If you’d like to purchase some ROOT tokens, but are unsure of how what steps to take, then this guide is for you.
We have included a glossary at the start of this guide so that newcomers can familiarise themselves with the various terms discussed in this guide.
Glossary
Glossary
What is ROOT?
ROOT is the native token of The Root Network. Used for securing the proof-of-stake network, network fees, and as a base currency within the network.
What is The Root Network?
The Root Network is a layer 1 blockchain designed as a hub for the open metaverse.
What is a Cryptocurrency Wallet?
A cryptocurrency wallet is a digital tool that enables you to store, send, and receive cryptocurrencies. It securely holds your public and private keys, allowing you to manage your crypto assets. Learn more about cryptocurrency wallets here.
What is a Centralized Exchange (CEX)?
A centralized exchange (CEX) is a platform that facilitates the buying, selling, and trading of cryptocurrencies through an intermediary, typically a company or organization (e.g. Binance, Coinbase, Kraken, etc.). CEXs are known for their user-friendly interfaces and high liquidity, making trading easier for users. However, they also require trust in the platform’s security and management, as they hold users’ funds and personal information. Learn more here.
What is a Decentralized Exchange (DEX)?
A decentralized cryptocurrency exchange (DEX) operates without a central authority, allowing users to trade directly with one another through smart contracts on the blockchain (e.g. Uniswap, PancakeSwap, etc.). DEXs enable peer-to-peer transactions, meaning users retain control of their funds and private keys, enhancing security and privacy. Learn more here.
What’s the Difference Between Native ROOT & ERC-20 ROOT?
Native ROOT lives on The Root Network. It can be transferred directly to your FuturePass or the EOA associated with your FuturePass. We always recommend a small test transfer first.
ERC-20 ROOT lives on the Ethereum Network. ERC-20 ROOT can be transferred directly to other Ethereum wallets but NOT directly to your FuturePass address.
🚨 WARNING: Never send your tokens directly across different blockchains. Always utilize the Bridge when transferring between networks. Your FuturePass address is only accessible within The Root Network. Any ERC-20 tokens sent to your 0xffff (FuturePass) address without using the bridge will be lost.
Before bridging to The Root Network, you will need to send the ROOT tokens to an Ethereum wallet (EOA) for which you hold the private keys (e.g. MetaMask, Coinbase). Once you have the ERC-20 ROOT tokens in your self-custody wallet, bridging can be completed in your FuturePass dashboard.
What are Gas Fees?
Gas fees are the costs associated with making transactions on a blockchain network. All transactions require the payment of gas fees, and fees may vary based on the network activity at the time.
How to buy ROOT
To buy ROOT, you will first need a cryptocurrency wallet. If you want to get the most out of The Root Network, you’ll need a FuturePass. Creating one is simple, and you can check out our how-to guide here.
If you’re only planning on purchasing ERC-20 ROOT, you can do so with just an Ethereum wallet, such as MetaMask. You can see a guide on how to create one here.
🚨 WARNING: Never send your tokens directly across different blockchain networks. Doing so will most likely result in your losing them forever. We recommend a small test transfer first.
Where to buy ROOT
There are two main ways to purchase ROOT: through centralized exchanges (CEX) and decentralized exchanges (DEX).
Centralized Exchanges (CEX)
CEXs with native ROOT (ROOT on The Root Network)
ℹ️ Note: If you have purchased native ROOT from one of these exchanges you can transfer directly to your FuturePass or the EOA associated with your FuturePass. We always recommend a small test transfer first.
CEXs with ERC-20 ROOT (ROOT on Ethereum)
ℹ️ Note: If you have purchased ERC-20 ROOT from one of these exchanges you can only transfer these tokens to an Etherum wallet. To transfer them to The Root Network, you will need to use the bridge in the FuturePass Dashboard. Read our bridging guide here.
Decentralized Exchanges (DEXs)
DEXs with native ROOT (ROOT on The Root Network)
DEXs with ERC-20 ROOT (ROOT on Ethereum)
ℹ️ Note: Always be mindful of slippage and price changes when making trades. Please review your transactions carefully before executing them.
Congratulations, you’re all set! If you need any further help, check out our other guides or contact support by clicking the icon in the bottom right corner of this help centre.