Token Conversion and Staking on the Bluzelle Network
The Bluzelle staking program has officially been launched on the Soft Mainnet and as expected, the network has recorded huge amount of activity, as majority of the Bluzelle community members are looking to take advantage of the 25% APY specially reserved for early stakers.
With the number of active stakers on the network expected to increase significantly in coming weeks, Bluzelle is constantly working to ensure that every staker on the network gets the best staking experience all through this program, by consistently providing users with insights on how to go about the staking process, through most of their recent publications.
In today’s article, I will provide a much simpler description on how to convert your ERC-20 BLZ token to the Bluzelle Network Token BNT, and stake on the Bluzelle network, compared to the description provided on the Official Bluzelle blog. However, before we proceed further, there are some important points that you must note about the conversion and staking process:
Important Points to Note:
Bluzelle only support Metamask at the moment, although there are plans to add more wallets (such as mobile wallet, Ledger, Wallet Connect) in the later stage of this program.
Users can only convert between 10–250,000 BLZ for each transaction.
The token conversion process is semi-automated and it is conducted through the network’s Ethereum-Cosmos relayer. Therefore, users can deposit their BLZ tokens through the Bluzelle dashboard at any time, but the conversion process might take some time to complete.
The Bluzelle Network Token BNT wallet is created only for the Phase 1 Soft Mainnet. At the end of Phase 1, Bluzelle will return users with their staked tokens and rewards in form of BLZ.
Token conversion is currently only one way from BLZ to BNT. No conversion from BNT back to BLZ is available till the end of phase 1
Every user is expected to avoid mistakes and misbehavior during token conversion, as this could result in loss of funds. Ensure you stick strictly to the rules.
Bluzelle promises to return every users’ funds in the event of a non-recoverable crash of their Soft Mainnet.
Steps on how to convert your BLZ token and Stake on the Network:
Step 1 — Load Your Ethereum BLZ Account on Metamask
Step 2— Sync your existing Bluzelle account with your Metamask wallet
Step 3 —Under the Ethereum Account Block on your staking dashboard, click “Convert to BNT” and input the amount of BLZ you intend to convert
Step 4 —Confirm the transaction on your Metamask wallet(you will need some ETH for gas).
Step 5 —Once you receive your BNT tokens, you can start staking immediately by clicking on the “Stake” and choosing a validator from the list of validators provided.
Step 6 — After Selecting a validator, enter the amount of BNT you intend stake. ( for every transaction, you will be charged 2 BNT as network fee)
Step 7 — Start earning rewards immediately!
To get a more comprehensive guide on how to convert your BLZ token and stake on the Bluzelle network, you can visit the link provided below. Also, it is important to note that everyone participating in the staking program is expected to adhere to every of the guidelines provided by the Bluzelle team. Interestingly, I clearly outlined every of these guidelines in my previous article. You can check it out, in order to make sure you’re on the right track.
Have an exciting staking experience!
For more information on how to convert your BLZ and stake, visit:Bluzelle Conversion & Staking Guideline