The approval of the Pyth grant for 1,000,000 ARB vs the rejection of the Chronicle grant for 150,000 ARB is a good example of this and does not represent value for the DAO.
Figures based on: [Pyth Network] LTIPP Application Draft
On Arbitrum
Pyth per update = $0.80
Chronicle per update = $0.007 (Arbitrum Transaction Hash (Txhash) Details | Arbiscan)
Based on the grant request of 1,000,000 ARB ($1,400,000 at current value).
Daily update cost of $20,000 ($0.80 * 25,000) for Pyth
Daily update cost of $175 ($0.007 * 25,000) for Chronicle
And a stable gas value.
Pyth Oracles would remain free to Arbitrum users for: 70 days
($1,400,000/20000=70)
With Chronicle, Oracles would remain free to Arbitrum users for: 21 Years
($1,400,000/175=8000=21.918 Years)
Chronicle Protocol is the second largest Oracle network by TVS (https://defillama.com/oracles). And the first ever Oracle on Ethereum, deployed in 2017 as part of the creation of SAI (single collateral DAI). There is no question of the network or the team’s capability.
Feedback suggested that Oracle diversity is good, and we can agree on that. However, Chronicle was rejected because it only recently spun out of MakerDAO and started its L2 deployment strategy, and therefore didn’t have the metrics on Arbitrum demonstrating adoption.