The Sui Foundation, the organization behind layer-1 blockchain Sui that boasts a $2 billion valuation, has teamed up with Stork, an off-chain data feed oracle.
The collaboration aims to enhance speed and access to unique index and mark prices for traders and builders. Stork will offer real-time pricing data to app developers, decentralized exchanges (DEXs) and lending protocols building on Sui’s blockchain.
Stork is an oracle purpose-built for the rigors of ultra-low-latency trading. It publishes updates for more than 80 price feeds in milliseconds – a speed that Stork claims outpaces other decentralized oracles.
“With Stork’s real-time pricing data, trading venues can manage their perpetual swaps and options books with greater accuracy, reducing the risk of loss related to liquidations when a customer’s positions are undercollateralized,” said the press release.
As well as providing index pricing, the oracle also offers mark prices, a first for most DEXs, according to the press release. The mark price is important for derivatives trading (which largely dominates the crypto market) because they are used to show a contract’s “true” value.
“Mark prices are less volatile — it balances and smoothes out abnormal price fluctuations during times of high volatility,” according to Meredith Pitkoff, Stork’s co-founder.
Sui, which was founded by ex-Meta Platforms (META) employees, went live on mainnet in May and currently has around a $329 million in total value locked (TVL), according to data from DefiLlama.
