It was announced that Web3 oracle provider Stork Network received a $4 million investment to expand its product line and specifically work on Stork Perps. The investment round was led by Lightspeed Faction, with other significant investors such as Lattice, CMS, and Wintermute also participating.
Stork Labs Offers Flexible Data Solutions for Decentralized Protocols with New Tools
Stork Labs, the core contributing company behind Stork Network, aims to provide easier, cheaper, and more flexible on-chain data options for decentralized protocols. To achieve this goal, the company is developing a tool called The Open Data Market.
In a press release dated August 8, Stork Labs introduced The Open Data Market and stated, “Developers need open, reliable, and flexible data provisioning services to power the next wave of on-chain applications focusing on new principles and enhanced user experience.”
The Open Data Market offers a Composite Oracle Service (COS) that connects data publishers with protocols, decentralized applications, and other data consumers. Stork Perps is the company’s first COS developed.
Preparing to Offer Innovative Data Solutions for Web3 and DeFi
The investment received by Stork Network will allow the company to strengthen its existing products and offer innovative solutions for data access and usage in the Web3 universe. The investment is seen as a significant development, especially at a time when decentralized finance (DeFi) and Web3 applications need more reliable and flexible data flows.
Stork Network’s post-investment plans include developing other innovative data tools alongside Stork Perps. The project aims to provide stronger and more accessible data solutions in the Web3 world, becoming a cornerstone for future decentralized applications.
