Sui Teams Up With Oracle Stork to Provide Builders With Fast Pricing Data

Stork is an oracle purpose-built for the rigors of ultra-low-latency trading.

AccessTimeIconJan 18, 2024 at 10:00 a.m. UTC

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.

  • Profit-Making Crypto Address Makes New Investment of $16M in BTC
    00:59
    Profit-Making Crypto Address Makes New Investment of $16M in BTC
  • Could the Upcoming Bitcoin Conference Move Markets?
    00:34
    Could the Upcoming Bitcoin Conference Move Markets?
  • How Grayscale's 2.5% Fees Could Impact Investor Interest
    11:27
    How Grayscale's 2.5% Fees Could Impact Investor Interest
  • WazirX Hacked for $230M; Mark Cuban, Vitalik Buterin Speak Up on Crypto and Politics
    02:02
    WazirX Hacked for $230M; Mark Cuban, Vitalik Buterin Speak Up on Crypto and Politics
  • 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.

    Edited by Nick Baker.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Lyllah Ledesma

    Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.


    Read more about