DeFi ecosystem when hackers alter the oracle <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contract</strong></a> which leads to theft, system failure, and so on.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-oracles/">Oracles are third-party service providers that offer blockchains with real-world or external information such as statistics, price fees,<strong> weather information</strong>, and so on. Price fees, however, are by far the most exploited oracle data since they enable attackers to take over millions of funds from DeFi platforms.</p>\n<p>As an example, the offender in the Harvest Finance attack was able to infiltrate its pools via a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-flash-loan/">flash loan</strong></a><strong>&nbsp;</strong>using a type of oracle manipulation. Essentially, the hacker used a transaction to lower the value of USDC inside the Curve pool. The offender then entered the Harvest pool <strong>at the deflated price</strong>, returned USDC to its original price, reversed his transaction, and departed the pool at a much higher price.</p>\n<p>Overall, there are two distinct ways an oracle could collect price data. One is to effortlessly drain price information via <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-api/">APIs from <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-centralized-exchange-cex/">centralized exchanges</strong></a>. Another way is for oracles to do calculations independently by consulting <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-exchange-dex/">decentralized exchanges </strong></a><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-exchange-dex/">(DEXs). 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Even though several contracts and decentralized systems are able to connect to a single oracle, a type of contract-specific oracle was created to work as a single <strong>smart contract</strong>.</p>\n<p>There are various types of oracles according to their usage. The main ones are the following:</p>\n<ul>\n<li><strong>Human Oracles. </strong>People with different subject knowledge who are able to verify, validate, as well as fetch data for utilization by blockchain-based agreements.</li>\n<li><strong>Software Oracles. </strong>These are the most commonly used oracles that retrieve online data from other programs and web <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-api/">APIs, such as market prices, airline status, and weather information.</li>\n<li><strong>Hardware Oracles. </strong>Such oracles provide real-world data for smart contracts by integrating with physical systems and technology. Hardware oracles can interface with <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-radio-frequency-identification-rfid/">RFID sensors</strong></a> used in a variety of industries.</li>\n<li><strong>Outbound Oracles.</strong> Such oracles send data from smart contracts to external systems, allowing smart contracts to interact with non-blockchain sources.</li>\n<li><strong>Inbound Oracles. </strong>External data is sent to smart contracts or software oracles via inbound oracles. These oracles can be specified as a set of <em>\"if\"</em> rules, for example, <em>\"place a buy order if an asset reaches a specific price\".</em></li>\n<li><strong>Consensus Oracles. </strong>Such oracles are a type of decentralized oracles that collect huge volumes of data from a small number of other oracles and use certain procedures to assess the validity and correctness of the data.</li>\n</ul>\n<p>Besides, note that oracles that depend on a single data supplier are referred to as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-centralized/">centralized, whereas those that interfere with various sources are referred to as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized. However, in an essence, <strong>a blockchain oracle is a third-party data source</strong> that requires external permission to function successfully, which implies that it's typically a centralized entity's tool. As a result, most oracles sacrifice the smart contracts' decentralized features.</p>\n<p>The majority of crypto enthusiasts would refer to Band Protocol (BAND) as well as Chainlink (LINK) as classic instances of decentralized oracle networks.</p>\n<p>Besides, it's important to note that <strong>oracles are not data sources. </strong>Instead, they gather, query, and verify information from many sources before delivering it to smart contracts.</p>\n<p>In addition, the transmitted information can be anything from payments, price feeds, temperature from a sensor, scores from a basketball game, and so on. Most of the time, oracles are assigned depending on where they draw their information from, their sources, the flow of data, and whether they are decentralized or centralized.</p>\n<h2>The Oracle Problem<strong><br /></strong></h2>\n<p>Smart contracts perform different duties depending on the data provided by centralized oracles, implying that <strong>oracles have enormous influence over smart contracts. </strong>The Oracle Problem is a conflict of trust that centralized third-party oracles introduce into trustless smart contracts and blockchain systems.</p>\n<p>Even though decentralized oracles, such as consensus oracles, may appear to be a viable option, there are still numerous obstacles to overcome, as <strong>decentralized oracle networks are difficult to create in a secure, functional, and trustless manner.</strong></p>","level":"medium","meta_title":"What are Oracles? 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A call signal indicates that an option holder can buy an asset at a defined price and time. However, put and call option methods work in polar opposite ways.</p>\n<p>Besides, it should be noted that options are traded in the options market. Even though these financial products carry a higher amount of risk than <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-spot-trading/">spot trading</strong></a>, they have a number of benefits.</p>\n<p>For example, they can assist investors in properly deploying assets in order to maximize their profits.&nbsp;Also, because of their <strong>lower financial commitment</strong>, they may be less hazardous than <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-futures/">futures or other forms of financial products. Besides, options are very adaptable, allowing for the construction of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-synthetic-asset/">synthetics and, as a result, the expansion of investment opportunities.</p>\n<p>There are two basic styles to choose from:</p>\n<ul>\n<li><strong>American</strong></li>\n<li><strong>European</strong></li>\n</ul>\n<p>The distinction between the two is in how holders engage with the mechanism between the time of purchase and the point of expiration. American-styled options, for instance, allow holders to purchase or sell prior to the expiration date. European-styled options, on the other hand, solely permit holders to execute their rights on the expiration date.</p>","level":"easy","meta_title":"What is Option? Definition & Meaning | Crypto Wiki","meta_description":"Option meaning: Option - is a financial contract that allows its holder to purchase or sell an asset without making a commitment.","meta_keywords":null,"language":"en","created_at":"2022-03-24T14:43:47.000000Z","updated_at":"2022-12-15T14:09:02.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-option"},"currentChapter":"O","currentSection":"what-is-oracle-manipulation","chapterTitle":"O","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-oracle-manipulation","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter O

What is Oracle Manipulation?

Oracle Manipulation MEANING:
Oracle Manipulation - is a mechanism commonly seen in the DeFi ecosystem when the oracle smart contract is manipulated by hackers.
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Let's find out Oracle Manipulation meaning, definition in crypto, what is Oracle Manipulation, and all other detailed facts.

Oracle manipulation (also known as price manipulation) is a typical occurrence in the DeFi ecosystem when hackers alter the oracle smart contract which leads to theft, system failure, and so on.

Oracles are third-party service providers that offer blockchains with real-world or external information such as statistics, price fees, weather information, and so on. Price fees, however, are by far the most exploited oracle data since they enable attackers to take over millions of funds from DeFi platforms.

As an example, the offender in the Harvest Finance attack was able to infiltrate its pools via a flash loan using a type of oracle manipulation. Essentially, the hacker used a transaction to lower the value of USDC inside the Curve pool. The offender then entered the Harvest pool at the deflated price, returned USDC to its original price, reversed his transaction, and departed the pool at a much higher price.

Overall, there are two distinct ways an oracle could collect price data. One is to effortlessly drain price information via APIs from centralized exchanges. Another way is for oracles to do calculations independently by consulting decentralized exchanges (DEXs). Nonetheless, both techniques have some benefits and drawbacks, as well as ways and methods to be hacked or manipulated.

According to DeFi networks, they have lost over $33 million as a result of oracle manipulations in 2020 alone.
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