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Oracles are the critical link between blockchain and the outside world, feeding real-world data into smart contracts in DeFi. Without oracles, these contracts would be limited to data on the blockchain, making them less versatile and powerful. In DeFi, oracles ensure that smart contracts can execute based on real-world conditions, like price feeds for lending platforms. Essential for trust and functionality, they're a game-changer in blockchain tech.

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Absolutely right! Oracles are indeed the backbone of DeFi, enabling smart contracts to interact with real-world data seamlessly. Their reliability and accuracy are crucial for the trust and efficiency of decentralized finance applications.