Well I bring you good news as Bluzelle staking is live.
But before I go into the full details I will like to run you through what staking means .
What is Staking?
When it comes to staking in cryptocurrency. This gives you an opportunity to earn more coin / money .
Ok so after saying that let me define what staking means
Staking is the process of hodl coins in a crypto currency wallet and also showing support to the platform . This gives currency owners some decision power on the system .
You know how you deposit your money in the bank and it yields interest well similarly that's how it is in the cryptosphere. By staking one gains the ability to vote and generate income. So staking gives investors the ability to earn a dialy income on their coin staked .
So now you know what staking is . Let's go over to how to stake in the Bluzelle site .
Guide for token conversation and staking
Bluzelle runs a dual token system . Erc20 token Blz and the Bluzelle BNT token which will be used to stake and do other transactions .
Some important things go note before the Bluzelle staking
- The staking website is currently using http instead of https. While we make sure your security data (such as mnemonics) are generated locally and is not travel over the wire, you should take your own risk to use the current website. It’s in our plan to implement HTTPS so you can also wait for this to be updated.
- We only support Metamask at the moment and will add more wallet support (such as mobile wallet, Ledger, Wallet Connect) in later stage.
- You can only convert between 10 — 250,000 BLZ for each transaction.
- The token conversion process is semi-automated and it is conducted through our Ethereum-Cosmos relayer. You can deposit your BLZ tokens through our dashboard at any time, but the relayer will be run manually, multiple times a day. Therefore, you will expect a delay in conversion.
- The Bluzelle BNT wallet is created only for the Phase 1 Soft Mainnet. At the end of Phase 1, we will return you with the staked tokens and the rewards in form of BLZ. You will need to create another account when Phase 2 Production Mainnet launches in September.
- Token conversion is currently only one way from BLZ to BNT. We will only return you the BLZ at the end of Phase 1. No conversion from BNT back to BLZ is available during this period.
- Token conversions are conducted at your own risk. Any mistakes can result in the loss of funds. Please follow the steps provided in this guide to avoid any misbehaviour.
Please note that we are working on an emerging tech, in the case where we have a non-recoverable crash of our Soft Mainnet, we will return everyone back exactly the BLZ you converted to BNT at the start.
🙋♀️️ If you encounter any issue regarding conversion and staking, you can ask us on Discord. Our team and community member will be happy to help you out.
Step 1 — Load Your Ethereum BLZ Account on Metamask
Before anything hope to fill your wallet with enough Eth to send your Blz and also make sure you are on the Etheruem mainnet.
Step 2 — Create a Bluzelle BNT & Matches With Your Ethereum Account
On staking.bluzelle.com, click “login”. On Metamask, allow your BLZ account to connect with the site.
For new users, you will be shown the seed phrase. Please make sure you have copied it and saved it in a secure place. You will need it EVERY TIME you log in. If you lose it, you will lose your whole account and may result in permanent loss of your fund. The Bluzelle team does not own your seed phases and would not be able to recover for you.
Next, put in the seed phrase that you previously generated and proceed. You need to sign the transaction on Metamask so that your new Bluzelle BNT wallet is successfully mapped with your Ethereum account. This will ensure that the correct amount of BNT tokens are converted into your Bluzelle wallet.
Step 3 — Convert ERC20 BLZ to BNT
Once you are logged in, you will see your accounts. Make sure your BLZ balance is shown correctly.
Under the Ethereum account block, click “Convert to BNT” and input the amount. You can only send between 10–250,000 BLZ for every transaction.
On Metamask, confirm your transaction (you will need some ETH for gas).
The ERC20 tokens will be sent and locked in the Bluzelle Official House Wallet. You can view your transaction by clicking “Check on Etherscan”.
Do NOT send BLZ tokens directly to the house wallet from exchanges or any other wallet— if you do, you risk losing your funds forever. Please only use our staking dashboard and follow the flow.
The amount of ERC20 BLZ deposited will be equivalent to the amount of BNT tokens you will receive. You will expect hours of delay as the ETH-Cosmos relayer will only be run multiple times a day. The delay would be a maximum of 24 hours.
Once the relayer is run, you will see your BNT token balance under your account and you can also check it from Bluzelle Explorer.
Step 4 — Stake & Earn
Once you receive your BNT tokens, you can start staking immediately.
Click on the “Stake” button, you will see a list of validators you can delegate to.
Select the validator and enter the amount of stake.
Please note that for every transaction, you will need 2 BNT as network fee. So make sure you leave sufficient available BNT balance. For example, if you have 1000 BNT in your “available balance”, you can only stake a maximum of 998 in this transaction.
You can also unstake from a validator any time. However, your BNT tokens will go into a 21-day unbonding period, which means you can’t use these tokens to redelegate to another validator to earn rewards during this period. We suggest you keeping your tokens staked to earn the rewards for the full phase 1.
Step 5 — View & Claim Rewards
There are two parts of Bluzelle staking rewards:
You can view and claim this under the “My account” page, “My rewards” section. You need to have 2 BNT in your available balance to send a “claim reward” request. These rewards can be used immediately (no unbonding period)
- Additional staking rewards from the Bluzelle Pool
We have explained this part of the rewards in details in our staking economics. These rewards will be sent to your Bluzelle account every 24 hours. It will add to your “available balance” automatically and can be used immediately.
So with this you will have a smooth and profitable ride in the Bluzelle staking .