How to Stake the ROSE Token
This guide contains detailed steps on how you can stake the ROSE token.
In this article, we will explain what is ParaTime, where you can get the ROSE token, and how you can stake it to earn rewards.
To achieve high performance and scalability, the Oasis network does the consensus and computation in two different layers, i.e., the Consensus layer and The ParaTime layer.
These ParaTimes are decentralized and run in parallel. They are completely independent and isolated from each other. The advantage of this design is that complex processing on one ParaTime has no impact on the processing of the transactions on different ParaTimes. Anyone can build their ParaTime specific to their application demand with each possessing the basic features of the network, i.e., confidential computation, open or closed committees, etc.
Currently, only the Oasis browser extension wallet offers support to GUI related to ParaTime withdrawal and deposit. Support to ParaTime via the Ledger device has not been implemented yet.
When you go to the ParaTime tab in your wallet, you will notice two ParaTimes (Emerald and Cipher) with different ParaTime IDs.
Note that to work with any of the above two ParaTimes, you have to transfer the ROSE token to the desired ParaTime layer. Because the ROSE balance existing in your wallet resides in the Consensus layer that is outside of the ParaTime layer.
- Emerald — EVM-compatible ParaTime designed to solve high fee and low throughput issues. It can help in increasing the transaction throughput to 1,000 per second and reduces the fees by 99%+ as compared to Ethereum.
- Cipher- The confidential smart contract ParaTime. It is the main building block of the Oasis network that ensures privacy.
The ROSE Token
The ROSE token is the native token of the Oasis network. It has multiple utilities inside the network ecosystem that includes staking/delegating at the Consensus layer, paying network fees, etc. Users can get the token from any of the below platforms. You can check this link to get the full list of platforms from where you can buy the ROSE token.
Withdraw ROSE Tokens From Exchange
As you can see from the below screenshot, we have some ROSE tokens in our exchange account. We will transfer the token from the exchange account to the Consensus layer of the Oasis network.
Note: you can skip this step if you are holding the ROSE token in your Oasis wallet.
To withdraw, just click on the withdraw button against the ROSE token. Now, fill in the recipient address and the amount of tokens you wish to transfer.
Confirm the process, and you can see the desired ROSE token balance in your Oasis wallet.
How to Stake ROSE
Users holding ROSE can delegate their tokens to network validators and earn a reward. The user reward depends upon the number of tokens staked and its duration.
To stake your ROSE token, go to the Staking tab in your Oasis wallet.
From the Validator section, you can check the list of network validators whom you can delegate your tokens.
Before delegating the tokens, users should check the following details about the validator:
- Total number of the delegators
- Total tokens staked
- Commission rate
- Current status of the node
- Uptime percentage of the node
You can click on a particular validator to know more details about it.
Once you have finalized the validator, click on the Delegate button.
Now, enter the amount of ROSE tokens that you wish to deposit. Users can delegate tokens to multiple validators. That means you are allowed to do partial delegations.
Review and confirm the process.
Once the process is done, you can check your Active delegation from the wallet’s landing page as well as from the My Delegation tab.
Users can unstake their staked ROSE tokens at any time. To unstake, click on the Undelegate button. A window will appear where you can enter the number of ROSE tokens you wish to undelegate.
Note that when you unstake, the commission will be deducted from your staked balance. You can see the final token amount you will receive after unstaking.
Confirm the process. You can now check the unstake status from the Debonding Delegation section.
Note that there is a debonding period of 336 hours. So, your funds will be released after that period.
Note: This post was first published here with Altcoinbuzz.io.