Shade Protocol Partners with SupraOracles
Shade Protocol partners with SupraOracles, bringing innovative oracle solutions to DeFi on Secret Network. Learn about our collaboration and its impact on privacy-preserving DeFi.
Jan 21, 2022
Greetings to the community,
We are pleased to announce that Shade Protocol will be partnering with SupraOracles to bring a highly innovative oracle solution to Shade Protocol on Secret Network. SupraOracles architecture helps bring off chain data on-chain to DeFi applications such as Shade Protocol in a safe and secure way.
Oracles are systems of nodes and protocols that can be used to connect external data to blockchains and communication channels — providing interoperability between external data feeds and smart contracts. But not all Oracles are created equal. Current designs of Oracles and necessary cross-chain bridges have led to over $1.4B stolen due to DeFi Exploits last year (see here, here, here, and here). These attack vectors will continue to hamper the Web3 market — oracle solutions will continue to be targeted until a secure solution is enabled.
Shade Protocol X SupraOracles
At Shade Protocol, we value the safety and security of our decentralized ecosystem of end users above all else. That is why we are so excited to be partnering with SupraOracles, which achieves the following as a tech stack:
Truly decentralized oracles
Massive scalability (cutting edge network topology)
Ultrafast and secure computations (parallel computing + threshold level encryption)
Quick finality (3–5 second on-chain refresh rates, true finality)
Cross-chain interoperability (blockchain agnostic)
Shade Protocol utilizes oracles for many of its applications — first and most importantly is the Silk stablecoin data feeds. Silk as a stablecoin is pegged to a basket of global currencies and commodities. As the values of these underlying currencies and commodities shift, so does the target arbitrage peg price. As such, having a safe and secure oracle data feed is incredibly important to the longevity of Silk as a massively innovative privacy-preserving stablecoin of Web3. SupraOracles is strongly positioned to help make this possible.
Additionally, Shade Protocol is launching privacy-preserving synthetic assets, each of which are attached to real world goods or digital assets. The need for an expansive set of data feeds expands the possibilities of what assets are possible with Shade Protocol synthetics. We are proud of our partnership with SupraOracles, and look forward to a long-standing partnership focused on integrating their tech stack directly into the heart of Shade Protocol.
Carter L. Woetzel, Shade Protocol’s Lead Researcher & Economist, commented:
“Oracles will be one of the key components to Shade Protocols’ long term success. This is why SupraOracles is such a phenomenal partner: they are sharply focused on bettering speed, security, and finality to empower developers and entrepreneurs alike with the tools they need to improve their smart contracts. With SupraOracles, you can have it all — and that is what we seek for all our privacy-preserving DeFi primitives, including Silk, synthetic assets, and more to come.”
Joshua D. Tobkin, CEO and Co-founder of SupraOracles, commented:
“We are thrilled to be supporting an innovator in the world of privacy-preserving DeFi apps built on the Secret Network. Our partnership will actualize every investor’s potential to mint Silk, stake Shade tokens, and convert between them. A bright future lies ahead for all parties involved.”
SupraOracles is helping bring traditional capital markets and Web3 together in novel ways. The aim is to avail a cross-chain oracle to developers. The platform also makes it possible to provide real-world data to public and private chains, helping to enable secure interoperable smart contracts to power the future of financial markets. Developers also get the tools they need to seamlessly forge, launch, and manage data applications.