The Sui Foundation has partnered with blockchain oracle protocol Stork to make trusted external data available to creators and users in real time.
Stork is an off-chain data feed oracle that provides reliable data at high speed, reducing the risk of losses related to settlements in the blockchain space.
Updates to over 200 data sources in this blockchain oracle take just milliseconds, making it one of the fastest oracle solutions in the industry. Therefore, its integration with the Sui network is essential for improve speed and strengthen operations efficiency In the chain.
The Sui Foundation highlighted that this collaboration will optimize the speed and performance of its smart contracts and decentralized applications (DApps) in the DeFi space.
Access to real-time price data
Data oracles are a key piece in the decentralized finance ecosystem. These protocols provide both contract and DApp developers, as well as decentralized exchanges or DEXs, with reliable price data at high speed, reducing the risk of losses for DeFi traders and users when they have undercollateralized positions.
According to its creators, Stork decentralized oracles are tailored for ultra-low latency DeFi operations, enabling on-chain decentralized protocols to reduce risk and maximize performance and accuracy.
In addition to the integration of its blockchain oracles to the Sui network, the strategic collaboration between this project and the Foundation includes a development grant that will boost Stork's expansion in the blockchain ecosystem. Its developers highlighted that through the grant provided by the Sui Foundation, Stork's ultra-fast pricing data will be available to all builders in the Sui community.
Crypto industry experts have commented that strategic collaborations such as the one announced by Sui and Stork pave the way to enhance the development of more innovative tools and technologies that improve and transform the user experience within the blockchain and that promote the adoption of the Web3.
SUI appreciates 60% this month
Sui Network's native cryptocurrency, SUI, is trading above $1,09 at the time of writing. In the last month, this cryptocurrency has appreciated significantly, rising more than 60%, CoinMarketCap data shows.
Source: CoinMarketCap
The growth that SUI has experienced in its price has been driven by the constant development of the blockchain network, which was created by a group of former Meta executives, to offer a more scalable and accessible smart contract solution.
As reported by this medium, since its launch in the second quarter of 2023, to date, the total value deposited (Total Locked Value – TVL) in the smart contracts of the Sui network has increased exponentially, exceeding $300 million of dollars. This has been, in part, thanks to the scalability and low fees offered by the network, which has contributed to its use and adoption by the crypto industry in general.
Continue reading: Sui seeks to drive Web3 adoption with Mysten Labs and NHN Corporation
