Mainnet Update — Unbonding feature ON!

Hi everyone, this is a brief update on the progress of the mainnet and the announcement of a new feature which was integrated into our Web Player, the “Unbonding”.

The bitsong-1 launched on March 26 of 2021, has almost reached the height of 1 million blocks produced, and we can say that we are very satisfied as we have not had to face any problems, everything flows as expected.
At the moment the active validators are 62, while the transactions carried out on the blockchain are around 10 thousand, the Bonded Ratio indicates a value of 29.66%, which will increase in the coming days, as new delegations relating to the Round-2 of the Delegation Program will be carried out, while inflation has risen to 8.33%.

Let’s have a look to the Unbonding process now.

As you know, “unbonding” or “unstake” is the option of “recalling to liquidity” tokens or part of the tokens that have been delegated to a validator, to be able to participate in the network consensus and perceive rewards in return.

Once the process of unbonding/unstaking BTSG’s has been started, you will not receive any staking rewards anymore. The unstaking of your tokens will take a full 21 days before they become liquid in your wallet. You cannot do anything to your tokens during this time.

If a delegator wants to unbond part or all of their stake, they need to send an “Unbond transaction”. From there, the delegator will have to wait 3 weeks to retrieve their BTSG’s.

Therefore, we have prepared a short guide on how to perform the Unbonding Transaction:

1. Connect to our Web Player and open your wallet, Via Keplr or via Mnemonic Phrase

2. Click on the icon at the top right and select “Wallet”, then click on the “Earn” option

3. From the list under “Your Stake”, select the validator from which you want to make the unbonding and click on the 3 dots on the right side and then select the “Unbond” option.

4. In the window that shows up, select the COIN (BTSG), introduce the Token Amount you want to unbond and click on “Unbond”.

5. Confirm the transaction with Keplr, or with the password of your wallet in case you are accessing with the MNEMONIC phrase.

OR

6. Once the transaction is confirmed, in the “Earn” section under “Unbonding” you’ll the validator moniker, the amount you unbonded and the date when your tokens will return liquid into your wallet.

Remember that you need to have some BTSG liquid in your wallet, so as to be able to pay the gas of the unbonding transaction, otherwise it will go to “out of gas”.

We hope this update was to your liking, stay tuned since we’re just about to communicate some thrilling news.

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A Blockchain Ecosystem to Empower the Music Industry (https://bitsong.io)