Binance Research's report said that the use of oracles can be a double-edged sword.
Binance Research’s report said that the use of oracles can be a double-edged sword.
While oracles significantly enhance the functionality of blockchain networks by enabling the execution of tasks guided by real-world inputs, exploits due to oracle manipulations cannot be overlooked. In fact, close to a billion dollars has been lost due to breaches in oracles since 2020., approximately $892 million has been siphoned off through manipulative actions associated with oracles over the last three years.
On the brighter side, this trend appears to have slowed down. In 2023, the losses resulting from oracle-related exploits have notably diminished, which can likely be attributed to heightened security measures and a general decrease in Total Value Locked within the decentralized finance ecosystem.
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