SupraOracles: Revolutionising Oracle Networks for Web3 DeFi with Speed, Security, and Cross-Chain Capabilities

10 min readOct 24, 2023

Introduction

As the use of Web3 technologies and decentralised finance (DeFi) projects continues to grow, there is a pressing need for decentralised, secure, and efficient data feeds. DeFi applications rely on Oracles to access real-world data like price feeds. This is where Oracles come in. Oracles are third-party services that provide blockchains with access to real-world data. However, traditional oracles have frequently exhibited issues such as slow response times, unreliability, and centralisation, which pose security risks to DeFi users.

The current state of Oracle solutions and infrastructure falls short of their potential in terms of power and reliability. This is where SupraOracles steps in. SupraOracles represent the next generation of oracles, effectively solving the problems associated with traditional oracles. It stands out for its speed, reliability, decentralisation, and security. By utilising various data sources, including blockchains, APIs, and IoT devices, SupraOracles ensures the delivery of accurate and timely data to DeFi applications. In this article, we will explore how SupraOracles addresses the oracle challenges in the Web3 space.

Overview on SupraOracles

SupraOracles, often referred to as Supra, was founded in 2018 with its headquarters in Miami, United States. Beyond its U.S. base, it has a significant presence in the Europe, Middle East, and Africa (EMEA) region. As a leading Oracle network, SupraOracles provides a cross-chain oracle solution that ensures swift, secure, and accurate data feeds to smart contracts on multiple blockchain platforms. This versatile multi-chain oracle network facilitates the effortless integration of smart contracts from various blockchains with real-world data.

SupraOracles provides support for over 40+ networks, with a particular emphasis on compatibility with a wide range of blockchain ecosystems. SupraOracles data feeds are accessible on numerous prominent blockchain networks, including Aptos, Avalanche, Ethereum, Optimism, and more.

SupraOracles operates on a foundational protocol known as “DORA” (Distributed Oracle Agreement), which serves as the backbone for SupraOracles, delivering significant advancements in data precision, security, and overall operational efficiency.

The SupraOracles Product Suite

Supra VRF: This is a cutting-edge decentralised service that delivers a verifiable random function (VRF), ensuring fairness and unpredictability for decentralised applications (dApps). Its innovative on-chain randomness generation mechanism empowers dApps with genuinely random and responsive outcomes, ensuring scalability and ease of verification. Supra VRF generates outputs that can be effortlessly validated on-chain using a public key, providing users with indisputable proof of true randomness and impartiality. This impressive VRF solution boasts key attributes, including decentralisation, low-latency response times, and exceptional scalability. Notably, Supra VRF is currently operational on Ethereum, Arbitrum, DFK Chain, Polygon and Solana.
IntraLayer: SupraOracles IntraLayer is an innovative cross-chain interoperability solution enabling dApps to effortlessly interact with a multitude of interconnected blockchains. Its architecture is structured around a hub-and-spoke model, with the central hub being SupraChain, the Layer-1 blockchain of SupraOracles. Surrounding this hub are various spokes representing other blockchains that are seamlessly linked to SupraChain. IntraLayer simplifies the integration process for dApps, offering a singular point of entry. Consequently, dApps only need to integrate with IntraLayer once, granting them the capability to communicate effortlessly with all interconnected blockchains. This streamlined approach significantly expedites and simplifies the development of cross-chain dApps.

There are several noteworthy companies in the space providing VRF and IntraLayer services, like SupraOracles. These companies include Chainlink, TRNG Labs, and Band Protocol. Each of these companies offers a diverse range of VRF and IntraLayer solutions, each with unique features and advantages.

For example, Chainlink VRF distinguishes itself as a decentralised VRF service known for its exceptional security and reliability. On the other hand, TRNG Labs’ TRNG VRF utilises true random number generators to derive random outcomes, adding a layer of randomness and unpredictability to the generated values. Lastly, Band Protocol’s VRF stands out as a decentralised VRF service that leverages a network of oracles to produce and authenticate random numbers. Its design emphasises scalability and resistance against tampering or manipulation.

SupraOracles employs its top-tier oracle to enhance the performance of dapps (decentralised applications), enabling them to serve a broader range of use cases compared to traditional oracle solutions. Speaking of use cases, let’s explore the potential application of the SupraOracles network.

Exploring the Potential Applications of the SupraOracles Network

The SupraOracles network possesses substantial capabilities as an oracle network, making it suitable for numerous use cases, including:

Decentralised finance (DeFi): SupraOracles offer a reliable and precise solution for delivering real-time price data for various assets, including cryptocurrencies and commodities, within DeFi applications like decentralised exchanges (DEXs) and lending platforms. This capability contributes to enhancing the efficiency and transparency of DeFi markets.
Synthetic assets: SupraOracles enables the generation and supervision of synthetic assets, representing tokens mirroring the value of an underlying asset, be it a stock or a commodity. Leveraging SupraOracle’s real-time data feeds, these synthetic assets can be established, traded, and upheld on blockchain networks, fostering the development of secure and decentralized platforms that seamlessly replicate the traditional financial (TradFi) experience on the blockchain. This innovation facilitates investors in gaining exposure to specific assets without the need for direct ownership.
Cross-chain Gaming: SupraOracles offers a solution for seamless cross-chain gaming interaction, enabling players from diverse blockchain networks to engage with each other within a single game. This functionality necessitates the game’s capacity to access data from multiple blockchains, a service that SupraOracles reliably and securely provides.
Automated Liquidity Management (ALM): SupraOracles enables users to integrate automated logic into their liquidity management procedures. This includes tasks such as adjusting positions, setting limits on orders, and implementing liquidity provision strategies across various platforms, all while factoring in fee compounding processes.
Interoperable CBDCs: The Supra Network is a versatile and decentralized gateway designed to enhance security and enable seamless communication between various Central Bank DLTs. SupraOracles play a crucial role in making CBDCs interoperable by ensuring a safe and dependable means of exchanging information across different blockchain platforms. These oracles have the capability to gather data from a wide range of sources, such as real-world APIs, financial institutions, and other blockchains. This data can be harnessed to empower smart contracts, enabling them to facilitate cross-border payments, financial transactions, and a multitude of other applications.

Key Features of SupraOracles

High performance and scalability: SupraOracles stands out for its exceptional speed and scalability, boasting a 1-second block time and 3–5 seconds for finality. With a capacity to process up to 526,000 transactions per second (TPS) and achieve finality in just 2.5 seconds, it ranks among the top-performing oracle networks. Tailored for applications demanding real-time data feeds like DeFi, gaming, and IoT, SupraOracles is an ideal choice.
Security and decentralisation: SupraOracles is a decentralized oracle network secured by independent validators, ensuring data accuracy and resistance to control by any single entity.
Support for multiple blockchains: SupraOracles is a versatile oracle network that supports multiple blockchains, such as Ethereum, Solana, and Cardano. It can connect to various data sources, including APIs, IoT devices, and traditional financial markets, enabling it to serve a wide range of applications, including dApps and DeFi projects.

SupraOracles Tokenomics $SUPRA

SupraOracles is gearing up for the release of its native cryptocurrency, the “$SUPRA” token. This utility token will fuel the SupraOracles ecosystem and incentivise users for their active involvement. Users can leverage the SUPRA token to facilitate payments for data feeds and other services obtainable through the SupraOracles oracle marketplace. The token can be staked to qualify as a SupraOracles validator and subsequently earn block rewards. Additionally, token holders can actively engage in governance by participating in voting processes related to proposals within the SupraOracles ecosystem. We anticipate further details about the token soon, including information regarding the whitelisting process and token sale details.

The overall $SUPRA token supply stands at 10 billion (10,000,000,000). During the public $SUPRA token sale, a minimum of 8.85% of this total supply will be available, amounting to 885 million tokens. Specifically, 25% (2.5 billion) has been earmarked for block rewards, while 17.50% (1.75 billion) has been allocated for founders, teams, future staff, and advisors. Additionally, 15.00% (1.5 billion) has been dedicated to the foundation to nurture the growth of the SupraOracles, and 21.65% (2.165 billion) has been set aside for Community Incentives. We anticipate further details about the token soon, including information regarding the whitelisting process and token sale details.

Notable Competitors to SupraOracles

There are a few companies offering oracle networks like SupraOracles, including:

Band Protocol: Band Protocol and SupraOracles are two decentralised oracle networks dedicated to delivering off-chain data to on-chain smart contracts. Band Protocol achieves this by harnessing a distributed network of data providers that meticulously gather and authenticate data, ensuring a dependable and secure supply to smart contracts. Notably, Band Protocol is a versatile cross-chain oracle, with support for over 40 distinct blockchains, including Ethereum, Polygon, and Avalanche. Its data acquisition process involves sourcing information from off-chain origins like APIs and websites, followed by rigorous data aggregation and secure delivery to smart contracts, safeguarding against tampering and unauthorised access.
ChainLink: ChainLink stands as a prominent decentralized oracle network, facilitating the provision of off-chain data to on-chain smart contracts. Employing a network of node operators to gather and authenticate data, ChainLink ensures a secure and dependable data flow to smart contracts. Widely recognized as the largest and most reputable oracle network, ChainLink enjoys extensive support across various blockchains and boasts a substantial developer community. While acknowledged for its dependability and security, it is worth noting that Chainlink can incur relatively higher costs and encounter delays in data feed updates. n the other hand, SupraOracles, offering comparable speed, precision, and cost-effectiveness, is a promising decentralized oracle network, albeit not as widely recognized as Chainlink.
Witnet: This is a decentralised oracle network, that seamlessly links smart contracts to diverse online data sources by harnessing cutting-edge cryptographic and economic methodologies. It ensures the safe and dependable provision of data to smart contracts. Both Witnet and SupraOracles are decentralised oracle networks dedicated to delivering off-chain data to smart contracts. Witnet possesses the capacity to drive an array of smart contracts necessitating trustworthy and secure data input.

Prominent Milestones and Collaborations of SupraOracles

One of SupraOracles’ significant milestones is the launch of an incentive initiative named SNAP. This programme extends discounts on SupraOracles’ primary offerings, particularly data feeds and VRFs, accompanied by dedicated technical support and guidance for early adopters. Remarkably, SNAP is crafted to recognize and incentivize blockchain ventures and enterprises that integrate with SupraOracles’ oracles or VRF. This initiative is accessible to both funded and pre-funding projects spanning DeFi, GameFi, and more. This programme extends discounts on SupraOracles’ primary offerings, particularly data feeds and VRFs, accompanied by dedicated technical support and guidance for early adopters. Remarkably, SNAP is created to recognize and incentivize blockchain ventures and enterprises that integrate with SupraOracles’ oracles or VRF. This initiative is accessible to both funded and pre-funding projects spanning DeFi, GameFi, and more.

Meanwhile, from June 2021 up to July 2023, SupraOracles secured a total of $23.9 million in funding across eight funding rounds. This investment was contributed by more than 20 notable investors, including Valor Equity Partners, Animoca Brands, Republic Crypto, Razer, Naspers Ventures, Hashed, Coinbase Ventures, Galaxy Interactive, Sound Ventures, Huobi Ventures, Hypersphere Ventures, Double Peak Group, FTX Ventures, United Overseas Bank, Wave7, FiveT Fintech (formerly Avaloq Ventures), Token Bay Capital, Zokyo, DeepTech Ventures, HashKey Capital, and Nineyards Equity.

Since their inception in 2018, SupraOracles have collaborated and integrated with more than 100 companies. Let’s explore their recent alliances with SupraOracles.

Metahorse Unity: SupraOracle announced a strategic partnership with Metahorse Unity, a mobile RPG racing game that blends classic mechanics with gameplay. This collaboration will enhance visibility and expand both platforms through co-marketing initiatives. Metahorse Unity will also utilise SupraOracles’ expertise to enhance its technological infrastructure, ensuring a seamless gaming experience in future phases.
Volo: SupraOracles announced a significant partnership with Volo, a prominent player in the DeFi space known for its liquid staking protocol. In this collaboration, SupraOracles will expand its range of oracles to include Volo, providing pricing data and backing Volo’s liquid staking innovation, ankrSUI. This collaboration is aimed at enhancing the integration and use of Liquid Staking Tokens (LSTs) in the SUI DeFi ecosystem.
Umi: SupraOracles also has a strategic collaboration with Umi, a company dedicated to enhancing the trading process through the consolidation of liquidity from numerous decentralised exchanges. This collaboration involves the seamless integration of SupraOracles’ cutting-edge oracle solutions with Umi’s decentralised exchange (DEX) aggregation platform. By leveraging SupraOracles’ highly efficient and precise oracle services, Umi aims to provide its users with access to the most reliable and current market data, enhancing their trading experience.
Plena Finance: SupraOracle joined forces with Plena Finance, a pioneering application platform in the blockchain technology world. The objective of this collaboration is to enhance their respective capabilities, promoting mutual progress and innovation within the industry. Within this partnership, both entities will pool resources, and Plena Finance will delve into the potential applications of SupraOracles’s oracle services.
Sharp Labs: SupraOracle also partnered with Sharp Labs, a cutting-edge Web3 asset management platform. Their collaboration is focused on using oracle solutions to improve the accuracy of pricing for upcoming vault strategies. This enhancement will boost the efficiency and performance of Sharp Labs’ liquidity provision ecosystem. Specifically, SupraOracles will offer its advanced oracle solutions to Sharp Labs, ensuring the delivery of accurate and dependable pricing data.

SupraOracles’ recent partnerships demonstrate the company’s commitment to innovation and collaboration within the blockchain industry. By joining forces with leading projects across diverse sectors, SupraOracles is expanding its reach and impact, contributing to the development of a more robust and interconnected blockchain ecosystem.

The company’s strategic alliances with Metahorse Unity, Volo, Umi, Plena Finance, and Sharp Labs are particularly noteworthy, representing significant opportunities for growth and development. Through these partnerships, SupraOracles is poised to play a vital role in the evolution of Web3 gaming, DeFi, liquidity aggregation, asset management, and more.

Conclusion

SupraOracles is a next-generation oracle solution that addresses the critical challenges of traditional oracles, such as speed, reliability, decentralization, and security. It offers a versatile and scalable oracle network that supports multiple blockchains and data sources, enabling it to serve a wide range of applications, including DeFi, gaming, and IoT.

With its unique features and capabilities, SupraOracles is poised to play a pivotal role in the development of the Web3 ecosystem. It is well-positioned to empower dApps with the reliable and secure data feeds they need to function optimally.

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