Blockchain Oracles in the World of DeFi

What Are Blockchain Oracles?

Benefits and Applications

How Are Oracles Being Used Today?

  • Arbol uses Chainlink’s oracles to query weather data for its weather-centric risk products.
  • Etherisc leverages Chainlink’s oracles to power a range of decentralized insurance products, including crop and flight insurance.
  • Synthetix uses Chainlink’s price feeds to price its synthetic assets.
  • Polychain Monsters uses Chainlink’s Verifiable Random Function (VRF) to fairly and randomly assign NFTs to booster packs.
  • Mirror Protocol leverages Band Protocol’s oracle network to secure some of its mirrored assets.
  • Secret Network recently implemented Band Protocol’s oracle-based price feeds to help kickstart its DeFi ecosystem.
  • KyberSwap leverages Band Protocol’s low latency price feeds to tackle price manipulation on its decentralized exchange platform
  • Alpha Finance integrated Band Protocol’s price oracles for its Alpha Homora yield farming product.
  • PAID Network partnered with DIA to leverage its data feeds to power its SMART Agreement technology.
  • Polkalokr partnered with DIA to integrate its data oracles into its decentralized escrow platform.
  • Horizon recently pledged to integrate DIA’s data oracles with its ecosystem through a dedicated sidechain.

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