Decentralized Oracles

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Decentralized Oracles Overview

What do we mean by Decentralized Oracles?

Oracles act as a bridge, enabling the Web3 decentralized ecosystem to tap into existing data sources, legacy systems, and complex calculations. Through decentralized oracle networks (DONs), decentralized applications can respond to real-world events. This is made possible by blending on-chain code with off-chain resources, giving rise to hybrid smart contracts.

Consider a scenario where Alice and Bob wish to place a wager on a sports game's result. Alice puts $20 on team A, while Bob stakes $20 on team B, with the smart contract securely holding the total $40. Once the match concludes, how does the smart contract determine whether Alice or Bob is the winner? The solution lies in an oracle mechanism that securely and reliably retrieves the precise match results from off-chain and delivers them to the blockchain.

More info: What Is a Blockchain Oracle?

Popular Apps on Decentralized Oracles

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Chainlink

Infrastructure
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A DeFi oracle that enables Ethereum-based smart contracts to access real-world data and computation.

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EthereumPolygonOptimismArbitrumBaseLineaScrollStarknetZkSync Era

Supra Oracles

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A blockchain oracle providing dApps with cross-chain data feeds with real-time monitoring capabilities.

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OptimismEthereumPolygonArbitrumBase

Pyth Network

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An oracle that aggregates and publishes financial market data to multiple blockchains.

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LineaPolygon zkEVMEthereumBasePolygonZkSync EraOptimismArbitrumScroll

Band Protocol

Infrastructure
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A decentralized data oracle platform that connects real-world data and APIs to smart contracts.

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EthereumOptimismBlastPolygon

RedStone Oracles

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A decentralized oracle network that offers blockchain platforms and dApps unchangeable data sources.

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EthereumPolygonPolygon zkEVMOptimismArbitrumZkSync EraBaseScrollLineaBlast

UMA Protocol

Infrastructure
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A decentralized oracle that allows smart contracts to request real-world data quickly & use it securely.

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EthereumPolygon

DIA

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An oracle for sourcing and verifying data from traditional and digital financial applications.

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EthereumPolygonArbitrumOptimismBaseLineaPolygon zkEVMZkSync Era

API3

Infrastructure
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An oracle solution that allows developers to connect their dapps to real-world data streams using APIs.

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PolygonModeLineaArbitrumBaseBlastEthereumOptimism

Seda Protocol

Infrastructure
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A modular data layer that supports various data types and blockchain networks.

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EthereumArbitrumPolygon

Pragma

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Pragma Network is an oracle platform that redefines data verification and performance transparency using zk-rollup technology to ensure robust and transparent architecture.

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StarknetZkSync Era

Relic Protocol

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A secure and trustless solution for contracts to access historical data on-chain in a decentralized manner. Relic Protocol enables dapps to easily access Ethereum's historical data without relying on ...

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Ethereum