The sunset of BNB Beacon Chain and the migration of validators to BSC (BNB Smart Chain) represents a significant transition within the BNB Chain ecosystem. This move indicates a strategic shift towards consolidating the network’s infrastructure and streamlining its blockchain operations.
Validators Migration
All validators need to be migrated from BNB Beacon Chain to BSC, and below are the high level steps on how to migrate validators to BSC. There are two options you can choose from:
Option1: Set up new validators on BSC and redelegate (Recommended)
- Setup validator nodes on the BSC network with 2000 BNB at least, suggest the new name of the validator on BSC is similar to the name on the Beacon Chain. The mapping of the original and new validator will be maintained by proof.
- Migrate the delegation to the new BSC validator by cross-chain redelegation through a staking app on Beacon Chain.
- All the existing validators are encouraged to set up new corresponding validators on BSC after the hardfork, the community are encouraged to stake these validators with preferences.
Option2: Reuse old validator hardware
- Undelegate from BSC first to make the old validator inactive. Need to wait for 7 days to get the token refunded.
- Running validator on BSC
- Redelegate on the validator on the BSC.
Note: Undelegate can be risky for validators, if not enough delegation back to the validator, the validator may fail to become an active validator.
Redesigned Feature for Delegators
A new feature is being developed to facilitate delegators in seamlessly transitioning their staked tokens from their current validator to a new one on BNB Smart Chain (BSC).
Implementation:
Migration Option on Staking Interface on Beacon Chain: A ‘migrate’ button will be added to the existing staking interface. This will enable delegators to initiate the migration process easily.
Selection of New Validator: During 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.
Governance Change
All delegators can participate in voting on the BSC, which is different from the case that only validators can participate in the voting process.
Frequently Asked Questions (FAQs)
Question1: How to ensure Continuity of Delegator Staking with a Newly Mapped Validator on BSC of an existing validator in BC.
Answers:
To ensure that most delegators continue staking with your newly mapped validator on BSC:
- Integrate a Migrate Function: A ‘migrate’ function will be added to the current staking page. This feature is designed to facilitate the smooth transition of delegators to the new validator mapped from an existing validator
- Default Selection of Mapped 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.
Question2 : How to encourage an existing validator to set up newly mapped validators in BSC and even introduce new BSC validators?
Answers:
New validators created on the BSC will have 3X higher voting power, which means new validators will have higher possibility to be elected as active validators.
Question3: Besides the migration, if the staking and reward distribution will be impacted?
Answers:
No, besides the governance and voting power change, all staking and reward distribution will not be changed.
Question4: How long will the grace period be set?
Answers:
There will be 2 months grace period to allow delegators to migrate from Beacon chain
Question5: Will there be a similar tool on BSC like “bnbcli” tool to create BSC validators? Will it allow self-stake directly from a ledger hardware wallet?
Answers:
Yes, there will be a BSC validator creation tool with ledger hardware wallet support.
Question6: Today staking applications allow you to delegate directly from Ledger wallet using BNBChain extension wallet, will this feature be available after migration?
Answers:
Yes, TrustWallet has already supported Ledger hardware wallet.
Question7: Does migration and delegation support multi-sig wallet like app.safe.global
Answers:
Yes, the multi-sig wallet will be supported.