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JEL Code

K0, K2, G2, G3, G5

Abstract

Financial markets have recently suffered the increased interest of the users for the cryptocurrencies and decentralized finance solutions. Although the Decentralized Finance (DeFi) has been designed based on smart contracts and leave out third party intermediaries, these platforms sometimes require information from the outside world, such as exchange rates or prices. The DeFi Oracles are the link solution between the on-chain world and the off-chain universe. This article describes the oracles, including taxonomy, governance and use cases. Afterwards, it considers their potential, and at the same time, addresses possible risk that they present, and that could impact the future DeFi space

Submission Date

1-17-2022

Approval Date

7-31-2023

Publication Date

8-27-2023

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