In a partnership of strategic interest, Shade Protocol has decided to come together with SupraOracles. This particular association will lead to the development of the Oracle solution that will help the Shade Protocol to complete a number of functions on the network of Secret. The primary function performed by the SupraOracles is to make sure that the offline change data can be transferred on-chain in a safe and secure manner. This, in turn, will help the various decentralized finance applications to work efficiently on a real-time basis.
Simply speaking, the Oracle system is a set of protocols and nodes that are used in order to connect the communication between different blockchain networks and channels. In other words, it aids the interoperability aspect but, all Oracle-based solutions are not created equal.
There have been instances of hacking and exploitation, which has led to the stolen amount worth $1.4B in the last year only in this oracle solution category. The hacking attempts continue to hamper the growth potential of the Web3 market, with many blockchain networks are still adopting the philosophy of interoperability owing to their suspicion of the safety and security of cross-chain solutions provided by the Oracle networks.
The primary differentiating aspect that Shade Protocol comes equipped with is its first-rate safety and security solutions.
There are many applications on which the Oracle solutions are being used by the Shade Protocol. The primary among these is the data feeds related to Silk stablecoin and the access to the real-time price of the stablecoin is really crucial for its long-term usability for users and investors.