January 21, 2022 - 3 min read
SupraOracles is glad to announce a partnership with Shade Protocol, which will feature a collection of distributed but linked privacy-preserving DeFi applications leveraging the full potential of secret contracts on Secret Network. These will redefine DeFi as we know it, powering a revolutionary value exchange and value creation platform.
Among the priority products launching on SupraOracles is Silk, a privacy-preserving stable coin. A first of its kind, the medium of exchange’s value is pegged to a basket of fiat currencies and commodities. In other words, it is fungible, durable, portable, divisible, acceptable, and limited in supply, just like money. Through the partnership, SupraOracles will avail the data feeds needed to make Silk a more flexible and volatility-resistant stable coin even as it maintains the transactional privacy of all its holders by default.
In addition to Silk, Shade will also build the first-ever privacy-preserving synthetic assets. This is an impressive milestone in the decentralized finance world, which may see everyone trade and mint crypto-index tokens, as well as commodity tokens such as gold, silver, and wheat, to mention a few. In addition, the assets will enable investors to automatically track real-world asset prices using Brand Protocol. The partnership with SupraOracles comes at just the right moment to realize accurate and quick oracles necessary for the success of the Shade Protocol Synthetics market in the long run.
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.
Shade is made up of interconnected privacy-preserving DeFi apps built on Secret Network. Among their flagship products is Silk, an algorithmic stable coin that hides transactional data by default. The same can still be revealed when there is mutual trust among the involved parties. As well as Silk, Shade is also looking into creating unique synthetic assets, which also hide transactional data by default.
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