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The BNB Chain has recently undergone a significant update with the Feynman fork, leading to important changes in how delegations are managed.
Whether you are an experienced staker or new to the process, it is crucial to understand how to navigate these changes effectively to maintain the security and efficiency of your investments.
For Existing Users: Migrating Delegations
If you’ve previously delegated your BNB tokens to validators, the Feynman upgrade will need for you to authorize your delegations to new validators on the BNB Smart Chain (BSC). This step is vital as it ensures your tokens continue to contribute to network security and earn staking rewards under the new system.
Steps to Migrate Delegation:
- Do NOT Undelegate: It’s important not to undelegate your tokens as part of this migration. Undelegating will lock your tokens for a seven day period before they’re returned to your wallet, which is NOT RECOMMENDED.
- Migration Process: Follow the detailed guide on stake migration provided by BNB Chain. This will take you through the process of safely transferring your existing delegations to the new validators.
Special Note for Trust Wallet Users
If you’re using Trust Wallet, there’s an ongoing issue with the migration feature. It’s advisable to wait for the next version of Trust Wallet, which will support this migration seamlessly. The version number will be announced once available. If you prefer not to wait, you have the option to undelegate; however, remember that this will freeze your tokens for seven days.
For BEW (BNB Extension Wallet) Users
If you are a BEW user, you can perform the delegation migration immediately.
Ensure that the BSC wallet address you provide during the migration is correct.
Entering an incorrect address will lead to the permanent loss of your assets.
For New Users: Initiating Delegation
If you’re new to staking on BNB Chain, you can start delegating your tokens right away. This is straightforward and does not involve the complexities of migration.
Steps for New Delegations:
- Visit the staking page: New users should head directly to the staking section on the BNB Chain website.
- Follow instructions: The page provides comprehensive instructions on how to delegate your tokens to a validator on the BSC. This process contributes to network security and enables you to earn rewards.
Conclusion
The Feyman upgrade is a significant step forward for BNB Chain, enhancing its scalability and efficiency. For both existing and new users, following the correct procedures for delegation migration and initiation is crucial.
By adhering to the guidelines and waiting for necessary updates (especially Trust Wallet users), you can ensure a smooth transition and continued participation in BNB Chain’s staking ecosystem.
