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SupraOracles partners with SYNTHR Protocol, a synthetic asset protocol

January 16, 2023 - 3 min read

SupraOracles is excited to announce its partnership with SYNTHR Protocol, an omnichain synthetic asset protocol that offers users slippage-free, multi-chain liquidity and frictionless interoperability powered by its Layer 0 network. It uses modern techniques for managing collateral, reducing risk, maintaining pricing stability, and enabling cross-chain interoperability.

SupraOracles offers an advanced set of tools with cross-chain interoperability, 3-5 second finality, and cutting-edge cryptography for creators, developers, and entrepreneurs. Oracles are essential to blockchain technology because they enable communication with data stored outside the blockchain ecosystem. SYNTHR will receive dependable, speedy, and secure decentralized oracles and VRF services through this partnership.

SupraOracles has several capabilities that make it perfect for assisting SYNTHR’s cutting-edge composable liquidity protocol, including the following:

  • Data Oracles and VRFs: The provision of real-time price data for diverse assets is one of the primary use cases for Supra’s oracle solution on SYNTHR. Accurate and trustworthy price data are crucial for facilitating trades and other financial activities across the protocol and its omnichain. Specifically, SYNTHR Protocol will integrate Supra’s oracles and VRF/RNG services to power the minting, exchanging, and burning of synthetic tokens on the Telos blockchain.
  • Decentralized Infrastructure: SupraOracles’ decentralized blockchain oracles play a crucial role in implementing blockchain-based protocols and smart contracts. They are less susceptible to attacks or manipulation and guarantee that the protocols and systems continue to function even in the case of unforeseen situations. This improves the accuracy and dependability of the data we offer, which is crucial for successfully running the SYNTHR Protocol on the Telos Mainnet.
  • Interoperability: Cross-chain bridges enable communication and interaction across several blockchain networks, and blockchain oracles are a key part of securing this infrastructure. For cross-chain swaps and collateralized debt positions (CDPs), SupraOracles will help SYNTHR develop a seamless cross-chain transactional environment for its users. In addition, SupraOracles will also support SYNTHR in multi-chain deployments across many networks.

Additionally, for SYNTHR on Telos mainnet, SupraOracles will simplify debt tracking and automate liquidations. SYNTHR will use oracle services provided by SupraOracles to keep track of the total amount of assets issued across chains that make up the Global Debt Pool.

Joshua D. Tobkin, CEO and Co-founder of SupraOracles, commented:

Users can now lend, borrow, trade, and stake in a permissionless and trustless environment thanks to the DeFi explosion. To increase access to financial assets, SYNTHR strives to improve on already-existing DeFi products. We are pleased to offer them our advanced oracle solutions.

Ritwik Rudra, Co-founder of SYNTHR Protocol, commented:

Users can now lend, borrow, trade, and stake in a permissionless and trustless environment thanks to the DeFi explosion. To increase access to financial assets, SYNTHR strives to improve on already-existing DeFi products. We are pleased to offer them our advanced oracle solutions.

We anticipate that integrating SupraOracles price feeds on SYNTHR will fuel the minting of synthetic assets and other functions in Telos blockchain because our platform depends on exact market data. We are excited to work together with the amazing team of SupraOracles.

About SupraOracles

SupraOracles strives to bridge the gap between traditional capital markets and the Web3 ecosystem. Our vision and driving mission is to empower the developer community with a novel oracle toolset so that they may conveniently create, deploy, and manage data applications with superior performance, robustness, and agility. 

Our project is supported by seasoned professionals with experience in the architecture of consensus mechanisms, randomness research, real-time data services, investment banking, digital securities, traditional stock exchanges, big data, doctoral academia, Big 4 consulting, blockchain/DLT, and DeFi. 

With our developer community and growing list of partners, SupraOracles aims to solve the oracle dilemma and, ultimately, power the future of finance. 

Join the SupraOracles community:

Website | Twitter | Telegram | LinkedIn | Announcements | Medium | Discord | YouTube

About SYNTHR Protocol

SYNTHR is a synthetic asset protocol developed through a partnership between DeFi experts and traditional investors with real-world trading experience. It aims to enable traders to thrive without the constraints of traditional finance through the application of DeFi solutions and to transform trading into a genuinely universal and omi-accessible market.

Join the SYNTHR Protocol community:

 Website | Twitter | Telegram | Medium | Discord | Github

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