A few things to remember about oracles:
1) Chainlink aggregates quotes from multiple providers through multiple independent nodes, then puts them on-chain.
2) Smart contracts can’t access off-chain data directly, such as token prices or weather data; they need an oracle to write that data on-chain.
3) When choosing a DeFi product, check which oracle it uses. The more concentrated its price sources, the greater the risk.
$LINK is the token of the Chainlink oracle network.
1) Chainlink aggregates quotes from multiple providers through multiple independent nodes, then puts them on-chain.
2) Smart contracts can’t access off-chain data directly, such as token prices or weather data; they need an oracle to write that data on-chain.
3) When choosing a DeFi product, check which oracle it uses. The more concentrated its price sources, the greater the risk.
$LINK is the token of the Chainlink oracle network.