Oracle networks are crucial for feeding real-world data to smart contracts. This article explores the importance of oracles in DeFi and how they work.
What Are Oracle Networks?: Define oracles as third-party services that fetch real-world data for smart contracts. Smart contracts need accurate, reliable data to execute automatically.
Major Oracle Networks: Discuss popular oracle networks like Chainlink, Band Protocol, and API3, explaining how they secure the data flow between off-chain and on-chain systems.
Use Cases in DeFi: Highlight how oracles power DeFi platforms by providing price feeds, weather data for insurance contracts, and sports results for betting protocols.
