Tezos is a multifunctional decentralized blockchain platform supporting smart contracts and token creation. Tezos users can stake the native XTZ token, thus ensuring the functioning of the blockchain.
This guide focuses on how to stake Tezos (XTZ) using the Temple Mobile wallet.
What is Tezos?
Tezos is a blockchain network and decentralized computing platform powered by smart contracts. The Tezos blockchain was created by Arthur and Kathleen Breitman in 2014 through their startup Dynamic Ledger Solutions. The mainnet was launched in 2018.
What is Temple Wallet?
Temple Wallet is an easy-to-use cryptocurrency wallet for the Tezos blockchain available for mobile devices and as a web extension. It is open-source, decentralized, and secure. This wallet is baking-friendly, providing out-of-box baking support with a user-friendly list of bakers and information about them. Temple Wallet also supports Ledger Nano, multiple accounts, and NFTs, thus giving its users a great Web3 experience.
Why Stake Tezos (XTZ)?
By staking Tezos (XTZ), you participate in securing and validating transactions on the Tezos network and earn rewards for doing so. You retain full control of your funds by staking XTZ with a non-custodial validator.
How to Create a Temple Wallet?
The wallet is available in a mobile version for Android and iOS and as a web extension for Opera, Mozilla Firefox, Google Chrome, Vivaldi, Microsoft Edge, and Brave. Check out our other guide to learn how to stake XTZ via Temple Wallet’s web extension. For the purposes of this guide, we use the iOS version. Go to the official Temple Wallet website, choose Mobile, and click on the Download from AppStore button.
Then, download the app from App Store and click Create a new Wallet.
The next step is to create a strong password for your wallet that is difficult to crack or guess. You should store it in a safe place. Additionally, you can use FaceID to unlock the application. Finally, accept the terms and tap Create.
We also recommend creating a manual backup in case you need to access your wallet from a different device.
A seed phrase is a collection of randomly generated words representing all private keys associated with a given crypto wallet. Tap on the field to reveal it, write it down, and confirm that you’ve done that. To proceed, press the next button. Then, confirm your seed phrase by entering some words on the screen as requested.
After completing this step, you’ll be able to use your wallet.
Top Up Your Temple Wallet
You must have Tezos tokens on your account to start staking. If you use an existing account and have a positive balance, you can skip this part and move directly to staking. Follow these steps to add funds to your Temple Wallet.
Step 1. Select Tezos (XTZ) in the List of the Chains
Select Tezos from the list of blockchains and copy your address.
Step 2. Send Funds to Your Wallet
Next, head to the CoinGecko website, and buy Tezos (XTZ) tokens from any cryptocurrency exchange listed there. After the transaction is done, go back to your Temple Wallet.
How To Stake XTZ
Tezos staking offers a secure and flexible way for users to participate in the Tezos ecosystem and earn rewards for supporting the network.
The steps below explain how to stake XTZ via Temple Mobile Wallet.
Step 1. Go to the Stake Tab
Go to the Main menu and select Tezos. Then tap Delegate to enter the staking menu.
Step 2. Stake Tokens
Read the information on staking that the wallet will show and tap Delegate. Then select a baker (Everstake in our example) and tap Next.
Confirm your stake. You can accelerate your transaction by increasing the fee but it’s not a requirement.
Step 3. Confirm the Transaction
Step 4. See the Transaction Details
Transaction details are available for users after staking. You can copy the operation hash and check it in the Tezos explorer. You can access the same info using your address.
The delegator starts getting rewards in ~23 days. Once this period has elapsed, you will receive rewards every 3 days.
If you want to unstake or redelegate your tokens, you need to click the Redelegate tab. After this, you can choose another Baker and stake with it
Conclusions
Staking XTZ is a great way to earn passive income and support the network. This helps to maintain the integrity and stability of the network.
Everstake is an active Tezos ecosystem contributor and a validator for over 70 blockchains. We’ve been with Tezos since the beginning. We are proactive in the blockchain’s consensus verification, improvement, and growth. Everstake has a dedicated team of community, DevOps, and R&D specialists. You get your blockchain community representative with Everstake.
Feel free to contact our Tezos Blockchain Manager on Twitter.
