Sui Foundation Partners with Stork to Enhance Speed and Access to Real-Time Pricing Data

According to CoinDesk, the Sui Foundation, the organization behind the $2 billion layer-1 blockchain Sui, has partnered with off-chain data feed oracle Stork to improve speed and access to unique index and mark prices for traders and builders. Stork will provide real-time pricing data to app developers, decentralized exchanges (DEXs), and lending protocols built on Sui's blockchain. As an oracle designed for ultra-low-latency trading, Stork publishes updates for over 80 price feeds in milliseconds, a speed that it claims surpasses other decentralized oracles. The partnership will enable trading venues to 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 a press release. In addition to providing index pricing, the oracle also offers mark prices, a first for most DEXs. Mark prices are crucial for derivatives trading, which dominates the crypto market, as they represent a contract's 'true' value. Stork's co-founder, Meredith Pitkoff, explained that mark prices are less volatile and help balance and smooth out abnormal price fluctuations during times of high volatility. Sui, founded by former Meta Platforms employees, went live on mainnet in May and currently has around $329 million in total value locked (TVL), as per data from DefiLlama.