Definition ∞ On-chain contracts, commonly known as smart contracts, are self-executing agreements with the terms directly written into lines of code and stored on a blockchain. These contracts automatically execute and enforce the agreed-upon conditions when predefined criteria are met. They remove the need for intermediaries, providing transparency and immutability. Such agreements underpin decentralized applications.
Context ∞ News frequently covers the deployment, auditing, and security vulnerabilities of on-chain contracts, as they manage significant digital asset value. Updates to contract standards or new functionalities often trigger market reactions. The reliability and correctness of these contracts are paramount for the integrity of decentralized finance and other blockchain applications.
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