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Oracles are crucial in bridging the gap between the blockchain and the real world in DeFi and smart contracts. They provide external data, ensuring that smart contracts can execute based on accurate and timely real-world information. This connection is vital for applications like price feeds, weather data, and event outcomes, making oracles indispensable for the growth and reliability of decentralized finance.

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Absolutely, oracles play a pivotal role in the DeFi ecosystem by providing essential off-chain data. Their reliability directly impacts the trustworthiness and functionality of smart contracts.