> ## Documentation Index
> Fetch the complete documentation index at: https://docs.windrose.market/llms.txt
> Use this file to discover all available pages before exploring further.

# Oracles

> The exchange rates behind wrapped currencies and launch pricing.

The oracle supplies the rate between each currency and the chain's dollar. Vaults use it to mint and redeem wrapped currencies. The factory uses it once when a launch is created to give every curve comparable dollar depth.

Rates are stored as units of currency per one dollar. A rate of 83.5 means one dollar mints 83.5 units before fees.

## Fresh, stale, and expired

| Rate age | Result                                                                 |
| -------- | ---------------------------------------------------------------------- |
| Fresh    | Normal fees; vault deposits and withdrawals are open                   |
| Stale    | Minting and redemption continue with the higher fee; backer moves wait |
| Expired  | Actions that need the rate revert until a new rate is posted           |

The stale window covers normal FX market closures. It is not a second price source.

## Rate sources

The registry points to one rate source. Today, a keeper posts rates from an external FX source and limits how far a rate can move in one update. Pyth and Chainlink sources can be used where available.

The oracle is a trust boundary: a bad or compromised rate can change minting, redemption, and the dollar value of a vault. See [Risks](/safety/risks).