We invite you all to check out how staking will work on Binance Chain and BNB, with a new, exciting promo that we’re sponsoring. Welcome to Stake Wars.
We are sponsoring a total of 3,000 BNB in prizes for those who are brave enough to test BNB staking on Binance Chain. Participants should form teams and work together to run cross-chain communication between Binance Chain and Binance Smart Chain (BSC) so that BNB staking becomes operational.
Who gets to win the biggest share of the 3,000 BNB prize pool? You have to be the best-performing or the best-delegating validators in the Binance Chain testnet universe. What does it take to be the best? Let’s look back at the prequel to Stake Wars.
A New Chain: Origin Story
In a blockchain ecosystem not that far away, the Binance Chain community moved to create BSC, a parallel blockchain to the current Binance Chain that introduces smart contract functionalities. One key change to the creation of BSC is the transition of BNB to a Proof of Stake Authority (PoSA) consensus, where validators get BNB rewards for executing tasks on the blockchain.
Since the Binance Chain community unveiled the BSC proposal in May and launched its testnet shortly after, many developers have started building applications on that blockchain. Some DeFi (decentralized finance) projects are even planning to migrate to BSC, like Swipe.
After a few months of fine-tuning from the developer community, we’re moving closer to launching BNB staking on Binance Chain. To accomplish this, we need to test how validators and delegators work across Binance Chain and BSC.
In other words, this is where we welcome you to be actively staking, validating, and delegating throughout the duration of Stake Wars, simulating the conditions available in a real-life environment.
The Chain Awakens: Complete Your Journey in 10 Easy Steps
To become the best validator there is in this test environment, here’s a list of things you need to know and do:
1. Know the rules. Read up on the objectives and details of the contest. For instance, the event will last from August 17 to August 27.
2. Learn about PoSA. Study the Binance Chain docs that further give information on how this staking consensus works and what its advantages are.
3. Gather a team and devise strategies. After learning how PoSA works, think of what you have to do and how you want to work with your team to win this contest.
4. Create your validator. Follow this guide to install a BSC full node locally. You can also go the ANKR way.
5. Get testnet funds. Watch this video to learn more about the steps for doing this.
(Extra Tip: There are several ways to get additional testnet tokens. Through the BSC testnet faucet. You can even get some BTCB that you can trade for more BNB via trading on Binance DEX testnet.)
6. Learn how to transfer BNB from BSC to Binance Chain. One of the main tasks of a validator is to make the parallel Binance Chain and BSC blockchains communicate with each other. This involves transferring the BNB that’s being offered as a reward for tasks done on the blockchain.
7. Complete this guide to become a validator candidate for this contest.
8. Work your way to becoming a top validator… The first part of this contest measures your capacity as a reliable validator, which you can achieve by keeping the validator active in collecting rewards and online at all times.
(Extra Tip: While the race to be the top validator involves a fair amount of competition, do not in any circumstance exploit a system bug for your personal gain. Report that bug reports on GitHub repositories.)
9. …or become the most generous validator. Being a validator on BSC involves a fair bit of a popularity contest. While you can drive your commission rates to zero to get as many delegations as you can, it’s detrimental in the long run. The key to winning this contest segment is to find the perfect rate for attaining more of your goals.
10. Profit. You can win up to 800 BNB for being a top validator, or up to 350 BNB for being the most generous one. Not bad for a week’s worth of honest work in testing the future of BNB.
For more details about Stake Wars, read here, here, or here.
