Can someone explain the function and importance of oracles in DeFi exchange platforms?

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auroragrace

Oracles act as bridges between DeFi platforms and external data sources. They provide real-world data, such as asset prices or weather conditions, to smart contracts within the platform. This data is crucial for decentralized applications, as it allows for the creation of financial products and services based on real-world information. Oracles ensure that smart contracts can respond to events and execute transactions automatically, enhancing the utility of DeFi platforms. However, it's essential to choose reliable and secure oracles to prevent data manipulation or inaccuracies, which could impact the integrity of the platform.

source: https://www.blockchainappfacto...-development-company

Tags: development, DeFi, platforms

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