chronicle-Labs-Team-2-scaled.jpg?w=386 386w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Chronicle-Labs-Team-2-scaled.jpg?w=392 392w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Chronicle-Labs-Team-2-scaled.jpg?w=329 329w, https://blockworks-co.imgix.net/wp-content/uploads/2023/11/Copy-of-Chronicle-Labs-Team-2-scaled.jpg?w=80 80w" sizes="auto, (max-width: 2560px) 100vw, 2560px" /><figcaption class="wp-element-caption">Team Chronicle Labs | Source: <a href="https://chroniclelabs.org/" target="_blank" rel="noreferrer noopener">Chronicle Labs</a></figcaption></figure></div>


As we stand at the precipice of a decentralized revolution, Chronicle Labs showcases the transformative power of technology, vision, and collaboration. It&#8217;s clear that the strides made by Chronicle today will resonate in the DeFi community for years to come.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



To explore The Chronicle and gain first-hand insight into how Oracles work, try <a href="https://chroniclelabs.org/dashboard" target="_blank" rel="noreferrer noopener">verifying some price data for yourself!</a> Stay up to date with the team’s journey by following them on <a href="https://twitter.com/ChronicleLabs" target="_blank" rel="noreferrer noopener">X</a> and joining the project’s <a href="https://discord.gg/CjgvJ9EspJ" target="_blank" rel="noreferrer noopener">Discord community</a>.



This content is sponsored by <a href="https://chroniclelabs.org/" target="_blank" rel="noreferrer noopener">Chronicle Labs</a>.



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DeFi

DeFi’s next growth catalyst: The Oracle breakthrough

Ben Strack

<div id="highlights-block_61b777011f531" class="highlights">
 <ul>
 <li>The ETP will consist of an index of the top five digital assets related to the metaverse, a market which Bloomberg Intelligence estimates could present an $800 billion revenue opportunity by 2024</li>
 <li>Roundhill Investments’ Metaverse ETF (META) has seen $754 million enter the fund since Facebook’s rebrand announcement on Oct. 28, according to FactSet data, and First Trust has filed to launch a similarly themed product</li>
 </ul>
 
</div>



DeFi Technologies subsidiary Valour is set to launch an exchange-traded product focused on the metaverse in Europe as companies continue gravitating to the space.



The firm’s Metaverse and Gaming Index ETP was approved by the Swedish Financial Supervisory Authority (SFSA) and has regulatory approval for distribution across the European Union.



The ETP will consist of an index of the top five digital assets related to the metaverse, which is a network of virtual environments and economies created through gaming, virtual reality, social networking and crypto. Digital asset projects focused on the metaverse include virtual world platforms like Decentraland (MANA) and play-to-earn games, such as Axie Infinity.



The approval follows Facebook <a href="https://cms.blockworks.co/zuckerberg-says-facebooks-new-name-will-be-meta/" target="_blank" rel="noreferrer noopener">rebranding to Meta</a> in October as CEO Mark Zuckerberg called the metaverse” the next frontier.” Other companies, such as Nike, Louis Vuitton and Disney, have also announced plans to move into the space.&nbsp;



The metaverse market could present an $800 billion revenue opportunity by 2024, Bloomberg Intelligence analysts Matthew Kanterman and Nathan Naidu wrote in <a href="https://www.bloomberg.com/professional/blog/metaverse-may-be-800-billion-market-next-tech-platform/" target="_blank" rel="noreferrer noopener">a Dec. 1 research note</a>, up from about $500 billion in 2020.&nbsp;



Diana Biggs, Valour CEO and chief strategy officer of DeFi Technologies, described the metaverse&#8217;s development as the next iteration of the internet.



“The value layer, powered by blockchain technology &#8211; crypto, NFTs &#8211; is an extremely important element in this merging of physical and digital realities as it provides the economic infrastructure, which is such an essential part of how we live our lives, how we interact, how we work and play,&#8221; she told Blockworks.



Valour also offers fully hedged investment product with bitcoin and ether as underlying holdings, as well as ETPs focused on UNI (Uniswap), ADA (Cardano), DOT (Polkadot) and SOL (Solana).&nbsp;



“We definitely want to continue exploring thematic investment products as the digital asset space continues to develop and more use cases and applications become apparent,&#8221; Biggs said. &#8220;We have been in the extremely early stages of this technology and now, at this stage of growth, we will continue to see more real-world applications.&#8221;



<h3 class="wp-block-heading">Moving to the metaverse</h3>



<a href="https://evolveetfs.com/product/mesh/" target="_blank" rel="noreferrer noopener">Evolve ETFs</a> and <a href="https://www.horizonsetfs.com/ETF/MTAV" target="_blank" rel="noreferrer noopener">Horizons ETFs</a> launched the first metaverse offerings in Canada last month, and South Korea already has many metaverse ETFs.



Roundhill Investments launched the first metaverse-specific ETF in the US on June 30. The Roundhill Ball Metaverse ETF (META), which has an expense ratio of 75 basis points, has grown to $817 assets under management, according to ETF.com.&nbsp;



META’s top five holdings are NVIDIA Corporation, Roblox, Microsoft, Meta Platforms and Unity Software. It has returned -0.6% over the past three months, as of Dec. 6, FactSet data shows.



First Trust <a href="https://www.sec.gov/Archives/edgar/data/0001364608/000144554621006106/etf2_485a.htm" target="_blank" rel="noreferrer noopener">filed last week</a> to launch a metaverse-focused offering. It will invest in companies&nbsp; developing virtual-reality spaces integrated with artificial intelligence and 3D technologies where users can interconnect within a computer-simulated environment, the document states.



“It’s a generational change and would take years or even decades before we get to the fully formed metaverse,” said Neena Mishra, director of ETF research for Zacks Investment Research. “ETFs present a safer way to get diversified exposure to the space that would continue to evolve over the coming years.”



ETF sponsors are always quick to capitalize on hot trends, she told Blockworks, adding that she expects to see more metaverse-themed ETF launches in the coming months, in the US and globally.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“I expect more interest from investors in the metaverse ETFs than in crypto-related offerings, particularly in [the] absence of spot crypto ETFs,” Mishra said.</blockquote>



<a href="https://cms.blockworks.co/when-will-the-sec-approve-a-spot-bitcoin-etf/" target="_blank" rel="noreferrer noopener">It remains unclear</a> when the US Securities and Exchange Commission (SEC) will allow ETFs that invest directly in crypto assets.



Ryan Issakainen, an ETF strategist and senior vice president at First Trust, noted that the firm already offers many thematic ETFs that invest in a variety of high-growth, technology-related areas. The firm has 190 ETFs trading in the US with combined assets under management of nearly $150 billion, according to ETF.com.



“We thought it was a good time to bring a [metaverse] option for investors,” he told Blockworks, noting the Facebook rebrand and other emerging use cases for the space. “We think we’ll provide a good way to get targeted exposure to companies that will benefit from that trend.”



Roundhill Investments’ META has seen $754 million enter the fund since Facebook’s announcement on Oct. 28, according to FactSet data.



“Our product will have significant differences between any of the incumbent products out there,” Issakainen said. “When we launch a new fund, we’re not looking to clone what someone else has done.”



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