If you haven’t done so already, it’s a good idea to read the article on The Bluzelle Network before proceeding.
Short explanation of the core aspects of staking and some associated lingo.
Staking can also be referred to as delegating, a person who stakes is known as a delegator, the amount of staked tokens is also known as the bonding amount, moving staked tokens from one validator to another is called redelegating, withdrawing your staked tokens from a validator is called unbonding. Many chains have the same mechanism for staking/delegating, however they use different words for the same thing, meaning there are several words for the same thing thrown around.
BLZ exists in two different forms
- BLZ-ERC20 is the Bluzelle ERC-20 token that resides on the Ethereum chain. You can interact with this token with any ethereum compatible wallet.
- BLZ resides on the Bluzelle network, also known as native BLZ and formely known as BNT. You can interact with BLZ on Bluzelle’s staking website or from the command line with blzcli, the latter is for advanced users.
BLZ and BLZ-ERC2O are interswappable in a 1:1 ratio. When swapping from BLZ-ER20 to BLZ you will need to pay gas fees on ethereum, prices for gas vary widely. When swapping from BLZ to BLZ-ER20 you pay for the transaction fee in BLZ, 100 BLZ at the time of writing. So far that has been a flat fee.
- MetaMask for Firefox, Chrome, Brave or on mobile for iOS and Android.
- A balance of BLZ-ER20. BLZ-ER20 can be aqquired on different exchanges.
How to stake
Go to Bluzelle’s staking site and click login
Login to Metmask
Connect MetaMask to the staking site
You will now be presented with a seed phrase. Copy this seed phrase and store it in a safe place.
MetaMask will prompt a window requesting a signature allowing you to map your newly created BLZ wallet to your Ethereum account
For the time being you will need login in to MetaMask and enter your seed phrase each time your login to the staking portal. In future versions of the staking site it will be sufficient to simply login to metamask.
Before we can begin staking we need to convert our BLZ-ERC20 tokens to BLZ, this is done in the staking portal under “My account”, “Convert to BLZ”. Transaction and gas fees on ethereum can be outrageously high at any given moment, especially if you use metamask defaults. We can lower the fees by heading to a gas tracker, looking at the average price and noting it.
Head back to the staking site and click “Convert to BLZ”, in the metamask pop up click “edit” next to Gas Fee, then click advanced, enter the gas price noted earlier with a gas limit of 210000
Sign the transaction with your metamask password. You will now have to wait for the BLZ ERC20 relay to be run manually by the Bluzelle team. This is generally done every 24 hours but can take up to 48 hours. There is no need to worry during this time!
When the relay has been run and you can see your BLZ balance on the staking site it is time to choose a validator. Click STAKE and look for your chosen validator. If you are unsure which validator to choose have a look at our artcile on chosing the right validator
Enter the the desired amount and click STAKE TOKENS
Follow the link, you will be greeted by No such transaction, keep refreshing the page, after a short while you will see the transaction on bigdipper. If you chose Zero Eight as your validator, please join the Bluzelle Discord channel #delegators or the Bluzelle telegram channel and let us know you staked on Zero Eight using this guide! We hope it helped.