Sui Foundation Taps Stork to Boost DeFi Pricing Data

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DailyCoin2024/01/20 00:10

By: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.

Stork is happy to announce a strategic partnership with @SuiNetwork ! 🎉

Developers on Sui can now access the lowest latency price feeds, customized for DeFi apps.

Stork has also received a development grant. Read more. ⬇️ pic.twitter.com/T0bAsib0Ij
— Stork: Pricing Infrastructure for DeFi (@StorkOracle) January 18, 2024

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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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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