Staking Guide
Elastos BPoS Guide
Elastos recently upgraded to a new Elastic Consensus mechanism which features a novel Bonded Proof of Stake (BPoS) instead of the previous Delegated Proof of Stake (DPoS). In late 2021, Yipeng Su proposed the concept of BPoS to enhance the security and stability of both the Elastos main chain and its side chains. BPoS involves stakers and validators. This guide explains how to stake ELA and vote for validators in BPoS.
Table of Contents
Staking and Voting Guidelines
- In BPoS, users must pledge their ELA for at least 10 days or 7,200 block heights, up to a maximum of 1,000 days or 720,000 block heights.
- One staked ELA can be converted into one equity token for voting.
- Rewards depend on the amount of ELA pledged and pledge time.
- Pledge time cannot be shortened but can be extended, not exceeding the expected expiration time of the node.
- Staking profits are automatically allocated: 25% to nodes and 75% to their stakers.
- 12 CR Council nodes cannot be voted for.
- Stakers must re-vote once the pledge time ends to continue earning rewards.
Getting Started
Download Essentials Wallet
To participate in BPoS, download the flagship Elastos wallet, Essentials. All BPoS activities are managed through Essentials. Download the latest version for Apple or Android.
Get ELA on the Mainchain
To participate in BPoS, users need main chain ELA for staking. You can purchase ELA on exchanges like Coinbase, Kucoin, Huobi, and Gate.io. Alternatively, use the Elastos DEX Glide Finance to buy ELA on the Elastos Smart Contract Chain (ESC). For other options, check the Coingecko Markets page for ELA.
Once you have purchased ELA, transfer it to your Essentials wallet to start staking and voting. Note that ELA on Coinbase is ERC-20; follow this guide to convert it to mainchain ELA for BPoS.
Steps to Stake and Vote
1. Staking
1.1. Log into your Essentials wallet and swipe three pages from the home page. Click on "ELA Staking" to start pledging your ELA for staking.
1.2. Click the "Stake" option at the bottom left of the "ELA Staking" page.
1.3. Enter the desired ELA amount and confirm it before clicking "Stake."
1.4. Once the transaction is sent successfully, your pledge is complete.
2. Unstaking
2.1. Go to the "ELA Staking" page and click "Unstake" at the bottom.
2.2. Enter the ELA amount you want to retrieve and click "Unstake." ELA will be sent back to your Essentials wallet once the transaction is successful.
Note: ELA used for voting cannot be unstaked before the expiration time.
3. Vote for Validators
3.1. Log into your Essentials wallet and swipe three pages from the home page. Click on the "BPoS Voting" page to start voting.
3.2. On the "BPoS Voting" page, view information about validators and select the nodes you wish to vote for.
3.3. Check the boxes beside your chosen nodes, confirm your selection, and click "CAST VOTES" at the bottom of the page.
3.4. Enter the number of days pledged and votes for the selected node, then click "Cast Votes."
3.5. After confirmation, go to the "BPoS Voting" page and click "My Votes" to view your voting details.
4. Change Vote
4.1. To extend pledge time, select "My Votes" at the bottom of the page, then click "Update" to set a new pledge time.
4.2. Enter the number of days for the extension and click "Update."
Note: Pledge time can't be shortened, and votes can't be canceled or changed until the expiration date.
Claim Rewards
Go to the "ELA Staking" page.
Click "Withdraw" at the bottom of the page.
Input the desired ELA reward amount.
Click "Withdraw" to initiate the process of claiming your ELA rewards.