Oracles
🌐 Overview
Oracles play a critical role in bridging the gap between blockchain and the external world, enabling smart contracts on Hemi to access trustworthy off-chain data necessary for various use cases.
The most common applications of oracles include:
Providing up-to-date token prices for different pairs, which is essential for DeFi protocols and financial products.
Enabling dynamic NFTs that can change their properties based on real-world events, adding a layer of interactivity and uniqueness.
⎑ Push vs Pull
Oracles operate using two primary models:
Push Model: In this traditional approach, the oracle regularly pushes data to an on-chain contract, which dApps can access as needed.
Pull Model: This newer model involves oracles signing data and keeping it on an external network. When dApps need updated data, users pull the signed data and submit it on-chain with their transaction.
Pyth
Pyth offers push-based price feeds for Hemi.
Supported Networks:
Hemi mainnet
Hemi Sepolia
Redstone
Redstone offers push-based price feeds for Hemi.
Supported Networks:
Hemi mainnet
Hemi Sepolia
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