The stack of formal groups is known to possess profound (and still quite mysterious!) connections to stable homotopy theory. In this talk, we will discuss a derived variant of this due to Lurie: the moduli stack of oriented formal groups. On a formal level, this realizes the conjectural connection perfectly. We will explain how algebro-geometric study of deformations of oriented formal groups allow us to recover some well-known theorems in chromatic homotopy theory.