Tezos
Tezos Staking Guide via Galleon: Simple Steps That Lead To Good Returns
Learn how to stake XTZ with the Galleon wallet after the Babylon update of the Tezos network.
DEC 09, 2019
Last updated DEC 09, 2019 · V1
Obviously, staking is a vital part of almost any Proof-of-Stake consensus algorithm across many blockchain networks. This process may be burdensome for some individuals, so our team decided to prepare another guide for staking on the Tezos network via the Galleon Wallet.
If you haven’t installed the Galleon wallet yet, then it can be downloaded from the official website.
Galleon serves as a software wallet designed for the Tezos blockchain. This wallet solution is a manifestation of Tezori (T2), an open-source framework for Tezos desktop wallets. Galleon operates on Cryptonomic infrastructure. Notably, the desktop version of Galleon offers support for hardware signing. Wallet is translated into eight languages and is accessible through releases compatible with Mac, Windows, and Linux operating systems.
Step 1: Set Up A New Wallet
Once the application is installed, choose an option to create a new wallet.
Then enter the desired wallet password and click Continue.
Generate your seed phrase, save it in a safe place, proceed further to confirm it, and finish setting up the wallet.
Step 2: Delegation Process
Please ensure that when you are sending XTZ to a newly created wallet, you have to cover a 0.257 XTZ fee. Moreover, sometimes, when you are trying to transfer your funds, a transaction can be rejected automatically.
It happens since the ‘Send’ amount includes the fee itself, so you have to leave the fee on your wallet, and then a transfer will be successfully completed. Besides the empty implicit account fee, you have to cover ordinary network fees that can be chosen when you make a deposit.
Once the deposit has been successfully completed, please click on the ‘Delegate’ button.
Name: Everstake
Address: tz1aRoaRhSpRYvFdyvgWLL6TGyRoGF51wDjM
Fee: 15%
There you have to insert the delegate address, set the desired network fee, and confirm your operation. If you want to make a delegation with Everstake, simply go to the Manager address menu and use our delegation address: tz1aRoaRhSpRYvFdyvgWLL6TGyRoGF51wDjM for delegating XTZ.
Please verify the accuracy of the baker address, input your wallet address, and proceed by clicking “Change Delegate.”
Once delegation is confirmed, you can verify it on the blockchain simply by clicking on the link in the pop-up menu.
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Should you have any inquiries related to staking XTZ, please don’t hesitate to reach out to our Tezos Blockchain Manager via Twitter.
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