Sui Foundation, the force behind the $2 billion valued layer-1 blockchain Sui, has entered into a strategic partnership with Stork, a specialized off-chain data feed oracle.
This collaboration is set to revolutionize the landscape for traders and builders by optimizing speed and accessibility to distinctive index and mark prices.
Stork, designed specifically for ultra-low-latency trading, is positioned as a leading oracle, delivering real-time pricing data to application developers, decentralized exchanges (DEXs), and lending protocols operating on Sui’s blockchain.
The platform excels in publishing updates for over 80 price feeds in milliseconds, surpassing the performance of other decentralized oracles, as claimed by Stork.
In a groundbreaking move, Stork’s real-time pricing data will empower trading venues to enhance the precision of managing perpetual swaps and options books.
This capability is crucial in minimizing the risk associated with liquidations when a customer’s positions are undercollateralized, as highlighted in the official press release.
Furthermore, Stork introduces mark prices, a noteworthy feature for most DEXs. This marks a significant development in the realm of derivatives trading, which predominantly governs the crypto market.
Mark prices play a pivotal role in displaying a contract’s “true” value, a concept that is crucial for ensuring stability in the market. Meredith Pitkoff, Co-founder of Stork, emphasized the importance of mark prices, noting their role in mitigating abnormal price fluctuations during periods of heightened volatility.
Sui, founded by former Meta Platforms (META) employees, achieved its mainnet launch in May, swiftly amassing a total value locked (TVL) of approximately $329 million, according to DefiLlama‘s latest data. The collaboration with Stork underscores Sui’s commitment to pushing the boundaries of innovation within the blockchain space, offering traders and builders an advanced ecosystem for their operations.
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