Sui Foundation Taps Stork to Boost DeFi Pricing Data

The collaboration will provide developers and users access to real-time pricing data on the Sui blockchain.

SUI aeroplane leaving behind it's competitor in a pink sky.
Created by Gabor Kovacs from DailyCoin
  • Layer 1 blockchain and smart contract platform Sui Foundation has teamed with Oracle Stork for advanced DeFi solutions.
  • The duo will offer off-chain data feeds to developers and users on the Sui blockchain.
  • Sui Foundation has issued a development grant to Stork.

On Thursday, January 18, Sui Foundation and off-chain data feed oracle Stork unveiled a new collaboration, targeted at enhancing the speed and sophistication of decentralized finance (DeFi).

Sui Adopts Stork’s Real-Time Pricing Data Feature

The protocols aim to make real-time pricing data accessible to app developers and users on the Sui blockchain via off-chain data feeds, which are specifically designed for ultra-low latency DeFi by the Stork oracle. 

Trading platforms on the Sui blockchain can utilize Stork’s real-time pricing data for precise management of perpetual swaps and options books, mitigating the risk of losses during undercollateralized positions.

Decentralized exchanges and lending protocols can also benefit from the integration, by better managing collateral requirements in response to market activity.

Managing Director of the Sui Foundation, Greg Siourounis, emphasized the importance of the collaboration.

“Stork’s efficient delivery of real-time pricing data will enable DeFi applications on Sui to offer real utility to users and, ultimately, help reshape the ways digital assets are owned, managed, and traded", he stated.

As part of the collaboration, Sui Foundation has issued a grant to Stork, which will support the integration of pricing data into the ecosystem. 

The layer-1 smart contract platform’s  native token SUI has experienced a 300% increase over the past three months, and is currently ranked 13th in Total Value Locked (TVL).

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.