BNB Chain is a decentralized blockchain network that enables developers to create and deploy decentralized applications (DApps) as part of the transition to Web3. Its goal is to provide creators, developers, and entrepreneurs with the opportunity to build MetaFi, a unified platform for various projects such as the Metaverse, DeFi, GameFi, SocialFi, Web3, and NFTs. The BNB Chain aims to establish the infrastructure needed to support a parallel virtual ecosystem. The token that powers the BNB Chain network is BNB and it is exclusively used for trading, staking, delegating, paying transaction fees, and governance votes on the network. This tutorial will show you how to stake Binance Coin (BNB) tokens on the BNB network.
TL;DR
- View the current BNB staking APR here
- Use the BNB Staking Calculator to estimate your rewards
- Lockup: 7 days
- Average commission: 6.54%
- Minimum amount required for staking: 1 BNB
- Estimated time needed to stake your BNB in your wallet: 5 minutes
- Recommended BNB staking wallets: Ledger, Trust Wallet
- Steps to stake:
- Download Trust Wallet and ensure that your BNB is stored in this wallet.
- Open the Finance dashboard and select BNB, click on “More” and then on “Stake”
- Enter the amount of BNB you want to stake, and choose a validator. If you’re not sure who to delegate to, consult our FAQ for guidance on selecting a validator.
- Click “Send” to confirm the transaction and begin staking.
Prerequisites
Where to buy BNB
You can get BNB tokens at a cryptocurrency exchange, at a DEX, or within select wallets. You should always do your own research when selecting a reputable cryptocurrency exchange. For best security, it is not recommended to leave your tokens on an exchange, but transfer them to your non-custodial or cold/hardware wallet after procuring them.
BNB wallets
BNB has a variety of non-custodial wallets for you to choose from. We recommend that you use a hardware wallet such as Ledger otherwise we suggest using Trust wallet. Compatible wallets include:
How to connect BNB to Trust wallet
When setting up your Trust wallet, it will automatically connect your account to the BNB network.
How to bridge from Ethereum to BNB
Celer cBridge makes it quick, easy, and secure to bridge assets like USDT, USDC, and more from BNB Chain to Ethereum Mainnet and from Ethereum Mainnet to BNB Chain by following these simple steps:
- Connect your wallet by clicking on the “Connect Wallet” button above in order to begin your cross-chain transfer.
- Select “BNB Chain” in the “From” dropdown menu, select “Ethereum Mainnet” in the “To” dropdown menu, and then select the asset type you wish to bridge to Ethereum.
- Input the amount of the token you selected that you would like to transfer from Binance to Ethereum in the “Send:” field. The estimated amount of that asset that is to be bridged to Ethereum will be displayed in the “Receive (estimated)” field.
- Review all of the Ethereum bridge transfer information and cost estimates. If all of the cross-chain bridging transaction information is correct and acceptable, click the “Transfer” button and approve the transaction prompts to begin the cross-chain transfer.
- Wait for your cross-chain bridge transaction to Ethereum Mainnet to complete. You will then receive your bridged tokens on Ethereum.
Selecting BNB validators
Please refer to the FAQ section titled ‘How do I choose BNB validators’ on this page when selecting BNB validators. Also, you may want to utilize our criteria for verifying providers through the Staking Rewards Verified Staking Provider (VSP) Program.
How Staking Rewards for BNB are Generated
Learn how rewards are generated in the FAQ section titled ‘How are the rewards generated’’ here.
How to stake BNB
Step 1: Make sure you have a Trust wallet
Stake your BNB tokens using Ledger, Trust wallet, Binance wallet, Metamask, amongst others. We will use the Trust wallet in this staking tutorial.
As a popular wallet in the BNB ecosystem, Trust wallet offers users the ability to stake tokens, access blockchain apps, and manage multiple tokens in one wallet. Simply connect your Ledger to Trust wallet or use Trust wallet directly to stake BNB. Install the Trust wallet browser extension or download Trust wallet here. Deposit your tokens into this wallet before continuing onto step 2.
Step 2: Open up Trust wallet and choose validators
After entering your wallet, start staking and select validators. We recommend choosing validators from our Verified Staking Provider (VSP) Program. VSP validators have a blue tick on their logo here.
If you are unsure of how to choose a validator, please see the FAQ section named ‘Selecting BNB validators’ above this one to help you decide.
Open your Trust wallet and follow the steps below:
- Click on ‘BNB Beacon Chain’ in the token list on the home page
- Click the ‘Stake’ button
- Review the details and click ‘Stake’ at the bottom
- Select a validator
Step 3: Finalize the transaction
Enter the amount of BNB you want to stake, press confirm and approve the transaction.
Congratulations! You have now staked your BNB tokens and will start earning those juicy staking rewards.
Step 4: Track staking portfolio
- Track your BNB staking rewards on the staking dashboard.
- Monitor governance proposals on the BNB network that may impact the staking mechanism. Remember that delegators cannot individually vote on proposals, running a validator is the only way to have a vote in BNB governance. As such, delegating to a validator is tantamount to delegating your voting power to its governance participation and views.
- Track the current and historical reward rates, validator count, number of unique BNB staking wallets, and staking ratio of the BNB network by visiting the BNB asset page. To make better staking decisions, it’s essential to understand these relevant data points. To learn how these data points could impact your staking rewards, please read more in the FAQ sections named “How do I choose BNB validators” and “How are the rewards generated” on the BNB asset page.
Step 5: How to Unstake BNB
To unstake your BNB tokens, follow the steps below:
- Navigate to ‘BNB’ on your wallet
- Click the ‘More’ option
- Click the ‘Unstake’ option
- Fill in the amount of tokens you wish to unstake
- Sign the transaction
Maximizing Staked BNB
Now that you have staked your BNB, you have five options which can be used to change your position. These options appear on the Trust wallet app. The options are:
Stake more
You can add to your current delegation by clicking on the validators name and staking more BNB with them or any other validator. Follow the same process as you did to start staking.
Redelegate
Redelegating from one validator to another can be done without waiting for the unbonding period. You might consider redelegating if your current validator raises their commission rate or gets jailed for misbehaviour on-chain. Once redelegated, you have to wait for 7 days before you are able to redelegate again. It is good practise to check in every now and then to make sure the validator is still performing well.
Claim reward
Staking rewards are automatically paid out into your wallet and you do not need to claim anything.
Unbond
Users can unstake their BNB tokens at any time but the platform imposes a locking period of 7 days. You will receive your tokens in your wallet once the lock-in period is over.
Conclusion
Staking is essential to Proof-of-Stake blockchains and comes with many benefits for investors and the network:
- Investors earn yield from token emissions and/or transaction fees.
- Stakers become eligible for airdrops as many networks prioritize granting these benefits to them.
- Staking helps to secure the network
- Staking from multiple participants helps decentralize the network
- Stakers can participate in governance, as many PoS networks allocate governance rights based on the amount of tokens staked.
Congratulations! You are now not only getting the most out of your investment with compounded returns. YOU are also (in-)directly contributing to the decentralization, and the network security of BNB network and thus contributing to the long-term success of your investment! BNB needs active stakers like you to become successful long-term.
Now share the tutorial with your friends so they can get to start staking as well!
Lastly, don’t forget to check out the BNB asset page for more insights into staking BNB, and drop us a message if you found this tutorial useful. Happy staking!