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In a recent video series by TriliTech, Linda introduces viewers to the newly launched staking feature on Tezos, providing step-by-step guidance for Tez holders. As Linda summarized, “We’re going to walk you step by step through the entire process in this video series.” Future tutorials will delve deeper into specific aspects of staking, offering comprehensive guidance for users.
By: XTZ News
23 December 2024
Disclaimer
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
Our articles due not endorse any projects/applications, nor due they constitute any financial advice. They are provided to simply inform our readers with readily available information that has been provided elsewhere.
Videos from the TriliTech ‘Staking Tutorial’ video series were transcribed using the whisper-1 model via OpenAI API for the purpose of this article. Parts of this transcription are used in this article. This article is presented as information from the video series only, and users should undertake their own research before using any tools mentioned within it. No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy. Our articles due not endorse any projects/applications/tools, nor due they constitute any financial advice. Our articles are provided to simply inform our readers with readily available information that has been provided elsewhere. Please see our full disclaimer here.
A Guide to Staking on Tezos
Linda from TriliTech has released a detailed video series explaining how to get started with staking on the Tezos blockchain. This new feature, introduced in June 2024, offers Tez holders an opportunity to earn rewards by participating in the network. Here’s a comprehensive guide based on the series, with detailed step-by-step instructions to help you navigate staking on Tezos.
What is Staking?
“If you’re not aware already, staking was actually introduced to Tezos in June 2024,” Linda begins. She explains, “This means that for individual Tez holders like you and I, we can now stake as a way to earn rewards on our Tez.”
Previously, Tez holders could only delegate their tokens to participate in the network. Staking builds upon this feature. Linda clarifies, “Now, you can both delegate and stake. So why do I say delegate and stake? That’s because staking on Tezos is a two-step process. First, you delegate, and then you stake.”
This dual process makes Tezos unique. Linda elaborates, “You have a few options as a Tez holder. You can either just delegate, or you can delegate and stake.” She assures viewers, “If this sounds complicated, don’t worry. We’re going to walk you step by step through the entire process in this video series.”
Understanding the Benefits of Staking
The key benefit of staking is higher rewards. “The rewards are twice that of delegation,” Linda notes. To view current reward rates, she demonstrates navigating to TZKT.io. “Let’s go down to the Proof of Stake column right here. As we can see, Estimated APY. So now we see two numbers. The first one is for delegation, and the second is for staking.”
Choosing a Reliable Baker
Bakers play a crucial role in the Tezos ecosystem by validating transactions and securing the network. Linda highlights their importance: “If you hold Tez and you want to earn rewards, you can assign your Tez to a baker for a slice of their total rewards.”
When choosing a baker, Linda suggests considering the following:
APY: “This is basically the rewards that you’ll be getting from them for staking.”
Fees: “This is the cut that bakers take from your rewards.”
Free Space: “You want to make sure that the baker you choose has enough free space for the amount of Tez that you’ll be allocating.”
Reliability: Ensure the baker actively participates in governance and runs consistent nodes.
Linda warns against overstaked bakers, saying, “Don’t stake with a baker that’s overstaked because this is going to dilute your rewards.”
Tools You Need to Start Staking
To begin staking, you will need the following:
A Compatible Wallet: Linda emphasizes the importance of choosing a wallet that integrates with the staking app. “If you want to see what wallets you can use, you can just click Connect Wallet right here. Now you see I have a few options that have popped up. If I click on Show More, I get a very extensive list of wallets.”
For her demonstration, Linda selects Kukai, saying, “I’m going to go with Kukai because it’s super easy to use. But really, you can use any wallet provider in this list.”
Tezos Staking App: Linda highlights Stake.Tezos.com, describing it as “developed by builders from within the Tezos ecosystem.” She notes its user-friendly interface, saying, “We’re going to show you how to use the staking app here because it’s really easy to use and you can manage everything from it.”
Tez Tokens: If you don’t have Tez yet, Linda advises, “You can easily buy on centralized exchanges like Binance, Coinbase, or Kraken. Once you do buy your Tez, send it to the wallet that you want to stake from.”
Detailed Step-by-Step Staking Process
Step 1: Delegate Your Tez
Delegation is a way for Tez holders to earn rewards without running a node themselves. Linda explains, “You do so by assigning your Tez to a baker, a.k.a. a validator, who does the work and gives you a proportional slice of the rewards.”
Connect Your Wallet: Click on “Connect Wallet.” Linda demonstrates using Kukai by scanning a QR code on her phone. “On my mobile phone right now, it’s asking me, do you want to connect to Stake.Tezos.com? Yes,” she says while confirming the connection.
Verify Wallet Details: Ensure that your wallet address and balance are correct. “You want to make sure that you have the right wallet address and I see the amount of Tez I have in this wallet,” Linda advises.
Select a Baker: Click “Select Baker” to view a list of available bakers. Linda emphasizes checking metrics such as APY, fees, and free space to ensure optimal rewards.
Confirm Delegation: After choosing a baker, confirm the delegation. Linda adds, “Remember, your delegated Tez will remain liquid, meaning you can use them even while earning rewards.”
Step 2: Stake Your Tez
After delegation, the next step is staking. Linda explains, “Once you stake your Tez, they’re locked up, and unlocking them or unstaking them will take about 11 days.”
Steps to stake:
Click “Stake” on the Dashboard: With your wallet connected and delegation active, locate the “Stake” button.
Enter the Amount: Decide how much Tez you wish to stake. Linda reminds users to “always leave a little Tez leftover for gas fees.”
Review Important Notes: The app will display key reminders about lock-up periods and risks, such as slashing penalties. Linda explains, “Slashing is extremely rare on Tezos, but it’s still important to know the risks.”
Confirm Staking: Approve the transaction on your wallet. “Nicely done. We have now staked five Tez,” Linda concludes in her demonstration.
How to Change Your Baker
Sometimes, you may wish to change your baker due to changes in fees, performance, or personal preference. Linda explains, “If you’re staking, you essentially have to unstake your stake first and then delegate to the new baker.”
Here are the steps to change your baker:
Unstake Your Tez: On Stake.Tezos.com, navigate to the dashboard and click the “Change” button next to your current baker.
Confirm Unstake Request: Linda notes, “Unstaking takes around 10 days and it’s a two-step process.” During this time, your Tez will be in a pending state.
Finalize the Unstake: After the 10-day period (or four Tezos cycles), return to the app to finalize the unstake. “Make a note of it, schedule a reminder, and we’ll come back in 10 days,” Linda advises.
Select a New Baker: Once the unstaking process is complete, choose a new baker. Linda demonstrates how to evaluate bakers based on APY, fees, and reliability.
Delegate and Stake Again: After selecting a new baker, follow the delegation and staking steps as described earlier.
Linda emphasizes the importance of researching bakers, saying, “Don’t forget that the amount of rewards you receive is based on the amount of rewards they receive.”
Risks and Considerations
Staking on Tezos is generally safe, but it’s essential to understand potential risks. Linda explains, “Slashing is when a baker is penalized for misbehavior. This can include not participating enough in governance or not running an active node.”
Additionally, funds staked are locked for a period of time. Linda reiterates, “Unlocking them or unstaking them will take about 11 days.”
Final Thoughts
Staking on Tezos provides an excellent opportunity for Tez holders to earn rewards while contributing to the blockchain’s security. Linda’s comprehensive walkthrough ensures that even beginners can confidently start staking.
“If you’ve followed along up until here, you should now officially be a staker on Tezos. Hooray!” Linda concludes. For additional details, visit Stake.Tezos.com or explore the full video series for more insights and advanced tips.
Disclaimer
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
Our articles due not endorse any projects/applications, nor due they constitute any financial advice. They are provided to simply inform our readers with readily available information that has been provided elsewhere.
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