- Leading a $4 million seed round, Lightspeed Faction is a web3 oracle provider owned by Stork Network.
- The money will be used by the company to expand its product line, especially for Stork Perps.
Seed money totaling $4.7 million was raised by Stork Network, a provider of web3 oracles.
Wintermute and CMS also participated in this round, which was led by Lightspeed Faction and Lattice. The company plans to use the money to expand its product line, especially for Stork Perps.
The primary sponsor of Stork Network, Stork Labs, seeks to provide more user-friendly, affordable, and adaptable on-chain data solutions for decentralized protocols. The Open Data Market is one tool the company is creating for this.
Through a Composite Oracle Service, the technology links data publishers with protocols, decentralized apps, and other data consumers. The company’s initial COS is Stork Perps.
In an Aug. 8 release presenting The Open Data Market, Stork Labs said that developers need open, dependable, and flexible data provisioning to fuel the next wave of onchain applications centered on new primitives and improved user experience.
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