Analysis and Tutorial of Babylon Staking Project Launched by Binance Web3 Wallet
Among the 4 staking projects on the banner page, pSTAKE is the one that explicitly states that there are token rewards. In addition, the other three projects require BTC to be exchanged for other types of BTC before they can participate in staking, and only pSTAKE participates on the BTC main chain. Therefore, this article takes pSTAKE as an example.
Staking rewards:
1. pSTAKE token rewards
2. 500 random users will share 100,000 pSTAKE rewards
3. Obtain potential mainnet income based on staked shares
4. Double the pSats (unknown purpose, most likely points)
Staking tutorial:
(Prepare 0.05 BTC or more to the binance web3 wallet in advance, prepare about $10 for on-chain handling fees, and keep some as gas after staking)
1. Open the Binance web3 wallet and click on the Babylon staking banner
2. Click to participate now and scroll down to pSTAKE, select Stake Now
3. Click "connect wallet" in the upper right corner, select binance web3 and sign
4. Enter the staked amount in stake BTC, click the "deposit" button, and confirm the transaction in the wallet
5. After completion, you need to wait for the transaction to be confirmed on the chain, and you can check the staking status in "dashbord"
Q&A
Q: How to unlock the staked BTC?
A: pSTAKE will support BTC unstaking in the coming weeks. Due to certain limitations of pSTAKE and Babylon staking infrastructure, and to ensure overall protocol security, withdrawals will be disabled in V1 of the pSTAKE BTC Liquid Stake solution.
Q: When will my rewards be reflected?
A: pSats will be reflected immediately after the event is launched, and rewards will be accumulated based on the BTC recharge size. After the SatDrop event is launched, users will receive these pSats directly on their pStake dashboard. According to the selection mechanism mentioned in the event details, these 100,000 PSTAKE will be distributed to users two weeks after the Binance Web3 event ends.
Q: How long is the staking period for this event?
A: The staking period for this event is from August 1, 2024 to August 6, 2024