How to Stake Tezos (XTZ) via the Plenty Wallet

According to the project’s website, Tezos (XTZ), launched in 2017, is a “blockchain designed to power the Web3 revolution”. The idea and structure of Tezos instantly attracted the investors’ attention, leading to one of the most successful crypto ICOs in history, accumulating $232 million worth of BTC and ETH. The project’s native coin is the Tezos cryptocurrency with the XTZ ticker. It is 40th in the top cryptos with a $1,2 billion market cap. Considering there are more than 13 thousand digital assets today, this is a significant accomplishment. 

The Tezos blockchain is built on the Proof-of-Stake algorithm, which requires validators to use their coins to add new blocks to the chains. This process is called baking: participants with the most significant amount of XTZ sign and push blocks to the chain. At this point, you have two options: 

1. Becoming a baker yourself enables you to participate in the Tezos on-chain governance mechanism by voting, allowing them to influence the project’s future.
2. Delegating your baking rights, which does not require huge investments and is fully automatic. An advantage of Tezos is its Liquid modification of PoS, which does not require users to lock the coins. Participants maintain complete control over their funds and can use their XTZ anytime. 

If you’re new to staking and looking to generate passive income from cryptocurrency, you might want to explore the Plenty wallet (formerly known as Naan wallet). This wallet is tailored to enhance the Tezos ecosystem, enabling you to delegate your baking rights and consistently earn rewards in cryptocurrency.

What is Plenty Wallet?

Plenty Wallet is your gateway to the web3 era. It’s a comprehensive mobile app designed with precision to simplify your interaction with decentralized apps and blockchain technology.

You can effortlessly create a web3 account through your preferred social media platform, making it easy to acquire web3 assets with your credit card or Apple Pay. Dive into a realm of innovative dApps across various blockchains and stay connected with your favorite collections, artists, and DeFi ventures. Moreover, you have the convenience of buying, sending, receiving, and, naturally, staking XTZ directly within the app.

How to Stake Tezos (XTZ) via the Plenty Wallet

Creating an XTZ Wallet

1. Download and run the app on your device. It is available to both Android and iOS users.

2. Click “Create a new wallet” and set Passcode for the wallet. 

3. Enhance your wallet’s security by enabling Face ID for access to your Plenty wallet. Once done, give your wallet a name.

4. Afterward, make sure to back up your wallet using a 12-word seed phrase. Store it securely, and always keep in mind that you’ll require it to access your wallet.

Depositing XTZ  

To begin staking, you’ll need Tezos tokens in your account. If you already have a positive balance in an existing account, feel free to skip this step and proceed directly to staking. If not, follow these steps to add funds to your Plenty Wallet. Alternatively, you can purchase XTZ tokens directly within the app. The choice is yours. We will send XTZ to your address via an exchange.

1. Go to the main menu and select Tezos (XTZ). Click on the “Earn” button and copy your wallet address.

2. Next, visit the CoinGecko website and purchase Tezos (XTZ) tokens from any of the cryptocurrency exchanges listed there. Once the transaction is complete, return to your Plenty Wallet.

Delegating Baking Rights 

To earn passive income on XTZ staking via the Plenty mobile app, you first need to delegate your baking rights to the validator: 

1. Go to the XTZ account section and click “Earn.” Next, select “Add Custom Baker.” Here, you’ll need to input the address of your preferred baker, the one you wish to stake with.

In the case of Everstake, the parameters are as follows:

• Name: Everstake
• Address: tz1aRoaRhSpRYvFdyvgWLL6TGyRoGF51wDjM
• Fee: 15%

2. Review the delegation details, including your wallet address and baker’s information. If everything appears correct, press the “Hold to Delegate” button. After a brief moment, you will receive confirmation of a successful transaction. If you prefer, you can verify this transaction using Tezos explorers.

That’s it! Your baking rights are transferred to a secure baker who will provide you with a stable passive income on crypto!

Please note! Delegator starts producing rewards in approximately 23 days. Such delay is required to secure and prevent the network from being abused. The Pending status amounts to two cycles or ~6 days to complete. The Confirmation stage goes next, which takes five cycles or ~14 days. Lastly, you should wait for a cycle’s end for your first payout. As a result, it looks like this: 

2 cycles (pending period) + 5 cycles (confirmation period) + 1 cycle = ~23 days

Plenty Wallet Functionality

The Plenty mobile wallet offers full-fledged functionality for the Tezos cryptocurrency, including storing, buying, and withdrawing XTZ. In addition, the app provides a fiat-crypto payment gateway, allowing users to purchase coins with Visa/Mastercard bank cards directly. The Plenty interface is straightforward and intuitive, delivering automatic Tezos staking. 

CONCLUSIONS

To sum up, the Plenty wallet is a perfect solution for those interested in the Tezos cryptocurrency, as it was designed explicitly for the XTZ ecosystem. The app offers various features, including storing and buying Tezos. Moreover, the Plenty wallet lets you connect your NFTs on the XTZ blockchain and browse the available dApps. One of the most attractive features is baker delegation, providing staking benefits for the participants and allowing them to earn passive income on crypto with no special skills and equipment. 

If you have any questions regarding XTZ staking, feel free to contact our Tezos Blockchain Manager on Twitter.