Oiler is a protocol for blockchain native derivatives. Oiler team has in mind a very specific set of properties to call instruments ‘blockchain native’.

1. The instrument can be priced without any external (off-chain) oracles
2. The instrument can be settled without any external (off-chain) oracles

In order to settle derivatives on-chain nowadays, Oiler team needs to ensure that the payout can be calculated entirely on-chain. At Oiler, they not only assume that we will not take off-chain data but also that there is no oracle hidden behind the layers of on-chain data sources that our smart contracts use.