To learn how to download, install, and set-up your ONTO wallet, click here. Once you have the required tokens and wallet, you can initiate the staking process by locking up your ONT tokens. Open your ONT wallet and click “Staking”, then “Deposit for staking”. The round is 120,000 blocks and its duration can vary in time (from one and a half days to one and a half months). The Ontology dual-token design uses ONT for staking and ONG as gas.
Once you have your wallet set-up, click in the upper right corner on your profile picture, select Manage wallets and then at the bottom press +Add new wallet and then Import wallet. In the Import wallet window select Import other wallet and from the list select ONT Wallet. Atomic wallet should have available ONG swap pairs currently, so you can use this wallet to get some ONG as well. You will need to create a new wallet and deposit some assets which can be swapped for ONG. If you have any questions, would like to report missing or incorrect content, or want to tip my wallet to buy me a cup of coffee, you can reach me on Telegram or Twitter.
1 The Graph price is currently trading at $0.111 with a loss of -0.54 during the intraday session. You will need to pay the network fee, so make sure you have enough ONG on your balance. You can also stake more without unstaking the whole deposit first. To do that just repeat the staking procedure and choose the same validator. The United States Senate has passed an $886 billion military spending bill with strict anti-money laundering provisions for cryptocurrency.
Staking cryptocurrencies has become an increasingly popular way for investors to earn passive income while supporting the networks they believe in. Ontology is one such blockchain platform that allows its users to participate in staking Ontology (ONT) tokens and earn rewards in the form of Ontology Gas (ONG) tokens. In this ultimate Ontology staking guide, we will explore how to stake ONT, select the right node, comprehend the fee sharing ratio, claim staking rewards, and more. The fee sharing ratio is a crucial factor in determining how staking rewards are distributed between the node operator and the stakers. Ontology Airdrop is worth in total 20,000 ONG tokens (~$ 7400). Also, unlimited ONG tokens are available for the Technical tasks.
In case you have Binance Smart Chain BNB or other BSC assets, you can swap them via ApeSwap to ONG. Once you have ONG tokens (BSC version), you can swap them inside ONTO wallet to native tokens. Simply go to “Market” page and select the ONG (BSC) to ONG (Ontology) pair and sign the swap transaction. ONTO is the official Ontology mobile wallet which has a built-in swap function enabling users to swap ONT for ONG without paying gas fees. It was designed specially for users who have ONT but run out of ONG. A step-by-step guide on how to perform this swap can be found here.
You can locate both ApeSwap, PancakeSwap and Binance Bridge, inside ONTO wallet on the Discovery page. Binance Bridge’s smallest ONT chain swap is 3 ONT (with a 1 ONT swap fee). Unfortunately, it seems that the value of each swap has to be at least approximately $215. You cannot use an Exodus mnemonic phrase to import to ONTO, it will result in a different wallet address. B) If you have ONT tokens in a third party, non-custodial wallet such as Trust wallet, export your mnemonic phrase or private key and import it into ONTO.
Smart contract deployment, for instance, requires ONG tokens. By utilizing ONG, the network maintains predictable transaction costs, creating a user-friendly environment for developers and users alike. Users can cancel their staked ONT tokens at any time, but the tokens will remain locked until the end of the ongoing consensus round (or the next round, depending on the node type). This lock-up period is necessary to ensure the stability and security of the network, as sudden and frequent staking changes could destabilize the system. Staking ONT tokens on the Ontology network allows participants to earn rewards in the form of ONG.
ONT is used as the staking tool, and the time cost of staking and the operating costs of the nodes are considered to be inputs, with ONG distributed as revenue. ONG is the utility token used as a value anchoring tool for on-chain applications (source). Ontology aims to instill trust, privacy, and security in Web3 through decentralized identity and data solutions.
ONG is distributed on the Ontology network to ONT holders. After each generated block, ONG is distributed among ONT holders. After canceling your staking, the ONT tokens will be unlocked and ready to be claimed once the current consensus round (or the next round, depending on the node type) concludes. This means that there might be a short waiting period before the tokens become available for further action. Currently you cannot directly trade ONG on BSC (Binance Smart Chain), but you can get ONT which you can then swap to ONG within your ONTO wallet, based on the steps described above.
Other wallet swaps (easy)
With Binance, you can buy any amount of ONG and withdraw it to your wallet with only a 0.1 ONG withdrawal fee. Binance does not require KYC and for unverified accounts offers a 2 BTC daily withdrawal limit. The easiest method is to deposit some crypto (listed on Binance) and trade it for ONG.
Staking ONT on the Ontology network is not only a profitable venture but also a way to contribute to the network’s security and growth. By participating in staking, users actively support the consensus process and help maintain the overall stability and decentralization of the Ontology blockchain. ApeSwap has recently listed ONG (BSC version) at their exchange.
- Simply go to “Market” page and select the ONG (BSC) to ONG (Ontology) pair and sign the swap transaction.
- You can locate both ApeSwap, PancakeSwap and Binance Bridge, inside ONTO wallet on the Discovery page.
- Open your ONT wallet and click “Staking”, then “Deposit for staking”.
- To learn how to download, install, and set-up your ONTO wallet, click here.
- ApeSwap has recently listed ONG (BSC version) at their exchange.
The rewards are generated from the transaction fees collected during consensus rounds, and the release of ONG tokens is based on a predetermined release model. Then swap 1–10 ONT for ONG and send them from ONTO to your third party wallet. This workaround is valid also for US based users who can, for instance, use binance.us to buy and withdraw ONT to ONTO wallet. You can always check available markets at coinmarketcap or coingecko, but the most popular option is definitely Binance.
How to claim ONG
Share your referral link to earn additionals ONG tokens. Users can easily develop distributed services through Ontology without having previous knowledge of distributed networks. ONT is a cryptocurrency coin of main chain services, whereas ONG is a utility token used for on-chain services.
If you cannot access a centralized ONG market due to your geographical location, see the alternative methods below.
- The fee sharing ratio is a crucial factor in determining how staking rewards are distributed between the node operator and the stakers.
- Then open ApeSwap or PancakeSwap (based on your preference or available liquidity).
- A step-by-step guide on how to perform this swap can be found here.
The project is creating the infrastructure to enable reliable access to Web3, offering individuals and enterprises regulatory-compliant digital identity solutions. Operating as a high-speed, cost-effective public blockchain, Ontology is dedicated to introducing decentralized identity and data solutions to Web3. The primary objective is to enhance privacy, transparency, and trust within the ecosystem. Users and enterprises have the freedom to construct tailored blockchain-based solutions that meet their specific requirements while ensuring adherence to regulatory standards. Ontology Gas (ONG) token is the fuel for transactions on the Ontology network.
If you are familiar with BSC’s ecosystem, it should be easy for you. All you need is a multi-token wallet app which supports BSC and ONT, such as ONTO. Create a new wallet if you don’t have one already and deposit some BNB (BSC). Then open ApeSwap or PancakeSwap (based on your preference or available liquidity). ONT (BSC version) can then be swapped to native ONT via Binance Bridge. To import the address, install ONTO and create a new ONT ID wallet first.
Ontology and Ontology Gas are both listed on CoinMarketCap. The ONT token serves as the primary medium for storing and transferring value within the Ontology network. When ONT token holders delegate their stake to a Triones node, they grant the node operator the authority to participate in governance proposals and voting on their behalf. Meanwhile, transactions and fees on the Ontology network are facilitated using the ONG token.