How to Buy and Stake ROSE Token for Oasis Network Rewards
What is the ROSE Token?
ROSE is the native utility token for the Oasis Network. It is used for staking and delegating on the Oasis Consensus Layer and for smart contract operations that require fees in ParaTimes. ROSE has a capped supply of 10 billion tokens, and as the main utility token of the network, it can be used to pay transaction fees, trading and staking, so users can delegate their tokens and earn rewards.
What is Staking?
Oasis users can earn rewards by staking their ROSE Tokens. This data gets staked out by users that want to analyze that information. Your analytics are valuable and the Oasis Network enables you to unlock that value in a secure peer-to-peer manner. Approximately 2.3 billion tokens will be automatically distributed on-chain as staking rewards to stakers and delegators for securing the network over time. Anyone who has ROSE tokens can delegate their tokens to the Ubik Capital validator and start earning rewards, based on how many ROSE tokens are delegated.
How to buy $ROSE and where to stake the token
Oasis Network tokens ($ROSE) can be bought on: Binance, CoinBase and CoinBase Pro, Kucoin, GateIO, Bitfinex
Step-by-step: How to stake with Ubik Capital
– First you need to Buy $ROSE with fiat in one of the exchanges mentioned above.
(Note: You will need a minimum of 100 ROSE tokens in order to participate in staking, and don’t forget to leave a little more to pay for eventual fees)
– Then create your Oasis Wallet on the official website: https://wallet.oasisprotocol.org/create-wallet
– Click on “+ Create wallet”
– Copy and Paste your mnemonics to open your wallet. Don’t forget to backup your mnemonics.
– After this, your wallet will be created. You can now send, receive and stake ROSE using the address generated.
– Add the Oasis Wallet Chrome Extension on your browser, if you want: https://chrome.google.com/webstore/detail/oasis-wallet/ppdadbejkmjnefldpcdjhnkpbjkikoip/
– Now, send your $ROSE (that you buy from the exchange) to the new wallet address that you just created.
- Click in “Stake” on the dashboard menu:
– Scroll through the validator list and find Ubik Capital.
– Now you can stake your tokens to gain more $ROSE! (it also auto-compounds automatically).
– Enter the amount of ROSE you want to stake in the Amount field and click the green Delegate button. This will take you to the Preview transaction window.
– Click the confirm button.
Now your staked ROSE tokens could have up to 12% APY for as long as you keep them locked in the network.
– ROSE rewards are received on each epoch transition which is approximately every hour.
– Remember that staked tokens have a lockup period. The unbonding process takes 14 days to complete. During this time you will not earn rewards. When the process is complete, you can transfer your ROSE tokens.
In this video made by the Oasis Foundation, you will be able to understand simply how to put your Rose in Staking: