Table of Contents
BNB Chain held a community call on January 12, 2024, at 14:30 UTC+1 that was focused on the BNB Beacon Chain (BC) fusion validator and delegation solution. This meeting addressed the pivotal transition of sunsetting the BNB Beacon Chain and transitioning validators to the BNB Smart Chain (BSC).
This significant development in the BNB Chain ecosystem represents a strategic evolution towards consolidating the network’s infrastructure and optimizing blockchain functionalities. After the discussion, key solutions and responses to various community questions were summarized.
All validators need to be migrated from BC to BSC. Below are the high-level steps on how validators can migrate to BSC. There are two options to choose from:
Option 1: Set up new validators on BSC and redelegate (recommended approach)
- Set up validator nodes on the BSC network with at least 2,000 BNB. We recommend that you use a new validator name on BSC. This can be similar to the name you had on the BC.The correlation between the original and new validators will be established and maintained through a proof.
- Migrate the delegation to the new BSC validator using cross-chain redelegation through the staking app on BC.
- All the existing validators are encouraged to set up new corresponding validators on BSC after the hardfork. The community is encouraged to stake with these validators.
Option 2: Reuse old validator hardware
- Initiate the undelegation process on BC to deactivate the old validator. Refunds will be processed after a period of 7 days. Run a validator on BSC.
- Redelegate on your BSC validator.
*Please note that undelegating poses a risk for validators. If there isn’t sufficient delegation back to the validator, it may fail to regain active status.
Redesigned Feature for Delegators:
A new feature is being developed to facilitate delegators in seamlessly transitioning their staked tokens from their current validator to the new one on BSC.
- Direct migration: A ‘migrate’ button will be added to the existing staking interface on BC. This will enable delegators to easily initiate the migration process.
Selection of new validator: During the migration, delegators will have the option to choose their preferred validator. By default, the system will suggest a new validator that corresponds to the original validator, making the transition more intuitive.
Unlike scenarios where only validators are allowed to participate, all delegators will have the opportunity to engage in voting on BSC.
Question 1: How can you ensure the continuity of delegator staking with a newly mapped validator on BSC from an existing validator in BC?
To ensure that most delegators continue staking with their newly mapped validator on BSC:
- A ‘migrate’ function will be added to the current staking page. This feature is designed to facilitate a smooth transition of delegators to the new validator mapped from an existing validator.
- In the migration process, the newly added validator, which is mapped to your original validator, will be set as the default option. This design simplifies the transition for delegators, encouraging them to continue staking with the new validator.
Question 2 : How will you encourage an existing validator to set up newly mapped validators on BSC and also introduce new BSC validators?
Newly created validators on BSC will have three times higher voting power, significantly increasing their chances of being selected as active validators.
Question 3: Apart from the migration, will the staking and reward distribution be affected?
No. Besides the governance and voting power change, all staking and reward distribution will remain unchanged.
Question 4: How long is the grace period?
There will be a 2-month grace period to allow delegators to migrate from BC to BSC.
Question 5: Will there be a similar tool on BSC like the “bnbcli” tool to create BSC validators? Will the tool allow self-stake directly from a Ledger hardware wallet?
Yes, there will be a BSC validator creation tool that has Ledger hardware wallet support.
Question 6: Will the ability to delegate directly from a Ledger wallet using the BNB Chain Extension Wallet still be available after the migration of staking applications?
Yes, Trust Wallet has already added support for the Ledger hardware wallet. You can find more information here.
Question 7: Will there be migration and delegation support for multi-sig wallets like app.safe.global?
Yes, multisig wallets will be supported.