An Oracle is a core component of your protocol. It can sett you up for success, or precipitate your downfall. The complexities of how each Oracle is designed are far from black and white, so understanding what trust assumptions and security exposure your protocol will inherit is crucial. It’s a partnership one must never enter blindly.
Ok, we will stop with the badger puns now! Albeit they are for good reason, in celebration of our latest announcement that BadgerDAO has opted to integrate our decentralized, verifiable, and cost-efficient Oracles to support the eBTC Protocol. We are excited to work with a fellow DeFi OG, and kick off our support of decentralized finance for the Bitcoin ecosystem via eBTC.
What is eBTC?
Created by BadgerDAO and Lido, eBTC is a Bitcoin-pegged asset that allows users to borrow BTC directly on Ethereum at virtually no cost. ETH, WETH, stETH, and wstETH can be used to borrow eBTC, earning a competitive APY in the process.
As covered in Unchained, “eBTC prioritizes the ETH/BTC ratio, which offers an alternative to off-chain trading and strategies that are executed by centralized protocols. By bringing these activities on-chain, eBTC empowers users to engage in ETH/BTC ratio-related activities. In addition, its composability allows developers to leverage its functionality and build innovative solutions”.
eBTC aims to address the drawbacks of centralized and opaque financial infrastructure, which dovetails with the transparent and decentralized design of Chronicle Protocol. This is a mission Badger, Chronicle, and Lido are firmly aligned on.
stETH/BTC Price Feed
Initially, Chronicle will support Badger with an stETH/BTC price feed oracle on Ethereum mainnet.
Price Feed Details:
- Pair: stETH/BTC
- Update Threshold: Price >2% or Last Update >24 hours
As is unique yet customary with Chronicle Protocol, all real-time and historic price reports for this feed can be viewed and verified via The Chronicle, as well as the identities of the set of decentralized validators that attest to the truth of the report and the venues where the reported data was originally sourced.
At Chronicle, we’re proud that transparency is more than just a tagline.
The stETH/BTC price feed will serve as a critical component of eBTC’s oracle infrastructure, providing an additional layer of security and reliability to the protocol.
About Chronicle Protocol
Chronicle Protocol is a novel Oracle solution that has exclusively secured over $10B in assets for MakerDAO and its ecosystem since 2017. With a history of innovation, including the invention of the first Oracle on Ethereum, Chronicle Protocol continues to redefine Oracle networks. A blockchain-agnostic protocol, Chronicle overcomes the current limitations of transferring data on-chain by developing the first truly scalable, cost-efficient, decentralized, and verifiable Oracles, rewriting the rulebook on data transparency and accessibility.
