Sui Partners with Oracle Stork for Rapid Crypto Pricing Data

• Sui Foundation and Stork Collaborate to Enhance Blockchain Trading
• Role of Stork in the Partnership
• Impact of Stork's Real-time Pricing Data
• Introduction of Index Pricing and Mark Prices
• Benefits of Mark Prices
• About Sui

Sui Foundation and Stork Collaborate to Enhance Blockchain Trading

The organization behind layer-1 blockchain Sui, the Sui Foundation, valued at $2 billion, is joining forces with Stork, an off-chain data feed oracle. This collaboration is set to improve both speed and access to unique index and mark prices for those involved in trading and building.

Role of Stork in the Partnership

Stork is set to provide real-time pricing data to app developers, decentralized exchanges (DEXs), and lending protocols that are being built on Sui's blockchain. Stork operates as an oracle designed for the demands of ultra-low-latency trading. It boasts of releasing updates for over 80 price feeds in milliseconds, a feat that allegedly surpasses other decentralized oracles.

Impact of Stork's Real-time Pricing Data

The application of Stork's real-time pricing data enables trading venues to manage their perpetual swaps and options books with more precision. This reduces the potential risk of losses linked to liquidations when a customer's positions are undercollateralized, as outlined in a recent press release.

Introduction of Index Pricing and Mark Prices

Beyond offering index pricing, the oracle is extending the provision of mark prices, a novelty for most DEXs as stated by the press release. The mark price holds significance for derivatives trading, a dominant aspect of the crypto market, as it is used to demonstrate a contract's true value.

Benefits of Mark Prices

Mark prices exhibit less volatility, offering a balancing act and smoothing out irregular price fluctuations during periods of high volatility, as pointed out by Meredith Pitkoff, co-founder of Stork.

About Sui

Founded by former Meta Platforms (META) employees, Sui was launched on mainnet in May. Currently, it has approximately $329 million in total value locked (TVL), based on data from DefiLlama.

Edited by Jonathan Stoker