# Oasis Network

> Privacy-first Layer 1 with confidential smart contracts via TEE-powered ParaTimes. ROFL mainnet live, Franklin Templeton/BENJI collateral pilot on Sapphire, but TVL still under $1M after five years.

- Scores: Freedom 6.3/10 (grade C), Returns 4.6/10 (grade D)
- Category: data · Token: ROSE
- Published: 2026-03-06 · Updated: 2026-10-07
- Canonical: https://ownyourmind.ai/projects/oasis-network/
- Data (scores + integrity verdicts, JSON): https://ownyourmind.ai/api/projects/oasis-network.json
- Cite as: Own Your Mind (ownyourmind.ai), licence CC BY 4.0. Link the canonical URL.

Charts and interactive widgets are omitted here; their data is in the JSON above.

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## What it does

Oasis Network is a Layer 1 blockchain designed from the ground up for confidential computing. Smart contracts on Oasis can process data that stays encrypted even from the nodes running them. Not "privacy optional" or "privacy coming soon"; confidential execution is the core architecture.

The network uses a two-layer design. The **Consensus Layer** runs CometBFT (formerly Tendermint) proof-of-stake with 120 validator slots. The **ParaTime Layer** runs multiple parallel execution environments concurrently, each with its own compute characteristics:

- **Sapphire** – Oasis's flagship confidential EVM-compatible ParaTime. Runs Solidity contracts inside Intel SGX trusted execution environments. Data enters encrypted, is decrypted only inside the hardware enclave, processed, and re-encrypted before output. 6-second finality. 99%+ lower fees than Ethereum. Among the most established production confidential EVMs in crypto.
- **Cipher** – Wasm-based confidential ParaTime (also using SGX). Supports Rust smart contracts with full confidentiality.
- **Emerald** – Standard non-confidential EVM ParaTime for applications that don't need privacy.

The separation of consensus from execution is the architectural differentiator. Each ParaTime operates independently: Sapphire can be confidential while Emerald runs standard EVM, all sharing the same consensus layer. This is more modular than most L1 designs.

**ROFL (Runtime Off-chain Logic)** launched on mainnet on 2 July 2025, enabling off-chain computation inside TEEs with on-chain attestation. Positioned as a "Trustless AWS," ROFL supports AI inference, oracle feeds, game hosting, and autonomous agents. Early projects include Zeph (privacy-first AI companion) and WT3 (autonomous trading agent, $100K seed from the Foundation). This moves Oasis beyond smart contracts into general-purpose confidential compute.

Founded in 2018 by **Dawn Song** (CEO), who is the Forrest G. Hamrick Professor of Engineering at UC Berkeley, a MacArthur Fellow (2010), a Guggenheim Fellow, and the most-cited scholar in computer security per AMiner. She co-invented Flash OFDM, the technology underlying 4G mobile networks. By any measure, the most credentialled founder in all of crypto.

Other co-founders include Bobby Jaros (COO), Noah Johnson (CPO), and Raymond Cheng (CTO). The entity is Oasis Labs Inc., based in Berkeley, California, with a separate Oasis Foundation governing the network.

Mainnet launched 18 November 2020.

## Value proposition

### What works in production

Confidential computing that actually works in production. Oasis has been running confidential smart contracts since 2020. Not as a testnet, not as a roadmap item, but as a functioning network. The Foundation's Nexus indexer showed Sapphire at roughly 6,000 to 7,000 transactions a day through mid-September 2026.  If you need EVM-compatible privacy today, Sapphire is one of the few production options. Since July 2025, ROFL extends this to off-chain compute: AI inference, oracles, and autonomous agents running inside TEEs with on-chain attestation.

The technical approach uses Intel SGX trusted execution environments. Data is encrypted at rest and in transit, decrypted only inside the hardware enclave. Even the node operators can't see what they're processing. Sapphire adds confidential state (the contract's storage is encrypted), full encryption from the user's browser to the enclave, and confidential randomness.

### The TVL counter-narrative

The counter-narrative used to write itself: "$288K TVL after five years." That number has moved. Sapphire TVL peaked at $7.5M in May 2025 (per DeFiLlama), driven largely by Accumulated Finance's liquid staking protocol (stROSE), which locked 12M+ ROSE. But the peak did not hold. By September 2026, combined TVL across the two EVM ParaTimes sat around $520K per DeFiLlama (Emerald ~$336K, Sapphire ~$185K), well down from that peak.  The trajectory shows the network can attract capital, but not retain it. Still less TVL than a mid-tier Uniswap pool. Active addresses told a slightly better story for a while: Sapphire surpassed 15,000 daily active addresses in March 2026, up from 9,500 in September 2025, though Nexus showed daily active accounts in the low hundreds on most days of September 2026.

The ICO was in July 2018 at $0.02 per ROSE. The token peaked in January 2022 and is now down 99% from its all-time high. ICO investors who held through are deeply underwater after seven years.

### Two developments that shift the picture

First, **ROFL mainnet** (July 2025) moves Oasis from "privacy L1" to "confidential compute platform". Off-chain AI inference, oracles, and autonomous agents running inside TEEs with on-chain verification. This is the right product for the AI-privacy moment, if they can attract builders.

Second, the **SemiLiquid institutional pilot** (reported January 2026). SemiLiquid, an Oasis portfolio company, ran a pilot with five institutional partners:

- Franklin Templeton
- Zodia Custody
- M11Credit
- Avalanche
- Presto Labs

The setup: BENJI (Franklin Templeton's tokenised money-market fund) used as collateral on Oasis Sapphire via the Liquefaction protocol, built by Cornell Tech. The credit workflow runs on Oasis's confidential infrastructure, keeping counterparty data encrypted throughout. Oasis's strategic investment arm backed SemiLiquid as its first venture.

The privacy compute market may simply not be ready yet. Or Oasis may have failed to capture it despite being first. The ROFL launch and institutional pilot suggest the team has shifted strategy from "build it and they will come" to actively pursuing AI and institutional use cases. The TVL spike-and-crash shows demand exists but retention doesn't. Whether ROFL and institutional partnerships change this trajectory is the question for 2026.

Third, the **April 2026 strategy pivot**. On 29 April 2026, Oasis published "New Chapter," reframing the project from infra-first to consumer-app-first. The first concrete output is **Privana Finance**, a private DeFi product (trading, yield, automation, self-custody) with the **Privana SDK** (key encumbrance via TEEs, based on Cornell Tech's Liquefaction research) opening to integrators "soon." The 8 April 2026 Ekai launch (an AI context-layer agent with encrypted credentials, running on Sapphire and ROFL mainnet) is an early third-party data point that this stack now hosts real product. None of this has produced verifiable TVL or usage data yet, so we're holding the score; if Privana Finance attracts meaningful TVL and integrator count by the next monthly review, Revenue Sustainability is on the table for an upgrade.

For the sovereignty thesis, Oasis is architecturally one of the strongest projects reviewed. Confidential smart contracts where node operators cannot see the data they process is exactly what data sovereignty means in practice. Sapphire's confidential EVM is a real, usable tool for privacy-preserving applications today.

## Tokenomics

ROSE has a fixed maximum supply of 10 billion tokens, with no inflation beyond the staking reward allocation. Distribution:

- **Staking Rewards:** 23.5% – distributed over time to validators and delegators, declining over the first 4 years
- **Backers:** 23% – a16z, Polychain, Pantera, Binance Labs, Accel, Foundation Capital. Vesting extends to ~2030.
- **Core Contributors:** 20% – team and early contributors. Vesting extends to ~2030.
- **Community & Ecosystem:** 18.5% – grants, ecosystem fund ($235M assembled from additional backers including Dragonfly, Electric Capital, Jump Capital)
- **Foundation Endowment:** 10% – Oasis Foundation operations
- **Strategic Partners & Reserve:** 4.7%
- **Lockdrops:** 0.3% – completed

$46 million was raised in a private sale (July 2018) led by Andreessen Horowitz at $0.02 per token. This was the only fundraising round: no public sale, no ICO, no follow-on raises. All subsequent grant funding was for projects, not equity or tokens.

Circulating supply is approximately 8.0 billion ROSE (~80%). The FDV-to-market-cap ratio sits under 1.3x, among the lowest in DeAI, meaning minimal remaining dilution. Most insider vesting is near or past completion. This is one of the most mature supply profiles we have reviewed.

Listed on Binance, Coinbase, KuCoin, Bybit, MEXC, and Gate.io.

Staking is available with a minimum of 100 ROSE. APY approximately 5% (declining over time). 14-day unbonding period. Slashing only for double-signing with a minimum 100 ROSE penalty, one of the most lenient slashing regimes in PoS.

## How to participate

**Stake ROSE.** Delegate to validators. Minimum 100 ROSE. ~5% APY. 14-day unbonding. Slashing only for double-signing. Must sign 75%+ of blocks per epoch to receive rewards. Technical skill: basic.

**Liquid stake via Accumulated Finance.** Stake ROSE and receive stROSE, which can be used as collateral or in DeFi while earning staking yield. Runs on Sapphire with confidentiality guarantees. Technical skill: basic.

**Run a validator.** Compete for one of 120 validator slots. Intel SGX hardware required for confidential ParaTime compute nodes. Technical skill: advanced. Validator commission plus staking rewards.

**Build on Sapphire.** Deploy confidential EVM dApps. Full Solidity compatibility with added privacy features (confidential state, encrypted inputs/outputs, confidential randomness). Foundation grants available from $235M fund. Technical skill: intermediate (if you know Solidity, you can build on Sapphire).

**Build a ROFL app.** Deploy off-chain compute inside TEEs with on-chain verification. Suited to AI inference, oracles, trading agents, and data processing that requires privacy. Foundation seed funding available for promising projects. Technical skill: advanced.

## Honest assessment

## Freedom Score: 63/100

Oasis has genuine production-ready confidential computing with strong open-source development, but practical limitations exist.

**Infrastructure Decentralisation: 13/20.** 120 validator slots with 74 active validators. Multiple ParaTimes running in parallel. CometBFT PoS consensus. However, Intel SGX dependency creates hardware vendor centralisation. Sapphire has only 34 compute nodes. ParaTime separation provides architectural resilience but SGX requirement limits who can run compute nodes. (figures as of 2026-10-19)

**Governance Decentralisation: 9/20.** Validators vote on protocol changes through an on-chain governance module, weighted by staked and delegated ROSE, and it has passed five proposals since August 2021. Two came from validators rather than the Foundation, per Oasis Nexus, and all five passed unanimously (69 entity votes on the latest). Voting power is concentrated, with seven entities holding a third of active escrow, and Oasis Labs and the Foundation control development direction. A module that outside validators use earns the bottom of the 9-12 band, and a rail that has yet to settle a disagreement stays there.

**Token Distribution Fairness: 7/15.** 43% insider allocation (Backers 23% + Core Contributors 20%) was high at launch. However, ~80% is now circulating after 5+ years, and most vesting is near completion. No public sale. FDV/mcap ratio under 1.3x is among the lowest in DeAI.

**Censorship Resistance: 11/15.** Confidential smart contracts mean data is encrypted even from node operators: strong censorship resistance by design. Sapphire is among the most established production confidential EVMs. However, Intel SGX has known side-channel vulnerabilities, and 7 validators together hold more than a third of stake, enough to halt the chain. (figures as of 2026-10-19)

**Data Sovereignty: 12/15.** Confidential computing is the core product. Full browser-to-enclave encryption, confidential state, confidential randomness. One of the strongest production data sovereignty implementations in crypto. Score limited by SGX vulnerability surface and minimal adoption after 5+ years.

**Open Source Transparency: 11/15.** 94 non-fork public repos, a third of them without a licence file (GitHub API, 18 September 2026). Core, SDK, wallet, CLI all open source, and oasis-core (Apache-2.0) is still pushed in September 2026.  However, there's no publicly verifiable core protocol audit from top-tier firms.

## Returns Score: 46/100

**Token Utility: 13/20.** ROSE is used for gas fees across all ParaTimes, PoS staking (minimum 100 ROSE), and governance. ROFL mainnet (July 2025) adds off-chain compute utility. ROFL apps pay gas and attestation fees in ROSE. Accumulated Finance's liquid staking creates additional utility via stROSE. Utility is broadening but ROFL adoption is early-stage.

**Value Accrual: 7/20.** Transaction fees accrue to validators but remain low. Staking rewards come from the 23.5% staking allocation, not protocol revenue. No fee distribution to non-staking holders. No burn mechanism. TVL peaked at $7.5M (May 2025) but has since fallen sharply per DeFiLlama; fee generation remains negligible. SemiLiquid/Franklin Templeton pilot (BENJI as collateral via Liquefaction on Sapphire) could drive institutional transaction volume, but is pre-revenue. Marginal improvement.

**Supply Dynamics: 14/20.** 10B fixed max supply with ~80% circulating, one of the most mature supply profiles in DeAI. FDV/mcap ratio under 1.3x means minimal remaining dilution. Most insider vesting near completion. No burn but also no meaningful inflation beyond declining staking emissions. Strong supply dynamics in a project with limited adoption.

**Revenue Sustainability: 5/25.** Still near-zero protocol revenue after 5+ years of mainnet operation. TVL peaked at $7.5M (May 2025) via Accumulated Finance liquid staking but has since fallen sharply per DeFiLlama. The SemiLiquid pilot with Franklin Templeton and Zodia Custody demonstrates institutional interest in confidential infrastructure for RWA collateral, a plausible revenue pathway. ROFL positions Oasis for the AI-privacy compute market. Score raised from 3 to reflect genuine strategic progress, but revenue remains aspirational.

**Liquidity & Access: 7/15.** Listed on Binance, Coinbase, KuCoin, Bybit, MEXC, Gate.io. Good exchange coverage for tier-1 and tier-2 CEXs. Volume has declined from prior levels relative to these listings.

### Quadrant: B (High Freedom, Low Returns)

Oasis sits in Quadrant B: a sovereignty play with unproven economics. The confidential computing architecture is one of the strongest in crypto, but the market hasn't rewarded it.

### Key risks

- **TVL spike-and-crash.** Sapphire TVL peaked at $7.5M (May 2025) then fell back sharply per DeFiLlama. The network can attract capital but hasn't demonstrated retention. Still negligible for a funded L1.
- **99% from ATH.** Negative ICO ROI after 7+ years. Investor patience is exhausted.
- **Intel SGX dependency.** Known side-channel vulnerabilities. Hardware vendor centralisation. SGX deprecation risk. ROFL adds Intel TDX support but same vendor.
- **ROFL adoption is unproven.** Mainnet launched July 2025 but only two early projects (Zeph, WT3). The "Trustless AWS" positioning needs builders to materialise.
- **Institutional pilot ≠ institutional adoption.** The SemiLiquid/Franklin Templeton pilot is promising but pilots often don't convert to production deployments. No revenue yet.
- **Possible team downsizing.** Third-party estimates suggest the team may have shrunk significantly. Unverified but concerning.
- **No published core protocol audits.** Private bug bounty exists but is not a substitute for published audit reports from recognised firms.
- **Privacy L1 competition.** Nillion (MPC/HE), Secret Network (SGX like Oasis), Phala (TEE compute) all compete for the same market.

## Score change log

| Date | Score | Change | Reason |
| - | - | - | - |
| 2026-10-07 | Data | N/A | Turnover restated from near 6% to near 4% of market cap (7-day median 3.7%, early October). Scores unchanged. |
| 2026-09-25 | Freedom | Governance 8 → 9 (Freedom 62 → 63, C held) | The on-chain governance module has passed five upgrade and parameter proposals since 2021, two submitted by independent validators; concentrated voting and no contested vote limit it to one point. |
| 2026-09-24 | Data | N/A | Stale figures refreshed: TVL ~$357K to ~$520K, Sapphire daily transactions 25-31K to ~6-7K (Nexus), active validators 114 to a bound ~73, FDV/MCap 1.28x to under 1.3x, repo counts re-read. Governance prose now records the on-chain voting module. Scores unchanged. |
| 2026-09-23 | Data | N/A | Integrity records re-cut: 5 claims now quote Oasis's own pages verbatim and 5 are our own measurements. Scores unchanged. |
| 2026-09-07 | Data | N/A | WS3b consensus rail: the active set runs well under the 120 cap our evidence treats as the binding constraint, so the halt threshold and top-ten escrow share are the facts that bind. Censorship 11/15 held. |
| 2026-09-06 | Data | N/A | Research JSON resynced to the frontmatter Returns breakdown. Token Utility, Value Accrual and Revenue Sustainability all predate the 2026-03-12 Returns 41 to 46 move, whose log row names only one of the three dimensions it changed. No published score changed. |
| 2026-09-06 | Data | N/A | WS3b liquidity rail: all six named venues confirm across 25 venues (Coinbase checked at Coinbase, ROSE-USD online), Binance top at 40.3%, turnover 5.65%. The hardcoded ~$6M daily volume is replaced with the ratio. Liquidity & Access 7/15 held. |
| 2026-09-05 | Data | N/A | September monthly review. Circulating supply refreshed ~78% to ~80% (8.0B of 10B, CoinGecko) across the frontmatter, pros, body and two score dimensions. No score change; the mature-supply read is unaffected by 2pp. |
| 2026-08-12 | Data | N/A | WS3 open-source verdict added (1->2). oasisprotocol/oasis-core is Apache-2.0, 369 stars, active across a 102-repo org (match). Independent supply read deferred: ROSE canonical supply is on the Oasis L1 (BSC contract is a bridge wrapper), needs the Oasis API. Scores unchanged. |
| 2026-06-26 | Data | N/A | DefiLlama LlamaAI harvest cross-check, verified independently (api.llama.fi + CoinGecko). Several figures had drifted: circulating supply ~78% (~7.8B, was 75%); FDV/MCap 1.28x (was 1.33x; CoinGecko $59.3M FDV / $46.2M mcap); ATH decline ~99% (was ~98%; -99.0% from $0.597, 15 Jan 2022). TVL refreshed and corrected to track both EVM ParaTimes: combined ~$357K per DeFiLlama (Sapphire ~$173K + Emerald ~$185K), where the prior copy cited only a stale Sapphire ~$282K. Softened the "best FDV/MCap in DeAI" superlative to "among the lowest": Theta (~100% circulating, ~1.0x) and Phala (1.19x) both run lower in our covered set. Disambiguation note: our coingeckoId (oasis-network) is correct; the DefiLlama `rose` protocol slug is an unrelated Aurora DEX, not Oasis. No score change. |
| 2026-05-02 | Editorial | N/A | Added April 2026 "New Chapter" pivot to consumer-app focus, Privana Finance launch, Privana SDK (TEE key encumbrance), and Ekai mainnet (8 April 2026, AI context-layer agent on Sapphire + ROFL). Score held pending Privana TVL and integrator data at June review. |
| 2026-04-06 | Data | N/A | Enriched SemiLiquid pilot details (BENJI collateral, Liquefaction/Cornell Tech, Avalanche). Added active address growth (9,500 → 15,000). |
| 2026-03-24 | Data | N/A | TVL $700K → $282K, peak month April → May 2025. Verified against DeFiLlama. |
| 2026-03-12 | Returns | 41 → 46 | ROFL mainnet confirmed (July 2025), TVL improved from prior lows, SemiLiquid/Franklin Templeton institutional pilot. Revenue Sustainability 3→5. |
| 2025-03-06 | Both | N/A | Initial publish. Freedom 60/100, Returns 41/100. |