Understanding the Oasis Network
The Oasis Network is primarily developed by Oasis Labs, a company established in 2018 by Professor Dawn Song from the University of California, Berkeley. This innovative network focuses on the creation of decentralized finance (DeFi) applications and promoting interoperability across different blockchain platforms. It positions itself as the “first scalable, privacy-enabled blockchain network aimed at fostering open finance and a responsible data economy.” Since its launch in October 2020, it has maintained compatibility with the Ethereum blockchain, allowing developers to transition decentralized applications (dApps) from Ethereum to Oasis, including major projects like the decentralized exchange (DEX) Uniswap. The network’s native utility token, ROSE, facilitates transaction fee payments and is utilized for staking and delegation within the consensus mechanism. Initially, 1.5 billion ROSE tokens were in circulation, with a capped total of 10 billion tokens. Over time, approximately 2.3 billion tokens will be distributed as rewards to stakers and delegators entrusted with securing the network. As of late September 2022, around 5.03 billion ROSE tokens were actively circulating, corresponding to a market capitalization exceeding $297 million, placing it as the 107th largest cryptocurrency.
Oasis Network (ROSE) Price Developments: A Shift Towards Interoperability
On January 11, 2022, Oasis Network announced that Binance Labs, the investment division of the well-known cryptocurrency exchange Binance, had contributed to the Oasis Ecosystem Fund, which now totals $200 million. This fund is dedicated to financing the development of applications within the Oasis Network, covering areas such as DeFi, non-fungible tokens (NFTs), the metaverse, privacy solutions, and data tokenization and governance. To further bolster its support, Oasis introduced a $500,000 DappRadar x Oasis Accelerator Programme on February 9, 2022, aimed at developers creating applications on the Oasis Network, particularly in the domains of DeFi, play-to-earn gaming, and privacy. Starting in April, ten standout projects will be awarded grants of up to $50,000 in ROSE tokens each. Additionally, on January 11, Oasis Network went live with its DeFi offerings, launching the YuzuSwap DEX and the Wormhole Bridge on its mainnet. YuzuSwap allows token holders to engage in liquidity pools, conduct trades, and earn returns, while the Wormhole Bridge enables interoperability with nearly $1 billion in total value locked (TVL) across major blockchains like Avalanche, Binance Smart Chain (BSC), Ethereum, Polygon, Solana, and Terra, facilitating the transfer of Ethereum-based ERC-20 tokens.
On February 17, 2022, the WePiggy lending protocol made its debut on the Oasis Network, initially allowing lending of USDT, ETH, and ROSE with plans to expand its offerings. Oasis Network emphasized its advantages for DeFi applications, highlighting features such as instant transaction finality, significantly lower gas fees compared to Ethereum, high throughput, privacy protections, and resilience against miner extractable value (MEV) issues. Furthering its commitment to interoperability, on February 7, 2022, Oasis Network announced a partnership with Celer cBridge, enabling users to perform instant, cost-effective transfers between Oasis and other cBridge-supported blockchains and layer-2 networks. Both networks are set to explore new ecosystem opportunities through the recently launched Celer Inter-Chain Message (Celer IM) Framework, which will empower developers to create inter-chain applications that optimize liquidity and maintain coherent logic and shared states, thereby enhancing the user experience across multiple chains.
On February 16, 2022, Oasis Network revealed its integration with Multichain, a router designed for the next-generation internet (Web3), which facilitates seamless interactions among different blockchains. This integration enables cross-chain transfers of various assets, including ETH, WBTC, USDT, USDC, and DAI between Oasis Network and Ethereum, as well as BUSD and BNB between Oasis Network and BSC, with plans for additional assets to be added in the future. By February 22, Oasis announced that GemKeeper.Finance had successfully completed its Peckshield security audit, marking it as the second DeFi protocol on Oasis to achieve this milestone. GemKeeper is offering governance token incentives for the Oasis ROSE coin paired with Wormhole USDT, as well as ROSE pairings with Multichain assets like BUSD, LINK, AVAX, FTM, USDC, and BNB.
Oasis Network Token Price Trends
The Oasis Network token experienced a remarkable surge of over 933% throughout 2021, escalating from $0.04158 in January to a year-end value of $0.4298. It peaked at an all-time high of $0.5964 on January 15, 2022, before retreating to $0.2103 by the end of February, and closing March at $0.1783. The first half of 2022 was marked by several flash crashes, leading to a decline in value to $0.08404 by late July. After a prolonged bearish phase, the token saw a slight recovery to $0.1151 following news of a partnership with Meta. However, as of September 28, 2022, the token was trading at $0.05895.
Future Price Predictions for Oasis Network
As of late September 2022, the sentiment surrounding the ROSE token was predominantly negative, with CoinCodex reporting only one bullish technical indicator against 23 bearish signals. Looking ahead to 2025, their optimistic scenario predicts a ROSE price of $0.921312, contingent on growth patterns similar to Facebook, while a scenario based on internet growth suggests a price of $0.181604. In contrast, DigitalCoinPrice provided a more favorable outlook, forecasting a gradual price increase over the coming years, with average predictions of $0.0612 in 2022, $0.13 in 2023, and $0.24 by 2025. The site anticipates a price of $0.82 for 2030. Similarly, PricePrediction has a positive forecast, estimating the token could average $1.38 by 2030, significantly up from $0.22 in 2025 and $0.073 in 2022, based on comprehensive technical analysis powered by artificial intelligence. It’s essential to recognize that the cryptocurrency market is known for its extreme volatility, which complicates accurate price predictions for ROSE and long-term forecasts. Therefore, potential investors are encouraged to conduct thorough research, considering current market trends, news, technical analysis, and expert opinions before making any investment decisions, as historical performance does not guarantee future results.
