Post author: Post published:September 6, 2024 Post category:Ethereum News Key Insights Performance Analysis Chronicle launched Ethereum’s first onchain oracle as a part of MakerDAO in 2017. Although it only started offering a public oracle product within the past year, it has consistently secured over $5 billion since January 2021, peaking at just over $20 billion in December 2021. Chronicle’s historical TVS data is largely composed of only MakerDAO; however, as of recently, it also includes KEEP Network, which is only a fraction of a percentage of total TVS. Note: Analyzing signers for push oracles in isolation doesn’t fully explain the security of their networks. For this reason, this analysis also looks at Chainlink signers throughout Q2 and today (August 20, 2024: the time of writing). Because the price of gas is set by total network activity, Chronicle can’t control it and instead aims to make gas as efficient as possible. Chronicle achieves such efficient updates using Schnorr multi-signature aggregation cryptography Between February and June 2024, despite a 25% increase in ETH price and a 29% rise in the computational effort (gas units) for updating Chronicle oracles on Ethereum, the fees paid for updates fell by 51%. This paradoxical outcome occurred when users began setting a significantly lower gas price (in gwei) for transactions, likely due to reduced network congestion or lower transaction demand (a potential result of Dencun Using Chronicle’s and Chainlink’s respective ETH/USD oracles as a proxy, Chronicle outperformed Chainlink in computational efficiency and update price in USD on Ethereum. On average in Q2, Chronicle’s ETH/USD oracle used 68,000 gas units at $3.67 per update. Compared to Chainlink’s ETH/USD oracle, which used 327,000 gas units at $16.65 per update, Chronicle’s oracle was 79% more computationally efficient and 78% less expensive. Gas and fees for oracles are important because they represent necessary costs to the protocols using them. DeFi projects (or oracle protocols) typically seek grants In Q2, Chronicle launched Scribe on six new blockchains, including Arbitrum, Optimism, Scroll, Mantle, Base, and ZKsync Era. Scribe No part of this report may be (a) copied, photocopied, duplicated in any form by any means or (b) redistributed without the prior written consent of Messari®. Tags: Ethereum News Please Share This Share this content Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Read more articles Previous Post$290 Billion Swiss Banking Giant Launches Bitcoin and Ether Trading Services Next PostState of Kaia Q2 2024 You Might Also Like $BTC, $ETH, and $SHIB Were Binance’s “3 Most-Watched Cryptos in 2022” December 19, 2022 ARK Invest CEO Remains Confident That Bitcoin Price Will Hit $1 Million by 2030 November 25, 2022 Decentralized Exchange Token $DYDX Surges 200% Amid Rising Trading Volume February 2, 2023