From Binance CFX (bCFX) to PoS Staking on Conflux

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Coinmonks

6 min readMar 9, 2022

Binance users who have bCFX can easily stake them on the Conflux PoS network. This guide will walk you through the process of bridging your bCFX to Conflux and staking them.

Prerequisites

For this tutorial you’ll need to install the following:

A Binance account.
Fluent Wallet, a Conflux-compatible wallet.
MetaMask installed on your browser.
Connection of MetaMask to Binance Smart Chain.
For instructions how to connect to MetaMask to Binance Smart Chain, you can follow this tutorial.
At least 1000 bCFX, which will be used for staking.
Note: Staking in PoS requires you to stake at least 1000 CFX. If you wish to stake more, you’ll need to stake in multiples of 1000 CFX (ie. 2000 CFX, 3000 CFX, etc.).
BNB for gas.
CFX for gas.

Overview

The process for staking bCFX in Conflux PoS Finality Chain consists of the following steps:

Withdrawing bCFX to your MetaMask wallet over Binance Smart Chain
Bridging your bCFX to Conflux as CFX using Shuttleflow
Staking CFX in a Conflux PoS Staking Pool

1. Withdrawing bCFX to your MetaMask wallet over Binance Smart Chain

In this section, you’ll withdraw your bCFX from your Binance account to your MetaMask account.

Note: If you haven’t done so, connect your MetaMask account to the Binance Smart Chain network. Click here to see detailed instructions.

1. Log in to your Binance account.

2. Go to Wallet > Overview.

3. Click Withdraw.

4. In Select coin, select CFX — Conflux Network.

5. In address, enter your BSC wallet address from MetaMask.
Note: Please ensure that your MetaMask wallet is connected to the Binance Smart Chain network!

6. In Network, make sure that BSC — BNB Smart Chain (BEP20) is selected.

7. In Withdraw amount, enter the amount that you want to withdraw. For this tutorial, we’ll use 1100.00 CFX (1100 bCFX).

8. Click Withdraw to withdraw your funds.

9. In the dialog, click Confirm to confirm your transfer.
Note: This transaction will use BNB to pay for the gas costs on the Binance Smart Chain network.

10. Once you confirm your transfer, you’ll need to complete the security verification. This process requires to confirm a verification code sent to your email and another one sent to your phone. Enter those codes and click Submit to complete the security verification.

11. You’ll need to wait 15 block confirmations to see the funds reflected in your MetaMask wallet. Once the 15 block confirmations are completed, go to MetaMask to verify that the funds are reflected correctly in your wallet. Alternatively, you can also verify the transaction ID in Binance.

You have transferred your bCFX from your Binance account to your MetaMask account over the Binance Smart Chain network!

2. Bridging your bCFX to Conflux as CFX using Shuttleflow

In this section, you’ll learn how to bridge your bCFX from the Binance Smart Chain network to Conflux using Shuttleflow. These funds will be bridged to Conflux as CFX.

Note: Please ensure that you have installed and set up Fluent Wallet.

1. Go to Shuttleflow and launch the Shuttleflow app.

2. Select BSC as the origin network and click Connect to connect you MetaMask wallet.

3. In the MetaMask dialog, select the account that you want to connect and click Next.

4. In the Connect to Conflux dialog in MetaMask, click Connect to finish connecting your wallet.

5. Click the right arrow next BNB to open the Select Token dialog, and then select bCFX.

6. Enter the amount of bCFX that you wish you transfer. In this case, we’ll use the maximum available amount, or 1098.41 CFX.

7. Select Conflux as the destination network and click Connect Wallet.

8. Connect your Fluent wallet to Shuttleflow.

9. In Receive as, ensure that CFX is selected.

10. Click Next to continue the process of bridging your BNB to Shuttleflow.

11. In the transfer dialog, review the transactions details and check I have confirmed the transfer information, then click Next.

12. On the Two Steps dialog, click Send to send your bCFX to the bridge smart contract.
Note: This transaction will use BNB to pay for the gas costs on the Binance Smart Chain network.

13. Confirm the transaction on MetaMask to finish the first step of the bridging process in Shuttleflow.
Note: This transaction may take a few minutes.

14. Once the transaction is confirmed on Binance Smart Chain, click Claim to claim your CFX on Conflux using your Fluent wallet.

15. In the Fluent Wallet dialog, click Confirm to confirm your transaction.

Notice that this transaction doesn’t cost any CFX to pay for gas costs, since this is a sponsored transaction. Conflux gives developers the possibility to sponsor the gas consumed in transactions, allowing them to provide a better experience to their users. To learn more about the gas sponsoring mechanism, go to: http://developer.confluxnetwork.org.

16. Optional: Once the transaction is confirmed on Conflux, you can verify it in Confluxscan.

17. Go to Fluent wallet and verify that the CFX are reflected in your wallet.

You have now bridged your bCFX from Binance Smart Chain to Conflux!

3. Staking CFX in a Conflux PoS Staking Pool

Disclaimer: Staking CFX in a pool can be risky! When staking, do you own research about the pool you're staking in and stake at your own risk!

You can stake CFX through a staking pool. Staking CFX allows you to provide block finality for improved security for the network. In exchange for this, you’ll get rewards for each successfully validated block.

To stake CFX on a PoS staking pool:

Select a staking pool.
Connect your Fluent wallet.
Enter the amount you wish to stake.

Selecting a Staking Pool

Staking pools are owned, operated, and maintained by the Conflux community. Conflux Network does not endorse any specific pool, however, you can find pool in across the Conflux community channels.

Here are some places where you can find pools:

Conflux forum
CFX Pools
Discord
Telegram

Once you find a pool you should learn more about it by asking other community members about it, going to their website and/or getting in touch with the staking pool operators.

Once you select a staking pool, the staking process varies from pool to pool, but it’s a fairly simple process.

Notes on Staking Pools

When staking, consider the following:

Minimum lock up period is a week.
Staking rewards are paid weekly.
Most pools will request a minimum staking amount of 1000 CFXand increase in steps of 1000 CFX.
Pools usually have a pool performance fee. This fee varies per pool.

Happy staking!

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