Stork Network raises $4 million in seed funding led by Lightspeed Faction to enhance web3 data solutions, focusing on the development of Stork Perps and The Open Data Market.
Bollywood Fever: Web3 oracle provider Stork Network has successfully raised $4 million in seed funding to advance its innovative on-chain data solutions.
The funding round was led by Lightspeed Faction, with additional investments from Lattice, CMS, and Wintermute.
According to a release shared with The Block, Stork Network plans to utilize the funds to expand its product offerings, particularly focusing on Stork Perps.
Stork Labs, the core contributor to Stork Network, is dedicated to creating more accessible, cost-effective, and versatile on-chain data solutions for decentralized protocols.
One of the key tools in development by Stork Labs is The Open Data Market. This tool is designed to connect data publishers with protocols, decentralized applications (dApps), and other data consumers through a Composite Oracle Service (COS). Stork Perps, the first COS developed by the firm, is set to play a crucial role in this ecosystem.
“Developers need open, reliable, and flexible data provisioning to power the next wave of on-chain applications focused on new primitives and enhanced user experience,” Stork Labs stated in an August 8 release introducing The Open Data Market.
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