Supra L1 Blockchain
my take on things
As we rapidly approach the end of 2024, I noticed that Bitcoin recently broke through its all-time high and smashed the $100,000 per Bitcoin mark! It’s been on the cards for quite some time, but the renewed interest and positivity in crypto appears to have been sparked from the appointment of “pro-crypto” President Trump.
If you’re brand new to crypto and blockchains, have a read through my post on blockchains from a few years back —
https://medium.com/@waxlyrical/what-the-heck-is-a-blockchain-anyway-71e3fe04a4b7
So what’s been catching my eye recently?
It’s a company called “Supra” who have created a “Layer 1” blockchain, and have recently released their $SUPRA token on multiple exchanges.
I have high hopes for this company, and I’ll explain why:
Firstly, Supra’s approach to blockchain technology is pretty revolutionary. They’ve built a Layer 1 blockchain that emphasizes interoperability, enabling integration between various blockchains and real-world applications. This is a significant step forward, addressing one of the biggest pain points in the industry, which are siloed ecosystems that struggle to communicate effectively.
What stands out to me about Supra is their focus on speed and scalability. Their platform is capable of handling up to 500,000 transactions per second (TPS), making it competitive with traditional financial systems while maintaining the decentralization that makes blockchain so powerful. This combination of performance and innovation positions Supra as a leader in the next wave of blockchain adoption.
But it’s not just the tech that has me feeling optimistic. The Supra team has a clear vision and an impressive track record. They’ve attracted top talent from across the tech and financial sectors, creating a diverse and experienced leadership team. This gives me confidence in their ability to execute their ambitious plans and adapt to the rapidly evolving crypto landscape.
Another key factor is their $SUPRA token, which plays a pivotal role in their ecosystem. Beyond being a tradable asset, the token is deeply integrated into the network, enabling governance, staking, and rewarding active participants. With a strong use case and growing utility, $SUPRA has the potential to increase in value as the platform gains traction.
Token Supply
The maximum supply of $SUPRA tokens is capped at 100 billion, and as of December 9, 2024, approximately 6 billion $SUPRA tokens are in circulation, representing about 6% of the total supply.
The remaining 94 Billion tokens are allocated as follows:
- Foundation and Treasury (22.8%): Dedicated to fostering the ecosystem.
- Validators and Stakers (21.0%): For promoting network security and longevity.
- Early Contributors (20.5%): Allocated to initial supporters and developers.
- Team (16.0%): Structured to promote long-term development of the network.
- Ecosystem and Community (11.0%): For community initiatives and ecosystem growth.
- Blast Off Airdrop (4.0%): Tokens reserved for airdrop campaigns.
- Others (4.7%): Includes advisors, strategic partners, marketing, legal, and administrative purposes.
The current market cap of $SUPRA (representing tokens that are in circulation) stands at $361m at the time of writing, placing SUPRA at position 2849 on CoinMarket Cap.
Now if all 100% of tokens were in circulation (which won’t happen any time soon, if ever), then the fully diluted value (fdv) would actually stand at a whopping $5.97 billion dollars!
however, lets compare the fdv value to some other cryptocurrencies in the top 100:
# 1 — Bitcoin fdv: $2 trillion
# 2 — Ethereum fdv: $468 billion
#5 — Solana fdv: $134 billion
#6 — BNB fdv: $104 billion
#19 — SUI fdv: $40 billion
The point is that these are big numbers which don’t necessarily represent the real value of the token because not all 100% of the tokens for these projects are in circulation.
Let’s have a look at market caps for some projects:
DOGWIFHAT (WIF) a meme coin that took around 5 minutes to create….
Market cap: $3.4 billion (daily volume :$793 million)
PEANUT THE SQUIRREL (PNUT) a meme coin that took around 2 minutes to create!…..
$1.3 billion (daily volume $783 million)
crazy numbers considering the lack of effort that went into creating them! What’s interesting though is the daily volume…in terms of all the trades made for these tokens, they’re both hovering close to $800 million in trade volume each day….very impressive, but then both of these are top 100 tokens in terms of market cap….
Let’s take a look at some other tokens OUTSIDE of the top 100….let’s say position 1000….
So we have a token called Galxe, with a market cap of around $19 million, and a trading volume of $185,000 per day….. now suddenly things are looking more modest.
But the key takeaway here is the trading volume….. $185k of trading volume isn’t overly impressive. Let’s compare this to $SUPRA….
Over half a billion in 24 hours….. so that’s 2,700 times the trade volume of a token in the top 1000!
So it’s pretty easy to see that just on trade volume alone, $SUPRA should sit comfortably in the top 1000 coins!
So what other tokens run at around half a billion in trade volume, similar to $SUPRA?
Well we have Fantom….
This is a top 50 token (currently ranked #47) and has a market cap of $3.5 billion, and has a daily trading volume of $484 million (slightly less than $SUPRA) so based on this information, you could argue that $SUPRA should be a top 50 coin.
But what makes things even more interesting, is that it’s trading on well over 100 exchanges, both centralized and decentralized, so it’s very easily accessible….
You can purchase it on the world’s leading CEX (Binance) and also on the world’s leading DEX (Uniswap) so it’s literally available to anyone.
Let’s compare this to $SUPRA, which by the way was only launched around 1 week ago…..
Four CEX exchanges….that’s it!
It’s also worth stating that none of these four exchanges are considered truly “global” CEX exchanges as there are limitations or restrictions for some crypto traders based on the country you live in.
The point being that the daily trading volume for $SUPRA is absolutely phenomenal considering where you can trade it right now, and this is purely because it’s so new. Within the next few weeks it will be on more exchanges and easier to trade, and therefore trading volume is set to increase.
So let’s just go back to the comparison with Fantom…..if you think $SUPRA deserves a top 50 spot, up there with Fantom, then potentially SUPRA could (should!) have a market cap of at least $3.5 billion….
it sits at $360 million…… which means a 10x (from the current price of $0.06 per token) is certainly reasonable, giving SUPRA an MCAP of $3.6 billion…. close to Fantom levels.
Therefore a 10x is certainly reasonable!
However $SUPRA (and its followers) have loftier ambitions! Many foresee SUPRA sitting somewhere around the levels of SUI
This has a market cap of almost $12 billion….. which represents at least a 30x from the current price of $0.06 for SUPRA….. or $1.80 per token!
Personally it’s unlikely to see $SUPRA reach these levels in this cycle….. in fact my expectations personally are on the modest side…..I’m hoping for a very reasonable 5x from current levels, so my own price target for the next 2–3 months is $0.20-$0.25 which I’ll be more than happy with!
Disclaimer: this is not financial advice, always do your own research!
