We are excited to announce the launch of the USDM/USD Oracle on Polygon zkEVM. Designed by Chronicle, this price Oracle will facilitate access to significant new markets for
Mountain Protocol’s USDM yield-bearing stablecoin.
Users of the Oracle will gain access to a verifiable real-time data feed of the price of USDM denominated in USD ($), enabling DeFi protocols to offer a variety of new products and strategies for Mountain Protocol’s yield-bearing stablecoin, such as lending, stablecoin PSM, synthetics collateral, interest rate swap collateral, among other.
Mountain Protocol CEO Martin Carrica said, “This collaboration marks a significant milestone for us, enabling us to expand the utility and accessibility of USDM. Chronicle's rapid Oracle development reflects their exceptional expertise and aligns perfectly with our mission to provide secure and transparent solutions for the DeFi community“.
Launching in late 2023, USDM has been amongst the fastest TVL growth of new stablecoins in 2024. Regulated and transparent, Mountain Protocol is leading the way in utilizing RWA (real-world assets) within a compliant framework to generate yield for USDM users on-chain.
“We're extremely excited to work with Mountain protocol on this USDM Oracle, beginning with Polygon zkEVM and continuing with them on their L2 expansion,” said Head of BD & Growth, Jen Senhaji. “Chronicle's history in creating highly secure and resilient Oracles for Maker, including Dai's yield-bearing stablecoin, sDAI, makes it naturally well positioned to serve Mountain Protocol with premium Oracle infrastructure.”
Built with Scribe
The data model that defines the markets (or data sources) included in calculating the USDM/USD value has been custom-built for Mountain Protocol to ensure the highest robustness, accuracy, and data availability. And, utilizing Chronicle’s unique Scribe architecture, every data source is revealed, with each reported value entirely transparent and verifiable via
The Chronicle.
This enables Mountain Protocol to offer unrivaled transparency and verifiability for the USDM stablecoin, reinforcing trust in the markets that utilize Chronicle’s real-time Oracle data for this pair.
To learn more about the unique benefits of Scribe Oracle architecture, read our blog,
What is Scribe.
If you would like to bolster your protocol with a custom Oracle designed by Chronicle, would like to implement one of our existing price-feed Oracles, or anything else, reach the team via
gm@chroniclelabs.org or jump into our
Discord.
About Mountain Protocol
Mountain Protocol is the issuer of USDM, the first regulated permissionless yield-bearing stablecoin backed by US Treasuries. With a current TVL of +$150M, it has become the largest yield-bearing stablecoin. Mountain Protocol is a regulated entity by the Bermuda Monetary Authority (license #202302512).
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.
