The Currency Analytics
By Steven Anderson
Oracles are the fuel for DeFi apps
The DeFi ecosystem aims to create a decentralized environment where people will have greater access to different financial applications yet without being governed by a…
But among all these rosy stories of the dramatic rise of DeFi, one thing is for sure - DeFi apps need Oracles for their survival and growth.
DeFi apps are many and varied, ranging from decentralized exchanges to stablecoins to prediction markets to yield farming and so on.
This is where Oracles come to the rescue.
Oracle systems are developed to feed real-world data into blockchain smart contracts which eventually empowers the DeFi apps to operate at their full potential.
Now, it’s to note here oracles can be centralized and decentralized. In centralized oracles, data are provided by one single authority and there is no way to verify the accuracy…
Growth of oracles linked to rise of DeFi
The rise of the DeFi ecosystem has created a steady demand for oracles, especially decentralized oracles of late.
Another latest name in the list of leading oracles today is Bridge, the first ever decentralized public oracle for TRON blockchain.