The Sui Foundation, which powers the $2 billion layer 1 blockchain Sui, has entered into a strategic partnership with Stork, a specialized off-chain data feed oracle.
This collaboration will revolutionize the environment for traders and builders by optimizing speed and accessibility to unique indices and market average prices.
Designed specifically for ultra-low-latency trading, Stork has established itself as the leading oracle providing real-time price data to application developers, decentralized exchanges (DEXs), and lending protocols operating on Sui’s blockchain.
The platform excels at publishing updates to more than 80 price feeds within milliseconds, outperforming other decentralized oracles, as Stork claims.
In a groundbreaking move, Stork’s real-time price data will enable trading venues to improve the accuracy with which they manage their perpetual swap and options books.
This feature is important to minimize the risks associated with liquidation when a client’s position is undercollateralized, as highlighted in the official press release.
Stork also introduces market average price, a notable feature in most DEXs. This marks a significant development in the area of derivatives trading, which largely dominates the cryptocurrency market.
Standard pricing plays a pivotal role in displaying the “true” value of a contract, a critical concept for ensuring market stability. Stork co-founder Meredith Pitkoff emphasized the importance of market average prices, citing their role in smoothing out unusual price movements during periods of heightened volatility.
Founded by former Metaplatform (META) employees, Sui achieved its mainnet launch last May and quickly amassed a total value locked (TVL) of approximately $329 million, according to the latest data from DefiLlama. The collaboration with Stork highlights Sui’s commitment to pushing the boundaries of innovation within the blockchain space and providing traders and builders with an advanced ecosystem for operations.