Insect's blood transports nutrients to the body. It also carries waste away. Insects blood does not transport oxygen because most insects get oxygen through diffusion or through the many openings on their bodies.
Insects use hemolymph to transport nutrients, hormones, and waste products, but it does not transport oxygen. Instead, oxygen is delivered directly to tissues through a system of tracheae. This collaboration allows insects to efficiently manage their physiological needs despite their evolving circulatory system.
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