Chronicle Protocol TVS Increased by 10.5% Quarter-over-quarter to $12.6 Billion

Primer

Founded in 2017 as the Oracles Core Unit at Sky, later evolving into Chronicle, the protocol began expanding beyond the Sky ecosystem in September 2023.

The project was co-founded by Niklas Kunkel and Mariano Conti, who together also coded Ethereum’s first onchain oracle in 2017 to enable the creation of SAI, the predecessor to Sky’s USD-pegged DAI stablecoin and the current USDS stablecoin.

At the time, the endeavor posed a significant technical challenge, given that existing oracle technology was not sufficiently advanced for this purpose. To overcome this hurdle, Kunkel and Conti developed a novel approach to aggregating and verifying price data from multiple external sources, laying the groundwork for Chronicle's current trustless architecture.

In contrast to competitors that rely on trust-based systems, which aggregate data points directly from a small number of trusted institutions, Chronicle's architecture 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, rendering the data immutable and rendering it impossible for a single entity to manipulate the final reported value.

For a complete primer on Chronicle, refer to our Initiation of Coverage report.

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Key Metrics

Performance Analysis

Total Value Secured

Total value secured (TVS) is a metric that reflects the cumulative value of assets secured by an oracle network, including borrows.

Chronicle’s TVS increased 10.5% quarter-over-quarter (QoQ), rising from $11.4 billion in Q4 2024 to $12.6 billion in Q1 2025.

Historically, the majority of Chronicle’s TVS was composed of Sky, with TVS peaking at just over $20 billion in December 2021. Since Chronicle began offering its oracles to the public, the share of TVS derived from Sky decreased to 57.4% by the end of Q1, while the share from Spark increased to 28.2% and the share from Euler increased to 8.4%.

Currently, DefiLlama only tracks the eight protocols where Chronicle supports the majority of price feeds: Sky, Spark, M^0, Euler, Morpho, Dolomite, Ionic Protocol, and Keep Network. However, in total, Chronicle supports 68 protocols.

Among oracle protocols by TVS, Chronicle is the second-largest, trailing leader Chainlink by a gap of 30 percentage points.

Chronicle’s TVS dominance among oracle protocols increased by 15.3% QoQ, rising from 14.3% in Q4 2024 to 16.5% in Q1 2025. The gain in market share reflects a shift away from Chainlink and WINkLink.

Oracles

Oracles 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, they factor in the data sources used, the weights assigned to each source, and the aggregation methodology applied to arrive at a final value for the specific oracle. When covering a new asset, several data models can be deployed to a supported chain.

In Q1, Chronicle deployed 51 new oracles, increasing its total to 162, a 45.9% QoQ increase from 111. Additionally, the company expanded its data model set to 98, up from 92 in Q4 2024, increasing the catalog of data models that can be deployed as oracles on any supported blockchain.

Oracle Price Updates

Oracle 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 distinct validators or nodes, which are known as unique price updaters.

In Q1, Chronicle recorded 373,300 oracle price updates, marking a 67.7% increase from the 222,600 updates in Q4 2024. Of these, 362,600 updates were recorded on Ethereum Layer-2s (L2s), while only 10,700 were on Ethereum. This surge in updates can be primarily attributed to an expansion of partnerships, including the integration of oracles into Berachain, Unichain, and Corn, and the launch of several new price feeds. In addition, the number of unique price updaters grew to 11,700, a 24.8% QoQ increase from 9,400.

Signers

Signers are validators that run a node within decentralized oracle networks and are responsible for collecting