It’s been a long time since Everstake has entered into the Tezos network with a desire to support rapidly growing financial technology, that many institutions, as well as governments, use in different ways. To this day, we still continue to empower the community by developing complex solutions such as our beloved Tezos Giga Node, while having a strong desire and experience to continue our involvement in Tezos Ukraine. Considering the fact that the Tezos has changed dramatically in the past year, we decided to roll out some new changes that many community members will find useful.
Recently, we decided to create the second baker in order to improve our security measures, while allowing our members who staked with us to have better risk management on their XTZ portfolios. This step is very important in the blockchain field because the initial principle that everyone tries to follow is to avoid one single point of failure. Furthermore, by deploying an additional baker we can increase the stability of our service by two-fold and contribute to the network decentralization.
Besides, infrastructure changes users who choose our new Everstake baker will have an opportunity to decrease their fees from 8% to 5% by redelegating their Tezos tokens from the old address to the new one. By the way, we’ll be still running both baker nodes, so that we could have our bond split in two while leveraging better network performance. Note that redelegation to the new baker will not affect your payouts and you will be receiving them with no gaps.
For your information, the delegation address for old baker remains the same, but we will be renaming our old baker in the following way:
Name: Everstake Legacy
Current Fee: 8%
Fee after August 1st: 15%
And the new Baker has these properties:
Promotional Fee: 5%
Promotion Duration: 3 months, until September 1st or approximately 34 Tezos cycles
Fee after promotion: 8%
Attention to all current and future Everstake delegators! Please, delegate/redelegate your XTZ to a new baker. You will continue to receiving the rewards and won’t miss anything!
The above information has been updated on most Tezos resources such as Baking Bad and MyTezosBaker. However, it will take some time to reflect those changes in the dropdown lists of popular wallets. If you don’t see both Everstake Legacy and Everstake in the list but you want to benefit from the new lower fee baker just choose the custom delegation option and paste tz1aRoaRhSpRYvFdyvgWLL6TGyRoGF51wDjM in the delegation field.
If you have any questions we will be happy to assist you in our Telegram Support Chat!