Four months ago Supra emerged on the scene with a lot of massive promises but no actual exposure. They had amassed 512,000 people (according to them) through their year long airdrop campaign but remained relatively unknown to the overall crypto community. Fast forward four months. They are still a rather obscure and unknown chain, have gained less than 90,000 active users, and have virtually no ecosystem. So is Supra a scam or are they simply failing to gain traction while every other new chain flourishes in the wake of Solana losing dominance? Is there any potential there? Let’s do a deep dive.
Supra, prior to releasing a chain, was an oracle company for five years. After the failure of the previous chain ran by Joshua Tobkin and Jon Evans Jones called Unitychain, they switched to oracles. And while they came nowhere near Chainlink in 5 years they had amassed some rather impressive oracle partnerships. So then they decided to build another chain after their previous one had failed. This chain would boast speeds of 500k tps which is fast although not as fast as Somnias 1 million tps. They would include multi vm so cross chain communications could happen. Additionally they would take all of the automation you can currently do using bots and scripts and they would put it all on chain. Or so they say.
Their X accounts are full of technical jargon the industry doesn’t understand or care about. Yet they continually insist just give them time. The technology will sell itself they say, we don’t need marketing or hype. Meanwhile their token price consistently plummets and their ecosystem suffers from no real big players. As other chains are taking off and gaining dominance Supra is saying just wait. What’s worse is their wallet doesn’t even have a dapp browser or NFT viewer. And to top it all off they’ve gone to war with industry titan NFT Demon, a war that, since it started, has tanked their token over 25% in just four days. So what are they doing wrong? The answer lies clearly within their founder. Not only did they fail to pay NFT Demon for a month of consulting which they clearly agreed to, the comments on Joshs X account underscore a community thats frustrated and not being listened to.
Additionally less than ten percent of the supply is unlocked. Every month another unlock happens which further lowers the price. They have a $100 million ecosystem fund but the entire fund is based off of their value raising significantly, something it hasn’t done in four months nor is there any indication it ever will. The fact of the matter is the market only cares if a chain can execute smart contracts quickly and cheap. Every chain that can do that is on the same footing. Their technology isn’t novel enough to break through this. Even worse their entire team has literally zero experience in crypto culture in fact some like their COO have government backgrounds which actually runs entirely counter to crypto culture. Yet not a single member of their team has any experience in the culture element of the crypto community yet anyone who brings this up is met with resistance from their leadership.
So is Supra a scam? At this point it is unclear. Certainly the same incompetence that sunk Unitychain is being moved over to Supra. Theres definitely no way forward on their current path. Technology alone never has and never will sell a blockchain. Many have tried, all have failed. And their decision to pick fights with leaders within the culture only further proves how disconnected they are from the overall market. It may be a slow rug. Or it may just be a case of arrogance and foolish pride. Either way we would recommend you stay far far away. Because its definitely a sinking ship and there is literally no life raft in sight.
