BNB2Stake - The PoS Staking Guide for Binancers (Bridging BNB for Staking on Conflux PoS)

[JustinBeaver]

Prerequisites

For this tutorial you’ll need to install the following:

• A Binance account.
• Fluent Wallet, a Conflux-compatible wallet.
  • To install Fluent wallet, go to http://fluentwallet.com
  • For installation and setup instructions, see:
• At least 1,000 CFX worth of BNB, which will be used for staking.
• Additional BNB for gas.
• MetaMask installed on your browser.
• Connection of MetaMask to Binance Smart Chain. For instructions how to connect to MetaMask to Binance Smart Chain, you can follow this tutorial.

Overview

Note: If you need a similar guide for ETH, you can follow Eth2Stake - The PoS Staking Guide for Ethereans.

The process to convert cryptocurrencies like BNB and BSC and stake it them on the Conflux PoS Finality Layer consists of the following steps:

1. Sending BNB to your MetaMask wallet over Binance Smart Chain
2. Bridging BNB to Conflux
3. Converting cBNB to CFX
4. Staking CFX

1. Sending BNB to Your MetaMask Wallet Over Binance Smart Chain

Note: Please ensure that you have connected your MetaMask wallet to the Binance Smart Chain network.

1. Log in to your Binance account.
2. Go to Wallet > Overview.
3. Click Withdraw.
4. In Select coin, select BNB.
5. In address, enter your BSC wallet address from MetaMask. Note: Please ensure that your MetaMask wallet is connected to the Binance Smart Chain network!
6. In Network, make sure that BSC - BNB Smart Chain (BEP20) is selected.
7. In Withdraw amount, enter the amount that you want to withdraw. For this tutorial, we’ll use 0.56 BNB.
8. Click Withdraw to withdraw your funds.
9. In the dialog, click Confirm to confirm your transfer.
10. Once you confirm your transfer, you’ll need to complete the security verification. This process requires to confirm a verification code sent to your email and another one sent to your phone. Enter those codes and click Submit to complete the security verification.
11. You’ll need to wait 15 block confirmations to see the funds reflected in your MetaMask wallet. Once the 15 block confirmations are completed, go to MetaMask to verify that the funds are reflected in your wallet.

You have transferred BNB from your Binance account to your MetaMask account over the Binance Smart Chain network!

2. Bridging BNB to Conflux

In this section, you’ll learn how to bridge BNB from the Binance Smart Chain network to Conflux. These funds will be bridge to Conflux as cBNB (wrapped BNB), which is a CRC-20 token.

Note: Please ensure that you have installed and set up Fluent Wallet.

1. Go to Shuttleflow.io and launch the Shuttleflow app.
2. Select BSC as the origin network and click Connect to connect you MetaMask wallet.
3. In the MetaMask dialog, select the account that you want to connect and click Next.
4. In the Connect to Conflux dialog in MetaMask, click Connect to finish connecting your wallet.
5. Enter the amount of BNB that you wish you transfer.
6. Select Conflux as the destination network and click Connect Wallet.
7. Connect your Fluent wallet to Shuttleflow.
8. In Receive as, ensure that cBNB is selected.
9. Click Next to continue the process of bridging your BNB to Shuttleflow.
10. Review the transactions details.
11. In the transfer dialog, check I have confirmed the transfer information and click Next.
12. On the Two Steps dialog, click Send to send your BNB to the bridge smart contract.
    Note: This transaction will use BNB to pay for the gas costs on the Binance Smart Chain network.
13. Confirm the transaction on MetaMask to finish the first step of the bridging process in Shuttleflow.
    Note: This transaction may take a few minutes.
14. Once the transaction is confirmed on Binance Smart Chain, click Claim to claim your cBNB on Conflux using your Fluent wallet.
15. In the Fluent Wallet dialog, click Confirm to confirm your transaction. Notice that this transaction doesn’t cost any CFX to pay for gas costs, since this is a sponsored transaction. Conflux gives developers the possibility to sponsor the gas consumed in transactions, allowing them to provide a better experience to their users. To learn more about the gas sponsoring mechanism, go to: http://developer.confluxnetwork.org.
16. Optional: Once the transaction is confirmed on Conflux, verify it in Confluxscan.
17. Go to Fluent wallet. Notice how the cBNB token is already added to your list of assets.
    Note: If for some reason cBNB is not displayed, you can add it manually. To add it manually proceed to the next step. Otherwise, you can skip the rest of this section.
18. In Fluent Wallet, click the (+) button in Assets.
19. In the Add Token search bar, type cBNB and click the (+) button next to cBNB.

You have now bridged your BNB from Binance Smart Chain to Conflux!

3. Converting cBNB to CFX

In this section, we’ll convert your wrapped BNB (cBNB) to CFX using Koichiswap.

1. Go to Koichiswap.
2. Click Connect to a wallet to connect your Fluent wallet.
3. In the Select a Wallet dialog, click Conflux Fluent to connect your Fluent wallet.
4. In the Fluent wallet dialog, click Connect to confirm the connection of Fluent to Koichiswap.
5. Click the Swap From select to open the Select a token dialog.
6. In Select a token, enter cBNB's token address: cfx:acczy0zs2fu03pnx0w1u19pkprsm6r50spkz7eg4c3
   Note: You can verify the cBNB token address in Confluxscan. Additionally, you obtain this address by going to the history of transactions in Fluent wallet and clicking the link to view the transaction details in Confluxscan.
7. In the results, click the Import button next to cBNB.
8. In the Import Token dialog, click Import to confirm importing the cBNB token.
9. In Swap To, select CFX.
10. Enter the amount of cBNB that you wish to convert.
11. Click Approve cBNB to convert your cBNB to CFX.
12. In the Fluent Wallet dialog, click Approve to confirm your transaction.
13. Once the transaction is confirmed on Fluent, click Swap and Confirm Swap in the Confirm Swap dialog.
14. In the Fluent Wallet dialog, click Confirm to confirm your transaction.
15. Optional: Verify your transaction on Fluent Wallet or Confluxscan.

You have now converted your cBNB to CFX!

4. Staking CFX Through a Staking Pool

You can stake CFX through a staking pool. Staking CFX allows you to provide block finality for improved security for the network. In exchange for this, you’ll get rewards for each successfully validated block.

To stake CFX:

1. Select a staking pool.
2. Connect your Fluent wallet
3. Enter the amount you wish to stake.

Selecting a Staking Pool

Staking pools are owned, operated, and maintained by the Conflux community. Conflux Network does not endorse any specific pool, however, you can learn more about each individual pool by searching on this forum, visiting their sites, or asking around in the Conflux community on Discord or Telegram.

Once you select a staking pool, the staking process varies from pool to pool, but it’s a fairly simple process.

Notes on Staking Pools

When staking, consider the following:

• Minimum lock up period is a week.
• Staking rewards are paid weekly.
• Most pools will request a minimum staking amount of 1,000 CFX.
• Most (if not all) pools will have a pool performance fee. This fee varies per pool.