Razor Network Alpha is Now Live on SKALE
We have got some great news for the Razor community. The much-awaited launch of Razor’s decentralized oracle network on SKALE is finally happening. Starting September 1, 2022, at 1 PM UTC, $RAZOR holders can join the Razor Network as validators on SKALE and participate in staking.
Razor Network Alpha will be launched on the SKALE Network, marking an important milestone in developing the one-of-its-kind, completely decentralized oracle solution for DeFi and Web3 applications. This launch follows extensive testing and stringent audits, which played an essential role in ironing out a few minor issues in the early stages. The community’s enthusiastic participation in a series of incentivized testnet campaigns proved to be helpful in stress testing various network components.
Run Your Node, Stake, and Delegate your $RAZOR
$RAZOR token holders can join the Razor Alpha ecosystem as validators or delegators. To become a validator and operate your node, one must stake a minimum of 1M $RAZOR. Not enough $RAZOR? Fret not, as there are no minimum requirements to delegate your $RAZOR and contribute towards network validation.
How to Participate?
With the Razor Alpha going live on SKALE, one would need $RAZOR on SKALE Network. Currently, users can bridge their $RAZOR on Ethereum to SKALE. Those holding $RAZOR on Ethereum or Polygon chains will have to bridge their tokens to SKALE to participate in the network activities. Those holding the tokens on Polygon will have to follow a two-step process, bridging from Polygon to Ethereum (https://wallet.polygon.technology/bridge) and then to SKALE. You can refer to the video tutorial below and follow the step-by-step instructions to get $RAZOR on SKALE and start staking.
Bridging Tutorial: https://youtu.be/SAlJAn7MGeQ
Use this bridge to swap $RAZOR on Ethereum chain to SKALE Network: https://bridge.razorscan.io/
In order to bridge your tokens to-and-fro and to pay for the gas fee on the network for performing various actions, you will need to have sFuel, to get sFuel, visit the faucet created by Razor Network and follow the steps mentioned to get sFuel, Faucet: https://faucet.razorscan.io/
$RAZOR token address on Razor Schain: 0xcbf70914Fae03B3acB91E953De60CfDAaCA8145f
Having acquired $RAZOR on SKALE, things are pretty straightforward from here on. If willing and able to satisfy the minimum requirement, you can choose to set up a Razor node and operate as a validator. Otherwise, just go ahead and stake how much ever $RAZOR you wish and delegate it to one of the node operators. You can use the following documentation to set up your node: https://docs.razor.network/docs/getting-started
Run your Node on Razor Network Alpha
Operating your node as a validator on the Razor Network will require access to a device with 16GB RAM and a 4-core arm64 or amd64 architecture-based processor at the least. With the machine in place, just follow the instructions to set up docker and install the Razor Go node. Following the instructions, create an account or import an existing Razor account on Razor Go and start configuring the device to stake, vote, and accept delegated stake to earn commissions on validating transactions on the Razor Network.
Sounds too complicated? It isn’t if you follow the node setup documentation we have created here: https://docs.razor.network/docs/razor-go/installation
Wish to Just Stick to Delegation?
Not enough $RAZOR or wish to learn more before getting hands-on? The no minimum requirement delegating is open for participation where one can stake as many $RAZOR tokens as they wish with any of the active validators and earn rewards.
To start delegating your stake to validators, just ensure your Metamask wallet is set to SKALE Network and has $RAZOR tokens. Follow the instructions in the documentation to connect the Metamask wallet to RazorScan and the validator of choice to stake your tokens with.
Instructions for delegating $RAZOR: https://docs.razor.network/docs/delegation/delegate
Delegation Tutorial: https://youtu.be/Q9orrsViJyg
As an indispensable part of the Razor Network, validators and delegators are eligible for block rewards. To quell your curiosity on how much one can earn by participating in $RAZOR staking, a Mining Rewards Estimator has been created, which can be accessed here. However, please note that the rewards mentioned in the sheet are just estimates and could vary depending on various network parameters, including block rewards. Users can replace the values highlighted in yellow on the spreadsheet with relevant figures to estimate potential earnings from participation in the Razor Network Alpha program.
Read our previous blog on Mining tokenomics for more information.
About Razor Network
Razor Network is a blockchain agnostic, truly decentralized oracle platform designed to meet the diverse requirements of Decentralized Finance. At Razor Network, we are working on creating the next-generation oracle system focusing on maximum game-theoretical security and fully permissionless complete decentralization.
Stay updated with the latest developments by following us on GitHub.