The Reserve and Re7 Labs teams have chosen Chronicle Oracles to secure a new market on Morpho on Base, hyUSD/eUSD. This newly launched market will use Chronicle’s hyUSD/USD price feed Oracle to deliver real-time price updates.
Uniquely, this market on Morpho will allow both stakeholders and users complete insight into the Oracle price updates, enabling real-time and historical analysis of where the price data was sourced and how it was utilized to power various Morpho market functions. This insight can be gleaned via The Chronicle, our onchain Oracle dashboard.
This complete transparency, coupled with the security of Chronicle’s decentralized Oracle network, ensures that the hyUSD market has limited Oracle risk for Morpho users when compared to centralized and non-transparent Oracle networks.
The hyUSD/eUSD market is powered by the same decentralized Oracle network that has secured MakerDAO since 2017, and continues to secure Maker, Spark, and many more across the EVM.
What is hyUSD?
“hyUSD is a decentralized stablecoin that provides convenient access to DeFi yields, enabling holders to earn passive income on their dollars.” It is an RToken from Reserve Protocol. Reserve allows for the permissionless creation of asset-backed, yield-bearing & overcollateralized stablecoins on Base and Ethereum.
We’re excited to start this relationship with Reserve and support the development of their permissionless stablecoin creation platform, beginning with hyUSD on base.
