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How is Chronicle's combat power after raising $12 million and leaving the "mother ship" Maker?
On March 25, the Oracle Machine service platform Chronicle announced the completion of a $12 million seed round financing, led by Strobe (formerly Blocktower Venture Capital), with follow-on investments from Brevan Howard, 6th Man Ventures, and other institutions. At first glance, this seems like just another ordinary financing news, but a deeper understanding reveals that Chronicle's story is much more exciting than it appears.
Chronicle is not a newcomer in the Oracle Machine space, but rather an industry veteran deeply engaged in on-chain data verification and the RWA sector. It initially started within the MakerDAO ecosystem, undergoing dual tests of technology and market, and has now evolved into an independent decentralized Oracle Machine network, providing high transparency data support for DeFi, RWA, and TradFi institutions. This round of financing also signifies that Chronicle is officially stepping onto a larger stage.
Basic Overview
Chronicle, as an important data provider in the Web3 ecosystem, has built a complete decentralized data infrastructure relying on years of technical accumulation, with core technologies including:
These technologies are widely used in the Sky ecosystem and also provide data support for Web3 projects such as M^0 (focused on currency protocols), Centrifuge (asset tokenization platform), Superstate (on-chain investment tools), and Securitize (security tokenization), further highlighting Chronicle's competitiveness in the cross-ecosystem data service field.
The Chronicle team is equally experienced, with founder Niklas Kunkel having developed early Oracle Machine solutions within the MakerDAO ecosystem as early as 2017, and leading key projects such as OasisDEX and DSProxy. Growth lead Jen Senhaji also previously handled market expansion for MakerDAO, giving Chronicle a dual advantage in technology and market.
The $12 million raised in this round will be mainly used for product research and development and technological innovation. Chronicle plans to launch new products in the next 12 to 18 months to advance the DeFi and RWA space.
Moving from a single ecosystem to diversified cooperation
The relationship between Chronicle and Sky Protocol is both a reflection of the modular evolution of the MakerDAO ecosystem and a demonstration of the trend towards the independence of Web3 Oracle Machines.
Initially, Chronicle served only as an Oracle Machine component within the MakerDAO system, responsible for providing price data support for SAI (the predecessor of DAI). At that time, Chronicle's role was relatively singular, mainly serving the stablecoin operations within MakerDAO, and it failed to form independent market competitiveness. However, with the rapid development of the DeFi ecosystem, single-ecosystem Oracle Machine solutions can no longer meet the industry's needs.
In the process of MakerDAO's move towards modularization, Chronicle has gradually been given greater independence, especially after the official transformation into Chronicle Labs in 2023, it is no longer limited to the Maker ecosystem, but has begun to provide data services for the entire DeFi and RWA track.
This transformation does not mean that Chronicle and Sky are parting ways; on the contrary, their collaborative model can become more diversified. This diversification is reflected not only in the depth of technical support but also in the breadth of collaboration forms. For example, as independent communities, the two can share resources and collaborate ecologically. Chronicle's decentralized node network can provide Sky's users with a more transparent data verification experience, while Sky's stablecoin traffic can also feed back into Chronicle, enhancing its influence in the DeFi community. This "you have me, I have you" diversification model has evolved the relationship between Chronicle and Sky from a single dependency into a more resilient and creative partnership.
Chronicle The Meaning of Independence
The independence of Chronicle is closely related to the "Endgame" plan proposed by Rune Christensen in 2022. This plan promotes the evolution of the MakerDAO ecosystem through a modular architecture, decentralized governance, and RWA integration, and the independence of Chronicle is a key step in this strategy.
By stripping away the Oracle Machine functionality, Sky focuses on stablecoins and governance optimization, avoiding resource duplication. Chronicle can independently expand the market and open external revenue sources, which can reduce the maintenance burden of the Sky ecosystem, making the division of labor between the two more clear.
Independence has also brought about changes in governance and market strategies. Chronicle is no longer constrained by the governance frameworks of MakerDAO or Sky, and is able to autonomously formulate its development roadmap, such as integrating with more L2 networks (like Arbitrum, Optimism) or exploring in-depth cooperation with TradFi institutions. In the future, it may further expand in areas such as decentralized data markets, on-chain identity verification, and even the integration of AI with blockchain data, becoming a core pillar of Web3 data infrastructure.
In addition, after becoming independent, Chronicle is more attractive to external capital, with 71% of the funds in this round of financing coming from American investment institutions. The participation of these institutions not only brings financial support but also provides important endorsement for Chronicle's future market expansion, regulatory compliance, and institutional cooperation. Particularly, the involvement of Brevan Howard means that Chronicle has the opportunity to open up more cooperation channels with traditional financial institutions, further promoting the on-chain of RWA assets and providing more transparent and compliant on-chain data support for the integration of DeFi and TradFi. It is worth mentioning that although the funds did not directly flow into Sky, they may indirectly benefit the Sky ecosystem.
Of course, as an independent entity, Chronicle also means that its development direction is more determined by the market, rather than being directly influenced by Rune or Sky. It may further expand its service scope to target more blockchain ecosystems, rather than solely relying on Sky. For Sky, this means more collaboration opportunities, but also the need to adapt to Chronicle's broader market positioning.
How can ordinary users participate in the Chronicle ecosystem?
Ordinary users can obtain Chronicle-related points through the Sky ecosystem, which may be part of the future Chronicle incentive mechanism. Specific participation methods include:
Visit sky.money to participate in staking or liquidity provision using USDS.
Chronicle points may be related to these operations, and specific rules are to be disclosed further by the official.
Deposit USDS or participate in lending on the Spark Protocol.
The community speculates that Chronicle points may be linked to TVL contributions, and the level of participation may affect future rewards.
Follow Chronicle's official X account (@ChronicleLabs) and Discord for the latest updates.
Stay updated on the changes to the points system and incentive programs.