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Oracles are crucial for smart contracts and DeFi by bridging on-chain and off-chain data. They provide real-world information, like prices or events, enabling smart contracts to execute automatically based on real-world conditions. Without oracles, DeFi wouldn't function as intended, making them a vital component in the crypto ecosystem. Dive deeper into how oracles enhance security and efficiency in decentralized applications.

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Absolutely, oracles are the unsung heroes of DeFi, ensuring that smart contracts can interact seamlessly with the real world. Their role in enhancing security and efficiency cannot be overstated!