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State of Chronicle Q4 2024
- Chronicle’s TVS increased 35.5% QoQ to $11.4 billion in Q4 2024, primarily due to the 56.4% increase in Spark’s TVL.
- Chronicle Protocol recorded 222,600 oracle price updates in Q4, marking a 197.2% increase QoQ.
- Operating costs via gas fees per Chronicle oracle update decreased by 24.9% on Ethereum and increased by 9.9% on Layer-2s QoQ.
- Using the respective ETH/USD oracle as a proxy, Chronicle updates on Ethereum were 64.9% more computationally efficient and 60.9% less expensive than Chainlink updates.
- Chronicle partnered with Plume Network, Mantle, Midas, Superseed, Gyroscope, Superstate, Silo Finance, Ionic, and StakeStone.
Chronicle Protocol is an oracle network that aims to provide transparent, verifiable, and cost-efficient price feed oracles to blockchains. Chronicle has supported Sky Protocol (formerly Maker) and its ecosystem since 2017 and, by the end of Q4 2024, secured $11.4 billion in total assets across DeFi protocols.
The project evolved from the Oracles Core Unit at Maker, established by Niklas Kunkel and Mariano Conti. Together, they co-developed Ethereum’s first onchain oracle in 2017 to facilitate SAI, the predecessor to Maker’s USD-pegged DAI stablecoin and the current USDS stablecoin. Chronicle began expanding beyond the Sky ecosystem in September 2023.
Chronicle developed Scribe, a gas-efficient oracle based on aggregated Schnorr signatures, introducing a new approach to oracle network architecture. Unlike competitors that rely on trust-based systems, Chronicle is trustless, ensuring full transparency through end-to-end verifiability. This architecture enables every data point to be traced back to its original source queries. For a complete primer on Chronicle, refer to our Initiation of Coverage report.
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Key Metrics
Performance AnalysisTotal Value Secured
Total value secured (TVS) represents the cumulative value of assets secured by an oracle network, including borrows. Since launching its public oracle product in September 2023, Chronicle’s TVS increased 48.5% year-over-year (YoY), from $5.7 billion in Q3 2023 to $8.4 billion in Q3 2024. Chronicle’s TVS increased 35.5% quarter-over-quarter (QoQ), from $8.4 billion in Q3 2024 to $11.4 billion in Q4 2024, primarily due to Spark’s significant increase in total value locked (TVL). Spark’s TVL rose 56.4% QoQ to $6 billion, surpassing Sky’s (Maker) $5 billion TVL due to Spark’s liquidity layer launch and increased savings and borrowing rates. Historically, Chronicle’s TVS has been primarily composed of Sky, with TVS peaking at just over $20 billion in December 2021. Since Chronicle began offering its oracles to the public, Sky’s dominance decreased to 43.7% by the end of Q4, while Spark’s share increased to 52.7%.
Currently, DefiLlama only tracks the seven protocols where Chronicle supports the majority of price feeds: Sky, Spark, M^0, Euler, Dolomite, Ionic Protocol, and Keep Network. However, in total, Chronicle supports 59 protocols.
Chronicle is the second-largest oracle by TVS, with a market share gap of 44.4 percentage points behind leader Chainlink. Chronicle’s TVS dominance among the top 15 oracles by TVS decreased by 2% QoQ, from 13.9% in Q3 2024 to 13.7% in Q4 2024. The decline in dominance reflects heightened competition and the growth of markets on protocols like Solana and Pendle. This new market share in the last quarter was absorbed by WINkLink, which increased 11.9% QoQ to 10.3%; Edge, which increased 66% QoQ to 2.1%; and Chainlink, which increased 8.7% QoQ to 58.1%.
OraclesOracles are onchain relays that provide blockchains with access to offchain data, such as real-time prices. Data models define the logic of how an oracle operates. For example, when Chronicle creates an oracle for a new asset, it curates a data model using various data sources and employs a data aggregation methodology to produce a final value for the specific oracle. This technique allows Chronicle to deploy any existing data model to a supported chain.
In Q4, Chronicle deployed 21 new oracles, increasing its total to 111, a 23.3% QoQ increase from 90 oracles. Additionally, Chronicle expanded its data model set to 92, increasing the catalog of data models that can be deployed as oracles on any supported blockchain.
Copilot Insights: What type of Web3 projects use Oracles?Oracle Price UpdatesOracle price updates refer to the process where the oracle network retrieves the latest market price of a specific asset and records the price onchain. This price retrieval process is completed by a consensus of distinct validators or nodes, which are known as unique price updaters.
In Q4, Chronicle recorded 222,600 oracle price updates, marking a 197.2% increase from the 74,900 updates in Q3. Of these, 215,900 updates were recorded on Ethereum Layer-2s (L2s), while only 6,700 were on Ethereum. This surge in updates can be largely attributed to an expansion of partnerships, including the integration of Chronicle’s Verified Asset Oracle into Superstate’s USTB fund and the launch of Mantle’s cmETH/mETH price feed. The number of unique price updaters grew to 9,400, a 17.6% QoQ increase from 8,000.
SignersSigners are validators that run a node within decentralized oracle networks and are responsible for gathering raw data and submitting it to the protocol. Signers attach a digital signature to the data, allowing the protocol to verify the data’s authenticity and the specific validator that submitted it. Only a predefined number of validators are required to act as signers for each oracle transaction to gain consensus on the value reported. The number of signers is directly related to the security of the oracle price feed; a higher number of signers strengthens security by making it more difficult for colluding validators to manipulate reported values. Successfully manipulating oracle-reported values can result in the theft of TVL from protocols that rely on them.
In Q4, Chainlink averaged 7 signers on Ethereum and 4 signers on L2s such as Base, Optimism, and Arbitrum. The number of signers on Chainlink oracles has not changed since Q2.
In mid-August, Chronicle began supporting 14 signers per oracle update on Ethereum and L2s, up from 7 in Q2. The seven additional signers directly improved Chronicle’s price feed security, resulting in a 100% higher threshold for oracle price feed manipulation than Chainlink on Ethereum and a 250% higher threshold on L2s.
Gas and FeesGas Usage
Chronicle Labs utilizes Scribe, a gas-efficient oracle based on aggregated Schnorr signatures, which reduces the gas costs of oracle updates by over 60% on L1 and over 68% on L2 blockchains. On Ethereum, ETH transfers require 21,000 gas units, ERC-20 transfers require 65,000 gas units, and a swap on Uniswap requires 184,000 gas units. In Q4, Chronicle updates on Ethereum used an average of 64,100 gas units, a 24.9% QoQ decrease. On L2s, Chronicle updates used, on average, 130,800 gas units, a 9.9% QoQ increase.
FeesOracle update fees are not revenue generated by Chronicle but rather represent gas fees paid by Chronicle to update oracles with the latest values. Since gas fees are considered an operating expense and are often passed on to customers by oracle providers, efforts are focused on minimizing these costs over time.
In Q4, the average fee per oracle update on Ethereum cost $4.29, a 60.9% increase QoQ. On L2s, average fees cost $0.01, an 23.5% decrease QoQ. Although the computational effort (gas units) for updating Chronicle oracles on Ethereum decreased by 24.9%, the fees per oracle update on Ethereum increased due to a 28.5% rise in ETH’s price. In Q4, Chronicle paid $28,700 in total fees on Ethereum and $1,500 on L2s, reflecting increases of 181.4% and 125.6% QoQ, respectively.
Chainlink Comparison
Using Chronicle’s and Chainlink’s respective ETH/USD oracles as a proxy, Chronicle updates outperformed Chainlink updates in computational efficiency and fees. On average, in Q4, Chronicle’s ETH/USD oracle used 65,200 gas units at $4.80 per update. Compared to Chainlink’s ETH/USD oracle, which used 185,500 gas units at $12.27 per update, Chronicle’s oracle was 64.9% more computationally efficient and 60.9% less expensive.
Qualitative AnalysisOracle IntegrationsDuring Q4 2024, Chronicle Labs expanded its integrations with various applications, beginning the quarter with 23 integrated apps and ending with 59, a 156.5% QoQ increase.
GyroscopeOn Oct. 23, 2024, Chronicle’s GYD/USD Oracle went live on Arbitrum, supporting deployment on other compatible chains. GYD, a decentralized stablecoin by Gyroscope, incorporates protocol-level risk controls and enhances stablecoin liquidity efficiency.
MidasOn Oct. 28, 2024, Midas, an institutional-grade crypto asset provider, selected Chronicle to provide real-time price feeds for its mTBILL and mBASIS tokens. While initially launched on Ethereum, Chronicle’s price feeds will support Midas’s tokens across multiple chains. Chronicle and Midas plan to continue collaborating with a protocol-level integration of the Verified Asset Oracle.
SuperstateOn Nov. 1, 2024, Superstate, a crypto-focused asset management firm, integrated Chronicle’s Verified Asset Oracle to provide onchain net asset value (NAV) data for its Short Duration US Government Securities Fund (USTB). USTB, which offers exposure to short-duration Treasury Bills, is represented by an ERC-20 token. By the end of Q4, the fund had $182.2 million in assets under management (AUM).
SuperseedOn Nov. 20, 2024, Superseed, an upcoming Ethereum Layer-2, announced that upon mainnet launch, Chronicle’s oracles will provide developers access to over 92 data models for crypto assets, tokenized assets, and yield rates. Superseed introduces novel financial primitives, including Supercollateral—self-repaying loans—and Proof-of-Repayment, a mechanism that rewards users for repaying Supercollateral loans programmatically.
MantleOn Nov. 25, 2024, Mantle, an Ethereum Layer-2, selected Chronicle to provide the price feed oracle for cmETH/mETH. cmETH is the Liquid Restaking Token (LRT) for mETH, a value-accumulating receipt token for ETH staking. As the first use case for the cmETH/mETH oracle, Dolomite integrated the price feed on Mantle.
Plume NetworkOn Nov. 27, 2024, Plume Network, a Layer-1 focused on scaling tokenized assets, announced that upon mainnet launch, it will fully integrate Chronicle Protocol. This integration will provide developers access to over 92 secure, verifiable, and cost-efficient data feeds for crypto-native and tokenized assets, as well as yield rates. Plume is designed for the rapid adoption and seamless integration of real-world assets, supporting a growing ecosystem of over 180 apps and protocols.
Other integrations during Q4 2024 include Silo Finance, Ionic, and StakeStone.
Chronicle Points and CLE Token
In September, Chronicle introduced Chronicle Points, its first community initiative to reward eligible participants with future CLE tokens. Participants can earn points by supplying USDS through Sky and Summer.fi, or depositing stablecoins on Spark. Chronicle plans to expand earning opportunities via its dashboard.
As of Dec. 31, 2024, a total of 15.11 million USDS was locked and earning Chronicle Points on Sky, with more than 1.3 billion Chronicle Points rewarded. Chronicle Points will eventually be redeemable for CLE tokens at a conversion rate of 10 points per 1 CLE token. The total supply of CLE tokens is set at 10 billion, with Chronicle Points being issued at an annual rate of 3.75 billion.
Ecosystem EventsIn Q4, the Chronicle team hosted and attended several Web3 events and hackathons, where projects building on Chronicle Protocol participated in and won Chronicle’s dedicated hackathon tracks:
- October (ETHGlobal San Francisco Hackathon)
- Chronicle DeFi Track Winner: Undegen Finance – Built an automated crypto portfolio management tool using risk-based strategies.
- Chronicle Integration Track Winner: AURUM – Developed a crypto payment tool that auto-converts to a merchant’s local currency.
- November (ETHGlobal Bangkok Hackathon)
- Chronicle Integration Track Winner: StarFish – Used the Uniswap V4 ETF Hook to create an RWA/DeFi product powered by Chronicle’s oracles.
- Runner-Up: PourItOnChain – Leveraged Chronicle’s oracles for an onchain wine marketplace with diverse payment options.
- December (Emergence, Prague)
- Chronicle’s founder delivered a keynote speech on data storage and verification using blockchain technology.
In Q4 2024, Chronicle Protocol recorded a 35.5% QoQ increase in TVS to $11.4 billion. This growth was partly driven by a 56.4% rise in Spark’s TVL, which now exceeds Sky's. The protocol recorded 222,600 oracle price updates—a 197.2% increase from Q3—with most activity occurring on Ethereum Layer‑2 networks. In addition, the number of unique price updaters increased by 17.6%, reaching 9,400 during the quarter. Leveraging its Scribe technology, Chronicle’s ETH/USD oracle delivered approximately 65% greater computational efficiency and incurred 60.9% lower costs compared to Chainlink, even as rising ETH prices led to higher fee levels on Ethereum.
The quarter also saw an expansion of Chronicle’s integration portfolio. Notable partnerships included Plume Network, Mantle, Midas, Superseed, Gyroscope, Superstate, Silo Finance, Ionic, and StakeStone. Specific integrations involved the launch of the GYD/USD Oracle on Arbitrum, real-time price feed support for Midas’ tokens, and the provision of price feeds for Mantle’s cmETH/mETH, as well as for Superstate’s USTB fund, which manages $182.2 million in assets. Additionally, Chronicle’s participation in ETHGlobal hackathons in San Francisco and Bangkok, along with a keynote appearance at Emergence in Prague, underscored ongoing engagement with the broader Web3 and developer communities. Moving forward, Chronicle aims to enhance network security further, expand its validator set, and integrate with more applications and tokenization platforms.