Tezos (XTZ)
Bakers
Kiln
Ledger Live by Kiln
Ledger Enterprise by Kiln
Staking mechanics
To participate in Tezos Proof of Stake, you first need to delegate your wallet's balance to a baker. This delegates all XTZ tokens in your wallet. Once delegated, you can choose to stake assets for higher reward. Both delegated and staked assets earn rewards based on their share of the baker's staking power. However, staked assets earn twice the rewards of delegated assets (before baker fees).
Stake activation time
~11 days (end of current cycle and 4 others)
Instant
Stake lock-up time
For delegators: Instant
4 cycles (~11 days)
Re-delegating activation time
~11 days (end of current cycle and 4 others)
4 cycles (~11 days)
Rewards frequency
First rewards: 1 cycle after stake is active (~11days + ~2.83 days). Note: for many other validators (not Kiln's one), the first rewards would be received 6 cycles after stake is active (~37 days) because they froze rewards during 5 cycles. Rewards frequency: at the end of every cycle (~2.83 days). Last rewards: 4 cycles after the end of the unstaking cycles (~11 days)
First rewards: Immediate at the end of the current cycle (0-2.83 days)
Rewards frequency: at the end of every cycle (~2.83 days)
Last rewards: Rewards stop immediately after unstaking.
Auto-compounding
Yes
Yes
Self-bond
The baker owned stake, the self bond, must represent 10% of total delegation.
Ex: A baker with a owned stake of 5M XTZ has a delegation capacity of 45M XTZ.
→ The delegation capacity depends solely on the baker's self-bonded stake.
The staking capacity is nine times the baker's owned stake (self bond).
Ex: A baker with a owned stake of 5M XTZ has a staking capacity of 45M XTZ.
→ The staking capacity depends solely on the baker's self-bonded stake. → When a user stakes, their delegation is dismissed from the baker’s delegation capacity, and only the staked amount counts toward the baker's stake capacity.
Active set
None
None
Slashing
No, as a delegator, the only risk is not earning the potential rewards. In the case of slashing, only the staked amount is slashed.
Yes, if the Baker double bakes, Stakers could lose up to 10% of their stake. In the context a double endorse, it's 50%. It's worth noting that such events are extremely rare on Tezos.
Relationship between validator stake balance and rewards
Linear. The more stake balance there is on the baker, the more rewards it will earn.
Linear. The more stake balance there is on the baker, the more rewards it will earn.
Staking workflow
What is the staking process?
The Tezos wallet is delegated to a baker and all the tokens contained inside this wallet are on that baker. The rewards go directly in the wallet.
The XTZ staked funds remain in your wallet, but are frozen by the protocol and actively participating in consensus. The rewards will be paid directly to your wallet, and they come from protocol-level incentives.
Do funds move out to another wallet?
No, XTZs do not move anywhere, they never leave your wallet.
No, XTZs do not move anywhere, they never leave your wallet.
Can I keep staking/unstaking from/to the same wallet?
You can adjust your delegation amount by transferring tokens in or out of your wallet.
Yes, you can increase the staked amount or unstake part of it at anytime.
Can I select how much of my wallet balance I want to stake?
No, all the XTZs inside a delegated wallet are delegated. All tokens in a delegated wallet are taken into account in the delegated amount.
Yes, you select the amount of tokens you want to stake to earn rewards.
How do I undelegate/unstake?
When stopping delegation to our baker, you will still receive staking rewards from the last 11 days.
You can undelegate from the Dashboard or also from:
From Ledger Live
In your Tezos Account in Ledger Live, click on the 3-dots menu on the right, then “End delegation”:
From Templewallet
You can also delegate to another baker from Templewallet. To do so, go to your Tezos subsection, then in the “Delegate” tab, click on “Re-Delegate”
When unstaking, you will stop receiving rewards immediately. After submitting an unstake request, your chosen amount becomes finalizable after 4 cycles (~11 days).Then, you will need to finalize unstaked balances in order to make them spendable.
Can I unstake/undelegate part of the staked balance?
No, if you undelegate, it's for the whole wallet. However, you can transfer out of your wallet any amount of XTZ to undelegate a part of it.
Yes, you can unstake part or all of your staked funds.
How is my balance computed at cycle N for the rewards distribution?
The balance computed at cycle N for the rewards distribution is the balance at the beginning of cycle N-4.
The balance computed at cycle N for the rewards distribution is the balance at the beginning of cycle N.
How is commission paid?
Rewards are paid and commissions are taken natively at the protocol level. Rewards are redistributed every on-chain cycle (~2.8 days) to the same XTZ address you are staking with.
How do I monitor my rewards?
Adaptative Issuance
You way see the Delegating/Staking APR fluctuate over time when monitoring your positions or looking on an explorer.
The rate adjusts based on the share of tez (out of the total supply) that is staked, with a target of about 50%. If the staked share goes below 48%, rewards increase to incentivize more funds being staked. If it goes above 52%, rewards are reduced to avoid issuing more tez than is required for network security.
Performance
In particular the sidebar shows the lifetime performance:
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