Get ready for Phase 3 of the Chakra Testnet, launching on June 19, 2024, at 9 AM UTC! This phase coincides with the launch of Cap 3 of Babylon Bitcoin Staking Testnet-4, starting at Signet BTC block height 200,665.

In Phase 3, we are thrilled to unveil our new Points system and introduce two distinct staking options: self-custody and Cobo MPC custody. These updates are designed to elevate your staking experience and offer unparalleled flexibility in managing your digital assets. Participants can also claim a Chakra Aqua NFT whitelist spot upon successful staking, regardless of which staking option they choose.

Key Features of Phase 3

1. Points System

Introducing our game-changing Points system! Rack up more points by staking more assets for longer durations, and boost your points even further through referrals. Get ready to climb the leaderboard and make your mark in Chakra’s ecosystem!

2. Babylon Self-Custody and Cobo MPC Custody

In Phase 3, you have the power to choose between two exciting Signet BTC staking methods. Take control by managing your Signet BTC through Babylon self-custody, or enjoy the ultimate convenience and security by staking via Cobo MPC.

How to Participate in Phase 3

Participating in Chakra Testnet Phase 3 is straightforward. Here are the steps to get started:

1. Enter your invite code at the Chakra Staking dApp.

   1. If you don’t have an invite code, find one on the Chakra Telegram or Discord

2. Connect your OKX wallet to the Signet BTC network.

3. Navigate to “Stake”, and choose your staking option.

   1. Stake your Signet BTC through self-custody.

   2. Liquid stake your Signet BTC to the Cobo MPC wallet (Beta).

4. Review your transaction details at “Staking History”.

5. Check your points earned at “Points”: Points will be refreshed daily based on the amount and duration of staked assets.

6. Utilize Referrals: Invite friends to join staking on Chakra Testnet by sharing your invite code, and earn additional points through the referral program.

7. Claim a Chakra Aqua NFT whitelist spot: Stakers can also claim a Chakra Aqua NFT whitelist spot upon successful staking at Chakra Testnet Phase 2 Campaign on Galxe.

For detailed instructions on staking on Chakra Testnet, please refer to this Staking Guide.

Points System

The points system represents and tracks user contributions to Chakra’s ecosystem, and points will be distributed to both staking options, self-custody, and Cobo’s MPC custody. Here's how it works:

Points Calculation and Distribution

Points are distributed to all active staking transactions within the Babylon Cap, including submissions during Chakra Testnet Phase 2 (Babylon Cap 2). Points accumulate from the start of each staking transaction. Users earn 1 point for every 0.0005 sBTC staked per day. Points are refreshed daily at 12 AM UTC.

Referrals

Earn additional points by referring friends. Any user who refers a friend receives points equal to 10% of the points their referral accumulates.

Cobo MPC Custody

In addition to BTC self-custody staking through Babylon, we offer an another staking option through Cobo MPC for more convenience and ease of use.

What is Cobo?

Cobo is a trusted digital asset custody and wallet platform offering the Cobo MPC Wallet-as-a-Service solution. This solution uses Multi-Party Computation (MPC) and Threshold Signature Scheme (TSS) technologies to enable secure co-management of digital assets.

How does the Cobo MPC Custody solution work with Chakra and Babylon?

If you delegate your stake(s) to Chakra and choose the Cobo MPC custody solution, the in the Babylon script will be replaced by the PubKey of Cobo MPC's address. Your staking transactions are submitted by the Cobo MPC wallet, and unlocked assets are released to the Cobo MPC wallet instead of your self-controlled wallet.

To unbond or withdraw your staked assets, you need to initiate the request in the Chakra Staking dApp, which will then send corresponding requests to Cobo and Babylon. Once Cobo receives control of the unlocked assets, you will receive the corresponding amount of assets from Cobo.

Notice

As the Liquid Staking option is still in its beta phase, there are currently limited features for the Cobo MPC Custody staking option.

• Exclusive to Chakra dApp: The Cobo integration is accessible only through the Chakra Staking dApp. To initiate unbond and withdrawal requests, stakers must use the Chakra Staking dApp. Staking on the Babylon Staking dApp defaults to self-custody.

• Unbond Feature Currently Unavailable: The unbonding feature is currently unavailable for stakers choosing Cobo MPC custody due to ongoing integration development. We will launch this feature as soon as possible.

Useful Links

1. Claim Signet Bitcoin from Chakra: Chakra Testnet Phase 1 Campaign

2. Claim a whitelist spot for the Chakra Aqua NFT: Chakra Testnet Phase 2 Campaign

3. Staking Guide for Chakra Testnet: Staking Guide

4. Stay tuned for the latest news for Chakra Testnet Phase 3: Follow Chakra on X

5. To provide feedback, report bugs or issues:

   1. Join us on Discord

   2. Join us on Telegram

Thank you for your continued support and enthusiasm for Chakra Testnet. We appreciate your participation and look forward to growing the ecosystem together.