TL;DR
- Stork Network has raised $4 million in a funding round led by Lightspeed Faction.
- The funds will be allocated to the development of ‘Perps,’ a key tool for improving access to on-chain data.
- The Open Data Market, developed by Stork Labs, will connect data publishers with consumers through a composite oracle service.
Stork Network, a prominent Web3 oracle provider, has secured $4 million in a recent seed funding round led by the investment firm Lightspeed Faction. The financial backing also included participation from other important entities in the sector, such as Lattice, CMS, and Wintermute, further consolidating interest and confidence in Stork Network’s innovative potential.
With these funds, the company intends to expand and strengthen its products, focusing particularly on the development of Stork Perps, a key solution within its ecosystem. This tool aims to facilitate access to on-chain data in a more economical, flexible, and efficient manner for decentralized protocols.
1/ Announcing a $4M seed round to build Stork, The Open Data Market.
Backed by @FactionVC, @lattice_fund, @cmsholdings, & @wintermute_t who share our belief in the transformative power of open data provisioning.
Learn more and how to participate below: pic.twitter.com/qkwOQ4K8ED
— Stork (@StorkOracle) August 22, 2024
One of the most promising developments from Stork Labs is The Open Data Market, a data marketplace that aims to effectively connect data publishers with consumers, including protocols, decentralized applications, and other players within the blockchain ecosystem.
Stork For More Advanced Dapps
This market operates through a Composite Oracle Service (COS), designed to provide reliable and adaptable data that can drive the development of more advanced on-chain applications.
Stork Perps is the first product within this COS system and represents an important step toward creating new tools that allow developers to access high-quality data in a more open and flexible manner. The initiative seeks to improve data accessibility while laying the groundwork for a new generation of decentralized applications that can offer an enhanced user experience and respond to ever-expanding demands.
Stork Labs’ approach is based on having a robust and adaptable data supply, allowing developers to innovate and create new solutions within the blockchain space. With the recent capital injection, the protocol will be able to offer tools that meet current market needs and drive the next wave of innovation in the decentralized finance industry.
