A partnership has been formed between the $2 billion-valued Sui Foundation, the company behind layer-1 blockchain Sui, and Stork, an off-chain data feed oracle.
For dealers and builders, the partnership seeks to improve speed and access to unique index and mark prices. App developers, decentralised exchanges (DEXs), and lending protocols developing on Sui’s blockchain will have access to real-time pricing data through Stork.
An oracle designed specifically for the demands of ultra-low-latency trading is called Stork. According to Stork, it updates more than 80 price feeds in milliseconds, outperforming existing decentralised oracles in speed.
“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,” according to the news release.
According to the press announcement, the oracle offers mark prices in addition to index pricing, which is a first for most DEXs. Since the mark price is used to display a contract’s “true” worth, it is significant for derivatives trading, which makes up the majority of the cryptocurrency market.
Co-founder of Stork Meredith Pitkoff said, “Mark prices are less volatile — it balances and smoothes out abnormal price fluctuations during times of high volatility.”
DefiLlama data indicates that Sui, which was formed by former workers of Meta Platforms (META), was online on the mainnet in May and presently has over $329 million in total value locked (TVL).