DeFi’s next growth catalyst: the Oracle breakthrough


19 Sep 2023 2:00 PM

Despite the vital role they play in DeFi, Oracle development has remained surprisingly sluggish—until now....

  • Chronicle Labs, in collaboration with Centrifuge, is exploring solutions for providing reliable and tamper-proof information on real-world assets (RWAs) to blockchains, enhancing data security and regulatory compliance in the DeFi sector.
  • Chronicle Labs' Scribe offers heightened security and efficient data transfer, reducing gas usage by over 60% during testing and lowering the cost of Oracle operations.
  • Oracles play a crucial role in transmitting data on-chain in decentralized finance (DeFi), but their growth has been relatively static.
  • The efficiency of on-chain Oracles, particularly on platforms like Ethereum, is constrained, impacting DeFi's potential.
  • Chronicle Protocol presents a novel solution to the prevalent issues of accessibility, transparency, and decentralization in on-chain Oracles.

The article highlights the sluggish development of Oracle technology in DeFi and introduces Chronicle Protocol as a promising solution. The overall sentiment is positive, emphasizing the potential benefits of Chronicle Labs' innovative approach.

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You May Ask

What is Chronicle Labs exploring in collaboration with Centrifuge?How does Chronicle Labs' Scribe improve Oracle operations?Why is the growth of Oracle technology in DeFi relatively static?What limitations do on-chain Oracles face, particularly on platforms like Ethereum?How does Chronicle Protocol address the issues of accessibility, transparency, and decentralization in on-chain Oracles?

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