Supra Oracles is a project aimed at building a high-speed and secure oracle infrastructure for blockchain networks. Oracles play an important role in enabling communication between real data outside the blockchain and smart contracts within it.

Supra Oracles aims to improve existing solutions in this area. The main work is focused on finding ways to make transactions faster, safer and more transparent. In this article we will answer the question, what is Supra Oracles, where the history of the project began, what opportunities users get and whether it is profitable to invest in the platform’s token.

History of the Supra Oracles project

Supra Oracles was founded in 2020 in Berkeley, California by CEO Joshua Tobkin and Chief Business Officer John Jones. Their product development was driven by the idea of creating a broad-spectrum platform for applications in the realm of Web3.

In 2024, the protocol underwent a major upgrade. The platform extended the oracle protocol by integrating new price feeds to cover real world assets (RWAs) such as foreign exchange rates, stocks and commodities. For this purpose, protocol version 2.0 was released.

From November 27, 2024 Supra is a fully vertical Layer 1 blockchain network that is compatible with multiple devices. It is a universal blockchain with a full ecosystem of native servers, from oracles and virtual machines to automation and cross-chain communications.

The project has attracted high-profile investors since its early days. In total, the platform was backed by more than 150 sponsors. Among the most famous are Coinbase Ventures, Houbi and MasterCard. The platform has attracted more than $20 million for the development of the protocol.

What is Supra?

Supra is a fully vertical Tier 1 blockchain network compatible with multiple virtual machines (VMs), launching onNovember 27, 2024. The service features high throughput. With its parallelisation and Moonshot consensus mechanism, Supra’s blockchain is capable of scaling up to 500,000 transactions per second, with completion in 600-900ms.

Supra’s vertically integrated blockchain network runs on the native SUPRA cryptocurrency. On November 27, the first token generation took place. Supra oracles crypto is trading at 0.01459 as of February 16, 2024. It has a market capitalisation of $94.5 million, a fully diluted value (FDV) of $1.155 billion and a trading volume of $13.19 million in the last 24 hours. There are currently 6.48 billion SUPRA tokens outstanding out of a total 100 billion tokens.

Supra’s key features

Supra Oracles DeFi offers users and developers several key features and capabilities. Let’s outline the most significant ones.

  • Full Vertical Integration. Supra’s core value proposition is full vertical integration of blockchain services. Being a universal solution, developers can leverage the protocol for different tasks without having to outsource.
  • Improved scalability and speed. High throughput allows processing hundreds of thousands of transactions per second. This enables DeFi projects to achieve fast transaction processing and validation of all transactions in the chain.
  • Interoperability. With HyperNova and Hyperloop crosschain tools, Supra can easily connect to other blockchains, facilitating asset transition and cross-chain liquidity.
  • Dedicated DApp space. Developers can build application-specific networks using Supra Containers. This gives flexibility in tool selection, autonomy and overall security as a single solution is used.
  • Modularity. Supra’s modular design allows DApp developers to update components independently without disrupting the entire system. This allows updates and new tools to be implemented without disrupting the core product. With native vertical integration, Supra unites all services in a single network with common economic security and a single token economy.

How Supra works

Supra Oracles solves the problems faced by decentralised applications that operate using multiple networks. This weakens the stack, leading to higher costs, breached security guarantees, increased transaction complexity, and additional transaction delays.

To effectively solve popular problems, Supra leverages a fully vertically integrated native blockchain services ecosystem that includes the following infrastructure components:

  • Multiple blockchain networks. In addition to supporting multiple asset types, Supra is also compatible with various smart contract execution networks, including Ethereum (EVM) and MoveVM. This allows developers to run contracts from any ecosystem on the blockchain.
  • Process Automation Services. Supra offers developers access to a proprietary zero-latency automation network. As a result, they can schedule time-based transaction execution, as well as onchain and offchain events.
  • Supra Oracles Blockchain. As part of Oracle’s powerful crosschain network, Supra Oracles offers fast, secure, scalable and decentralised data solutions. The native L1 blockchain oracles are powered by Oracle’s Distributed Oracle Reconciliation Agreement (DORA) protocol.
  • Distributed verifiable randomness. With Supra, developers access randomness functions on the web to create and deliver distributed verifiable randomness functions. This tool is available for both Web2 and Web3.
  • Crosschain Communications. Despite a host of native blockchain services in its ecosystem, Supra can also communicate with other networks via HyperNova and HyperLoop. The former acts as a bridgeless data transfer protocol for the simple transmission of event information that facilitates cross-chain liquidity without additional risk. The second tool is a linked pairwise crosschain bridge of the L1 network that prevents double crosschain transfer costs.
  • Parallel execution. The main feature of the protocol is that it can execute operations in parallel. This increases scalability and throughput without compromising decentralisation and security. This is possible due to subcommittees of nodes called Clans. Each clan operates independently, processing a portion of transactions and allowing multiple packets to be processed simultaneously.
  • Containers. Each Clan in the Supra protocol can have multiple groups of smart contacts associated with a single decentralised application. Such groups are called containers. In addition to supporting parallelisation, containers offer a special configurable space for DApps. These applications are hosted directly on the Supra network, which provides the flexibility of Layer 2 (L2) networks.

Commit Moonshot in Supra Oracles

A unique component of the Supra infrastructure is the L1 blockchain’s Commit Moonshot consensus mechanism. The algorithm is an extension of Chained Moonshot and is a rotating leader-based protocol. The latter gives each validator an equal chance to be chosen to participate in blockchain offerings.

The algorithm is unique, since it allows the next leader to propose its own block immediately after voting for the predecessor’s proposal. This markedly improves the efficiency of a more scalable design than most consensus mechanisms in the cryptocurrency market.

Commit Moonshot is able to create blocks at the speed of a network and reach a final result in just three messages between nodes. This sets Supra Oracles apart from its competitors.

SUPRA token utility and tokenomics

The SUPRA token fulfills several roles at once. It is used for ecosystem management, as a utility token, and as an interaction system between users and the protocol.

Possible scenarios for using the SUPRA token:

  • Staking. Validators contribute to SUPRA steaking and offer blocks, earning steaking rewards in exchange for operating the protocol.
  • Gas Commission. SUPRA can serve as a gas commission token. Participants in the ecosystem use the cryptocurrency to cover commissions in their transactions, which can range from simple transfers to providing funds for liquidity.
  • Management. This is the standard option for using your own tokens. Coin owners can participate in voting or propose their vision for changes to improve the protocol.

SUPRA has a maximum issuance of 100 billion tokens and currently has a turnover of almost 6.5 billion. The distribution of tokens is as follows:

  • 25% for the block reward distributed to validators to secure the Oracle network.
  • 15% for the Foundation, for the development of the SupraOracles and Web3 ecosystem. An 18 month cliff, followed by quarterly unlocks for 7 years.
  • 17.5% for founders, team, future employees and advisors. 12 Month Cliff with a further 40% unlocked over 2 years, then the remaining 60% for year 3 and 4 (release quarterly).
  • 8.95% for Seed round. 12 month cliff followed by unlocking tokens for 4 years (quarterly issuance).
  • 3.45% for Strategic round. 12 Month Cliff followed by distributions over 3 years (quarterly).
  • 10% for the Ecosystem Fund, which provides grants to developers and teams working on the platform. 1 month cliff, then a 5-year distribution (quarterly).
  • 9% for public sale. 25% will be unlocked on TGE, then quarterly distributions for 18 months.
  • 7% for Private round 1, 2.1, 2.2, 2.3 and Convertible round, token split is 2%, 1%, 1%, 1%, 1% and 2% respectively.
  • 2.5% for legal, marketing and administrative expenses. 1-month cliff, then 3-year distribution (quarterly).
  • 1.6% for exchange-traded liquidity. 60% to be issued on TGE, then as needed.

The project has a strong and well thought out tokenomics, has quite a long cliff and vestings, up to a seven year term. This is certainly a great indicator, which will affect the price of the asset in the long run.

What are oracles?

The Supra protocol provides the communication oracles that are necessary for smart contracts to fully function. Essentially oracles are algorithms that pass data between smart contacts and a source outside the network on which they are deployed. Formally, they mediate between the smart contact and the desired source of information.

Suppose Michael and Kylie decided to bet on the outcome of a volleyball match. They both placed a $50 bet. Michael bet on Team A’s victory and Kylie bet on Team B’s success. Their total amount is $100, which is deposited into the smart pin. When the selected match is over, the smart-contact will know the result and transfer the winnings to the person who made the correct prediction. The question remains as to how the smart-contract will know the result. This problem is solved by oracles. They extract information about the right match and securely deliver it to the blockchain. The smart contract processes the data and makes the transfer, taking into account the exact result.

SupraOracles is a high-speed internetworking oracle with enhanced security, decentralisation and scalability. Thanks to Supra’s innovative mechanism, it processes data instantly between Web 2 and Web 3. Compared to the popular ChainLink project, which has a throughput of 120 seconds, Supra reduces this time to 5.

The main advantages of the project

Oracle SUPRA was added to the Mastercard Start Path programme. The project has received over $20 million from sponsors from over 130 partners.

  • High level of decentralisation. To achieve consistency and accuracy, Supra Oracles uses several decentralised sources of information at once, which makes the data impossible to compromise. This increases the overall level of transaction security.
  • Scalability. The project is interesting for most decentralised portals. This is due to the high throughput, which leads to a noticeable reduction in commissions.
  • Ultrafast. The high speed of transaction processing reduces the impact of slippage and price deviations in the application and the executed transaction. This gives users more reliable information.
  • Completeness of Supra Oracles. The Supra project is significantly faster than other blockchain oracles. The actual closing time per block is only 1 second and the completion time is 3 seconds.
  • Compatibility with other protocols. Supra has crosschain swaps with near zero slippage. Compatible with Avalanche, BNB Chain, Cardano, Dfinity, Ethereum, Hashgraph, Polygon, Solana, Tezos and many other networks. With Supra Oracles, all DeFi will be able to reach their full potential.

Supra Oracles offers innovative approaches to increasing the speed of oracles, which is a significant step forward compared to existing solutions. In addition, the emphasis on security and multitasking makes this protocol attractive for a wide range of applications, from financial services to prediction and insurance systems.

Conclusion

To conclude our review of the Supra Oracles protocol, it is worth emphasising its key role in the development of the blockchain application ecosystem. This project is aimed at solving one of the most important tasks of the modern industry – providing fast, secure and scalable data transfer between the outside world and blockchains.

The project demonstrates the potential to become a standard solution for providing connectivity between blockchain and external data sources, which opens new horizons for the development of decentralised applications. Overall, Supra Oracles is a promising and promising project that deserves attention from developers and investors.

Answers to frequent questions

What is Supra Oracles?

Supra Oracles is an oracle protocol designed for fast, secure and scalable data transfer between the real world and blockchains.

What problems does Supra Oracles solve?

Supra Oracles solves the problem of slow and unreliable data transfer between external sources and blockchains, and improves security and reduces the cost of using oracles.

How does Supra Oracles differentiate itself from other solutions?

Supra Oracles stands out for its high data processing speed, improved security through encryption and verification methods, as well as cross-network support and the ability to be customised to meet the needs of specific projects.

What technologies are used in Supra Oracles?

Supra Oracles utilises modern cryptographic techniques such as asymmetric encryption and consensus algorithms, as well as integration with various blockchain platforms for interoperability.

What types of applications is Supra Oracles suitable for?

Supra Oracles is suitable for any application that requires data from the outside world, such as decentralised finance (DeFi), insurance, market forecasting, gaming projects and many others.

What is the current stage of the project development?

At the moment, Supra Oracles is at the stage of active testing and implementation in real-world projects. The team continues to improve the platform and add new features.

Does Supra Oracles have its own token?

Yes, Supra Oracles has its own token, which is used to pay for platform services and participate in project management. At the time of going to press, the market capitalisation of the token is aiming for the $100 million mark.

How can I start using Supra Oracles?

To start using Supra Oracles, you need to integrate the platform’s API into your application. Detailed documentation and code samples are available on the official website of the project.

What benefits does a user who chooses to use Supra Oracles receive?

The user gets access to a fast, reliable and secure data transfer mechanism, which enables the creation of more efficient and functional decentralised applications.

How do I get in touch with the Supra Oracles team?

You can contact the team through the official website, social media or email listed on the contact page.