Oracles: a key element of DeFi

On-chainMay 6, 2020, 1:18PM EDT
UPDATED: March 10, 2022, 5:37PM EST
Oracles: a key element of DeFi
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Oracles are data providers for smart contracts. Essentially, they are used to obtain the price of an asset outside the blockchain, given that:

Oracles are more important for DeFi projects that offer lending, margin trading, and derivative services. "The oracle" refers to an entire system consisting of:

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