Sui Partners with Stork Oracle for Faster Pricing Data
Coinspeaker
Sui Partners with Stork Oracle for Faster Pricing Data
The Sui Foundation has partnered with off-chain data feed oracle Stork to provide traders and developers with fast pricing data.
The Sui Foundation is the organization behind the layer-1 blockchain Sui and hopes to leverage Stork’s technology to boost speed and access to unique index and mark prices for users. Thanks to this collaboration, app developers, decentralized exchanges (DEXs) and lending protocols building on Sui will have access to live pricing data.
According to Stork, it was designed to withstand the challenges associated with ultra-low-latency trading. It reportedly publishes updates for over 80 price feeds in milliseconds, faster than all 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,” says a press release.
Outside index pricing, the decentralized oracle also offers mark prices, which, according to the release, is a first for most DEXs. The mark price is used to determine a contract’s “true” value and as such, is vital to derivatives trading. “Mark prices are less volatile – it balances and smoothes out abnormal price fluctuations during times of high volatility,” comments Stork co-founder Meredith Pitkoff.
The partnership is expected to reduce the risk of loss linked to liquidations when trader’s positions are undercollateralized by increasing the accuracy with which trading venues manage their perpetual swaps and options books.
Sui, which was founded by former Meta Platforms employees, is currently valued at $2 billion went live on mainnet in May last year and, according to data from DefiLlama, has around $329 million in total value locked (TVL).
“$300 million in TVL is a significant milestone—one in a string of achievements the Sui ecosystem has reached only months since mainnet launch,” said Greg Siourounis, Managing Director of the Sui Foundation. “As market sentiment strengthens and focus turns to the fundamentals of the technology, it is extremely gratifying to see the work of the Sui community bear fruit and Sui’s ecosystem growth leading the industry forward.”
With this milestone, Sui ranks as the 13th-largest blockchain by TVL, surpassing Bitcoin. It marks an increase in TLV of over 2000% since August 2023.
The blockchain’s DeFi TVL can be attributed to protocols such as DEX Cetus with $62M locked in, Navi Protocol ($60M), Scallop Lend ($54M), DeepBook ($33M), and FlowX Finance ($31M).
The relatively new blockchain has onboarded many new projects, with Solend – a leading lending protocol on Solana – recently announcing that it plans to expand to Sui as its first alternative ecosystem. Meanwhile Bluefin, a leading derivatives trading protocol that had its start on Arbitrum, recently decided to focus its resources on the Sui platform.
On the technology and infrastructure front, Sui launched zkLogin last year, a service that enables users to create and access Web3 wallets using web2 social credentials like Google and Facebook which was followed by zkSend, an effort to make Web3 transactions as easy as sending an email.