Tezos is an open platform for assets and applications, which is provided by the global community of validators, researchers, and developers. Staking Tezos allows you to receive passive income in the form of rewards and, at the same time, guarantees the safety of this blockchain network. You can delegate Tezos to the baker and receive rewards directly in the Trust Wallet.
This guide will walk you through the process of staking Tezos (XTZ) via Trust Wallet.
What is Tezos?
Tezos is a blockchain platform that was launched in 2018. It is designed to be a self-amending, decentralized blockchain. Its unique governance mechanism and support for smart contracts make it an attractive platform for developers and businesses looking to build decentralized applications.
What is Trust Wallet?
Trust Wallet is a mobile crypto wallet that allows users to securely store, manage, and trade various cryptocurrencies. You can buy, send, receive, store, and stake many assets with 25 millions+ people using Trust Wallet. In addition to its core wallet functionality, Trust Wallet also includes a built-in DApp browser, which allows users to access decentralized applications (dApps) directly from the wallet.
Why Stake Tezos (XTZ)?
Staking Tezos (XTZ) allows users to earn rewards for participating in the network's proof-of-stake consensus mechanism. When you stake Tezos, you essentially lock up your XTZ tokens in a process that helps to secure the network and validate transactions. In return for providing this service, you earn rewards, which are paid out with additional XTZ tokens.
How to Create a Trust Wallet?
Go to the official Trust Wallet website. The app is available for iOS and Android users, as well as an extension for Chrome. All versions are pretty similar in terms of workflow.
We will use the iOS app as an example, but you can use this guide through any chosen option.
Step 1: Install the app on your device.
Step 2: After installing and opening the app, click Create a new wallet.
Then, read and accept the terms of Service and Privacy Policy and press the Continue button. The app will ask you to create and confirm the passcode for your wallet. Remember, that setting up a secure passcode for your cryptocurrency wallet is crucial because it helps to prevent unauthorized access and protects your assets.
Step 3: Back up your secret phrase from the wallet. To start, click back up manually, then read all information about this process carefully. Click the checkboxes that you have read the information, store the 12-word secret phrase, and press the Continue button.
Never share your secret phrase with anyone. Your secret phrase is the only way to recover the wallet. Verify the Secret phrase by tapping the words to put them next to each other in the correct order and click Continue.
Step 4: You will see the general information about Trust Wallet. To start using the wallet, click Deposit now.
Congrats, now you can start using your wallet!
How to Top Up Your Trust Wallet
To initiate staking, it is necessary to possess Tezos tokens in your account. However, if you already have a positive balance in your existing account, you may bypass this step and proceed with staking.
To add funds to your Trust Wallet, follow the subsequent steps.
Step 1: Select Tezos (XTZ) in the list of chains.
After starting using Trust Wallet, not all assets are shown on the main menu. You need to add tokens first. Click Add Tokens, then you will see the list of all supported assets. You may choose which one to show on the menu. Find Tezos and add it.
You will see Tezos in the main menu. Now, you can top up, select the token and click receive button. You will see your XTZ address. Send only Tezos (XTZ) here, sending any other tokens may result in permanent loss.
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 Trust Wallet.
How To Stake XTZ
When you stake Tezos, you help support the Tezos ecosystem and can earn rewards. It's a safe and flexible way to contribute to the network. If you want to stake XTZ using imToken Wallet, just follow these steps.
Step 1: Go to the Main menu and select Tezos. Then tap Stake to enter the staking menu.
Step 2: Read the information on staking that the wallet will show and tap Stake. Then select XTZ amount, baker (Everstake in our example) and tap Next.
It is crucial to choose a reputable and trustworthy baker when staking Tezos. When selecting a baker, it is essential to consider its reputation, reliability, fees, and performance. Everstake is a well-regarded and reliable Tezos baker that has been in operation since 2018. We have a strong infrastructure, and secure setup, and offer competitive fees.
Step 3: To finish staking, confirm the transaction. After that, the status will be pending. Wait some time and you will see the completed transaction.
Step 4: Now you can that you successfully staked XTZ to baker. The status is completed and you can view this transaction on the block explorer.
Conclusions
Staking XTZ is beneficial because it allows users to contribute to the Tezos network's security while earning rewards for their participation.
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.
