How to stake Tezos (XTZ) via Trezor hardware wallet and SimpleStaking: a beginner’s guide
Staking allows tokenholders to earn cryptocurrency income by supporting the network with their own computing resources. But running a node requires an impressive amount of tokens. However, users can delegate tokens to other validators without directly participating in the network. In this review, we will tell you how to stake Tezos (XTZ) tokens using the Trezor and SimpleStaking wallets. So let’s get started.
Creating a Tezos wallet
First, download the SimpleStaking wallet from the official website and install it on your desktop. You can use the web version, but the desktop wallet is safer.
Step 1. To download the wallet, enter your email address. You will receive a link to download the desktop wallet.
Step 2. After installing the wallet, launch it, and connect your Trezor device, then continue.
Step 3. Select any available Tezos address from the list. You can select up to 25 addresses. You can add new addresses after creating a wallet. After you select one or more addresses, click “Continue to Add Name”.
Step 4. Create and enter a name for your new XTZ wallet. Click “Finish” to complete the wallet creation.
The wallet is ready to use! In the “Receive funds” section, you will find the address(s) to which you need to send Tezos tokens to top up your wallet.
After several network confirmations, the coins will be credited to your wallet. Now let’s look at how to stake XTZ coins.
How to stake XTZ
Go to the “Delegate funds” section. Select the XTZ address that you sent the coins to earlier. In the second field, enter the address of the validator that you want to delegate Tezos tokens to, for example, Everstake:
tz1aRoaRhSpRYvFdyvgWLL6TGyRoGF51wDjM
Then enter the amount of coins and click to continue. Before doing this, make sure that everything is entered correctly.
Connect the Trezor device and confirm the transaction. Done! You have staked Tezos tokens and will now receive rewards. The first accrual will occur 37 days after the delegation.
Everstake offers delegates a convenient bot that can be used to monitor the state of staking and check whether everything is going well. To check, go to the bot and launch it. Then click “Add subscription”.
Select the Tezos blockchain (XTZ), add the Tezos account name, and enter the address. The bot will send notifications if the status of your address changes. It is better to add the address to the bot before you stake the tokens. This way you will check that the coins were successfully delegated and the bot will send you a notification.
Everstake’s Baker address: tz1aRoaRhSpRYvFdyvgWLL6TGyRoGF51wDjM
Fee: 15%
More information about Everstake Baker can be found here.
Delegate Tezos tokens to Everstake — a reliable and verified validator! With us, payouts will be stable and we offer low fees.
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