BadgerDAO partners with Chronicle to enhance eBTC’s Oracle Infrastructure
BadgerDAO is excited to announce that the eBTC protocol is integrating Chronicle as an oracle provider. This strategic partnership enhances the protocol’s reliability and security by providing a robust secondary oracle. Chronicle is renowned for its secure and dependable oracle solutions, and this collaboration marks a significant step forward in the evolution of eBTC.
About Chronicle
Chronicle has established itself as a leading oracle provider in DeFi. Originally part of MakerDAO, Chronicle has evolved into an open protocol that integrates with some of the most prominent projects in the industry. With the protocol being live since 2017 and currently securing over $8 billion through its oracle services, Chronicle has proven its capability and trustworthiness.
Advantages of Integrating Chronicle
1. Innovation and Cost Efficiency: Chronicle employs a next-generation oracle cryptographic primitive called Scribe, which utilizes Schnorr signature aggregation. This reduces gas fees by over 60% on Layer 1 and 68% on Layer 2, making it significantly more cost-efficient than other oracles.
2. Scalability: The Scribe system enables Chronicle to scale its operations efficiently by decoupling the number of validators from the cost of oracle updates. This allows Chronicle to maintain a high level of security without compromising on cost or performance. The use of Schnorr signatures ensures smaller, faster, and more secure transactions compared to traditional ECDSA signatures and enables Chronicle to secure oracle updates with a quorum of 12 validator signatures, which is 2–3x higher than other oracle networks.
3. Verifiability and Transparency: Chronicle emphasizes complete data transparency and verifiability. It is the only oracle protocol to share the original data sources with the users, and every data point sourced and pushed on-chain is cryptographically signed and verifiable through their on-chain dashboard. This ensures high integrity and censorship-resistant data transmission, setting a new standard for on-chain data transparency.
4. Decentralization: Chronicle operates a community-powered consensus network of 22 validator nodes run by reputable entities such as MakerDAO, Infura, Etherscan, Gnosis, Gitcoin, and dYdX. This decentralized approach enhances the security and reliability of the data provided.
5. Resilience: The protocol sends data over multiple off-chain and on-chain P2P channels, ensuring continued operation even if some validators, relays, or transport layers fail. Fraud proofs allow for the automatic banning of malicious or compromised validators, further securing the network.
Specifics of the Price Feed
As part of the partnership, an stETH/BTC (2%, 24hr) price feed was established specifically for eBTC. This price feed is designed to provide accurate and timely price data, ensuring that the protocol operates smoothly and efficiently in the case that the primary oracle fails. The stETH/BTC price feed will serve as a critical component of eBTC’s oracle infrastructure, providing an additional layer of security and reliability.
Price Feed Details:
- Pair: stETH/BTC
- Update Threshold: Price >2% or Last Update >24 hours
Conclusion
The integration of Chronicle as secondary oracle marks a pivotal moment for the eBTC protocol. By partnering with one of the most trusted and secure oracle providers in DeFi, the protocol’s reliability and security is enhanced. This collaboration underscores BadgerDAO’s commitment to delivering a robust and dependable platform for users.
Stay tuned for more updates around eBTC and its progression!
For more information about eBTC’s oracle infrastructure, check out the docs.
