The partnership should help lower the risk of losing money when a trader doesn’t have enough collateral for their positions.
The Sui Foundation and Stork are working together to give traders and developers quick access to pricing data.
The Sui Foundation is a group that created the Sui blockchain. They want to use Stork’s technology to make the blockchain faster and give users better access to index and mark prices. Because of working together, app creators, decentralized exchanges and lending protocols using Sui will be able to get live pricing data.
Stork was made to handle the problems of trading really fast. It quickly shares updates for more than 80 price sources, faster than any other decentralized oracles. A press release says that trading places can use Stork’s pricing data to better manage their swaps and options books, which can help reduce the risk of losing money when a customer’s positions don’t have enough collateral.
In addition to regular price information, the decentralized oracle also provides mark prices, which is a new thing for most decentralized exchanges. The mark price is important for figuring out the real value of a contract in derivatives trading. “Mark prices don’t change as much – they help keep prices stable when they go up and down a lot,” said Meredith Pitkoff, who co-started Stork.
The partnership will help lower the risk of losing money when traders don’t have enough collateral by making sure trading platforms keep better track of their perpetual swaps and options.
Sui was started by people who used to work for Meta Platforms. It is now worth $2 billion. It started working on the main network in May last year. According to DefiLlama, it has about $329 million locked in total value.
“Greg Siourounis, who leads the Sui Foundation, said that reaching $300 million in TVL is a big achievement for the Sui ecosystem, which has accomplished a lot since launching just a few months ago. ” “As people become more positive about the market and start to pay attention to the basics of the technology, it feels really good to see the Sui community’s hard work pay off and the growth of Sui’s ecosystem moving the industry forward. “
Sui is now the 13th biggest blockchain with more value locked in it than Bitcoin. The TLV has increased by more than 2000% since August 2023.
The total value locked in the blockchain’s DeFi can be credited to DEX Cetus with $62M, Navi Protocol with $60M, Scallop Lend with $54M, DeepBook with $33M, and FlowX Finance with $31M.
The new blockchain has taken on many new projects, and Solend, a popular lending protocol on Solana, recently said it will expand to Sui as its first alternative ecosystem. At the same time, Bluefin, a top trading protocol for investments, started on Arbitrum, but now wants to put its efforts into the Sui platform.
Sui made zkLogin and zkSend to help people use Web3 wallets with their Google or Facebook accounts. With zkSend, it’s as simple as sending an email to make Web3 transactions.