ChangeX is a DeFi non-custodial wallet that provides crypto-friendly fiat banking through its mobile app. It is designed to offer users a unique personal finance experience, with a focus on POS assets and passive income opportunities powered by DeFi. With ChangeX, users have complete control over their money, whether it’s in fiat or crypto.
In this tutorial, we’ll walk you through the simple steps to stake your BNB tokens on Changex’s user-friendly app and start earning up to 6% in staking rewards!
Step 1: Download the Changex app
The first step is to download the Changex App on your mobile device. You can easily find the app on the Google Play Store for Android users or on the Apple App Store for iPhone users.
To download the app, simply search for “Changex” in the app store and select the appropriate version for your device. Then, click the “Download” button and wait for the app to install on your phone. Once the installation is complete, you can open the app and start using it right away.
Step 2: Deposit BNB into your Changex wallet
Next, you will need to create a wallet on Changex. There are two options: importing an existing wallet or creating a new one. For this tutorial, we will create a new wallet:
- Click on the “Create new wallet” button within the app
- Choose the “Simple Wallet” option from the available options
- The app will then generate a unique seed phrase for your wallet. Make sure to save this phrase in a secure location that is not accessible to others. This seed phrase will be required to restore your wallet in case of loss or damage to your mobile device
After creating your wallet on Changex, you will need to add “BNB” and “Stader BNBX” to your wallet:
- Click the asset toggle
- Search for “BNB” and toggle it on
- Search for “Stader BNBX” and toggle it on
Finally, you can deposit BNB from an external source onto your new wallet (i.e. another wallet or a centralized exchange).
- Open your Changex wallet and click on the “BNB” asset within the app
- Click “Get”
- Copy this wallet address and use it to deposit your BNB tokens from your external source
It’s important to double-check that you’re depositing the tokens into the correct wallet address. Depositing tokens to the wrong wallet address may result in permanent loss of the tokens. Once the deposit is complete, you’ll be able to see the tokens in your Changex wallet.
Step 3: Stake your BNB tokens
Once you have deposited BNB tokens into your Changex wallet, you can stake them to start earning ~6% APY. Here’s how:
- Open your Changex wallet and click on the “Stake” tab at the bottom of the screen
- Click on the “BNB” option to select it as the asset you want to stake
- Enter the amount of BNB tokens you want to stake in the designated field
- Click on the “Stake” button to initiate the staking process
After staking your BNB tokens on Changex, you will notice BNBX tokens in your wallet. BNBX is a representation of your staked BNB, and it’s designed to give you access to decentralized finance (DeFi) while your original tokens continue to earn staking rewards.
FAQs
How do I unstake BNBX?
If you want to unstake your staked BNB tokens on Changex, you’ll need to have the same amount of BNBX tokens that you initially received when you staked your tokens. This will enable you to receive your initially staked BNB tokens plus any staking rewards you’ve earned. Keep in mind that you also need some BNB to pay for transaction fees on the Binance-Smart-Chain network.
What is the cooldown period to receive my tokens?
After initiating the unstaking process on Changex, you should be aware that there is a “cooldown” period between the unstaking operation and receiving your tokens back. The cooldown period usually lasts between two to three days. After the end of the cooldown period, you will be able to receive your BNB, by performing a withdrawal.
What are the risks to staking BNB?
Here are some things to consider when deciding if this specific staking option is right for you:
Slashing risk: Your BNB cannot be slashed. The only risk for delegators is the loss of potential rewards when their staked validator is jailed and not receiving rewards. Their staked BNB will not be impacted.
Protocol security risks: There is an inherent risk that the protocol could contain unknown bugs. This not only applies to staking but your BNB investment in general.
Please note that this is not an exhaustive list of all the risks related to staking.
Where does the staking yield come from?
The Staking Rewards on BNB are generated by:
- Transaction Fees – Each transaction processed by the network comes with transaction fees. Transaction fees are collected by the network and distributed to each delegator proportional to their stake. The Staking APR will vary with network usage.
- Burns (Negative Inflation) – Binance conducts quarterly burns of BNB in order to reduce the supply and increase the value of the token. The burns act as negative inflation which actually increases the staking yield for BNB. The amount of BNB burned each quarter is determined by the trading volume on the Binance exchange. This burn schedule will continue until a total of 100 million BNB (50% of the total supply) has been destroyed. The calculation behind BNB burns can be found here.
Please note that the total annual rewards are divided by all active stakers; hence, as the amount of staked tokens goes up, the reward rate goes down.
Conclusion
You can easily download the Changex app, acquire BNB tokens, stake them, and continue exploring DeFi as usual. Take advantage of this opportunity and start staking like a pro on Changex today! Lastly, don’t forget to check out the Binance Smart Chain (BNB) asset page for more insights into staking BNB.