Tezos
Stake Tezos (XZT) in Galleon Mobile Wallet
In this guide, we will show you how to create a mobile Galleon wallet and use it to stake XTZ tokens.
AUG 11, 2020
Table of Contents
How to create a wallet in the Galleon mobile app
How to top up your Galleon wallet
How to lock XTZ in a Galleon mobile wallet
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Recently, Cryptomic released a mobile version of the Galleon crypto wallet for Tezos tokens. For now, Galleon mobile version is only available for iOS devices, and can be installed via the link. The Android version is available as a beta testing version, you may already download it here.
In this guide, we will show you how to create a mobile Galleon wallet and use it to stake XTZ tokens.
How to create a wallet in the Galleon mobile app
Download your wallet from the Play Market to your phone and launch it. Please note that the functionality is still limited and new features will be added for XTZ token holders in the future. Next, we’ll take a step-by-step look at how to create a Tezos (XTZ) wallet.
Step 1. To create a wallet, tap the “Get Started” button on the main screen of the mobile app.
Step 2. Read and accept the terms of the user agreement.
Step 3. Wait until your account is ready to use. As soon as the wallet is ready, the interface will open and you will be able to transfer, receive and delegate XTZ coins.
How to top up your Galleon wallet
Click the “Receive” button on the main screen of the app and choose any convenient method for adding funds to your mobile wallet:
- By scanning the QR code;
- By copying the Tezos address to the clipboard and sending it to the recipient;
- By sharing the address through the available channels.
Wait until the tokens are credited to your wallet. Then the balance of the coins will be displayed on the main screen, and can be staked.
Don’t forget to create a backup copy of the crypto wallet. To do this, tap on the colon in the upper-right corner of the screen and tap Settings.
On the new screen, select “Show Recovery Phrase” in the Security section.
Then write down the 24-word seed phrase shown on the screen, which you can use to restore access to your funds. It is important to keep this phrase in a safe place and not pass it on to anyone. Otherwise, you run the risk of losing their coins. Write it down on paper or other media and put it away in a secret place that only you and your loved ones will know about.
How to lock XTZ in a Galleon mobile wallet
Step 1. Go to the “Delegation” section. The Galleon wallet warns that bakers do not control your funds and do not have access to them. Tap “Next” to continue.
Step 2. Confirm that you have read the information provided. Tezos does not have a lockup period, and you can tag XTZ coins at any time. Tap “Got it!”.
Step 3. Select Baker. Bakers serve as network validators, so it is important to delegate to the correct Baker. Pay attention to how well-developed the validator’s infrastructure is, how convenient it will be for the crypto holder to work with it, what fees it has, and other factors.
Everstake has been serving various blockchain networks for more than 2 years and has earned the trust of token holders. The validator offers users commissions and a convenient website, which can be used to track statistics on staking and use a calculator for calculating profitability.
Address of the new Everstake Baker: tz1aRoaRhSpRYvFdyvgWLL6TGyRoGF51wDjM
If you are still delegating to the old Baker, then you need to switch to the new one as soon as possible — it has lesser fees for rewards. We wrote in detail about why it is important to switch to a new Baker here.
Tap “Next” to delegate Tezos tokens.
Step 4. Check whether the bank details are entered correctly and confirm the transaction by taping “Tap to Delegate”.
Step 5. Wait until the transaction is confirmed.
Congratulations! You have successfully delegated XTZ coins. Information about the current delegation is displayed in the “Delegation” tab: the number of delegated tokens and the name of the Baker. Just below you can see when the next reward will be awarded.
Now you know how to stake Tezos coins. Feel free to contact our blockchain manager on Twitter if you have any questions about staking XTZ. We are always happy to assist you.
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Disclaimer
Everstake, Inc. or any of its affiliates is a software platform that provides infrastructure tools and resources for users but does not offer investment advice or investment opportunities, manage funds, facilitate collective investment schemes, provide financial services or take custody of, or otherwise hold or manage, customer assets. Everstake, Inc. or any of its affiliates does not conduct any independent diligence on or substantive review of any blockchain asset, digital currency, cryptocurrency or associated funds. Everstake, Inc. or any of its affiliates’s provision of technology services allowing a user to stake digital assets is not an endorsement or a recommendation of any digital assets by it. Users are fully and solely responsible for evaluating whether to stake digital assets.
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