Eth2Stake - The PoS Staking Guide for Ethereans (Bridging ETH for Staking on Conflux PoS)

JustinBeaver · 3 March 2022 00:58

In this tutorial, you’ll learn how to bridge ETH and staking on the Conflux PoS Finality Layer.

Prerequisites

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

Fluent Wallet, a Conflux-compatible wallet.
- Download and install Fluent wallet from: http://fluentwallet.com
MetaMask
At least 1,000 CFX for staking.
Around 50 CFX for gas fees.

Overview

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

Bridging ETH to Conflux
Converting Wrapped ETH to CFX
Staking CFX

1. Bridging ETH to Conflux

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

Go to http://shuttleflow.io and launch the Shuttleflow app.
Select Ethereum as the origin network and click Connect Wallet.
Connect your MetaMask wallet to Shuttleflow.
Enter the amount of ETH that you wish you transfer.
Select Conflux as the destination network and click Connect Wallet.
Connect your Fluent wallet to Shuttleflow.
Click Next to continue the process of bridging your ETH to Shuttleflow.
On the dialog, confirm your transaction and click Next.
On the Two Steps dialog, click Send to send your ETH to the bridge smart contract.
Confirm the transaction on MetaMask.
Note: This transaction may take a few minutes.
Once the transaction is confirmed on Ethereum, click Claim claim your cETH on Conflux using your Fluent wallet.
Optional: Once the transaction is confirmed on Conflux, verify it on Confluxscan.
Go to Fluent wallet and click the (+) button in the Assets panel.
In the Add Token search bar, type cETH and click the (+) button next to cETH to see your wrapped ETH.

You have now bridged your ETH to Conflux!

2. Converting Wrapped ETH to CFX

In this section, we’ll convert wrapped ETH to CFX using Koichiswap. Koichiswap is a decentralized exchange for Conflux.

Go to http://koichiswap.com.
Click Connect to a wallet to connect your Fluent wallet.
In the Select a Wallet dialog, click Conflux Fluent to connect your Fluent wallet.
In the Fluent wallet dialog, click Connect to confirm the connection of Fluent to Koichiswap.
Click the Swap From select to open the Select a token dialog and select WETH.e from the list of tokens.
Note: WETH.e uses the same contract address as cETH. You can verify the token contract’s address on Confluxscan and add it to Koichiswap).
In Swap To, select CFX.
Enter the amount of WETH.e that you wish to convert.
Click Approve WETH.e to convert your WETH.e to CFX.
In the Fluent Wallet dialog, click Approve to confirm your transaction.
Once the transaction is confirmed on Fluent, click Swap and Confirm Swap in the Confirm Swap dialog.
In the Fluent Wallet dialog, click Confirm to confirm your transaction.
Optional: Verify your transaction on Fluent Wallet or Confluxscan.

You have now converted your wrapped ETH to CFX!

3. 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:

Select a staking pool.
Connect your Fluent wallet
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 is fairly simple

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.