Open lending/borrowing protocols such as MakerDAO, Compound, Uniswap and Aave use oracles to fetch external data while running on the blockchain.
MakerDAO is among the most popular DeFi open lending protocols, and its Dai token is pegged to the U.S. dollar and backed by crypto assets. MakerDAO utilizes an oracles module to determine the real-time price of assets. The module is composed of whitelisted addresses of oracles and an aggregator contract. The oracles send periodic price updates to an aggregator that determines a median price, which is then used as a reference price on the platform.
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