Tezos
Why delegating to the new Tezos Baker is better for token holders
Everstake has launched a new Baker in the Tezos blockchain network, as lots of things changed in the network over the past year. Let’s see w
JUL 31, 2020
Table of Contents
Why did Everstake launch Baker #2?
Why is it worth it to redelegate tokens to a new Baker?
THE NEW BAKER
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Decentralized financial technology is growing at a rapid pace. New solutions are constantly emerging that make it easier for users to interact with cryptoservices and reduce their transaction costs.
Everstake has launched a new Baker in the Tezos blockchain network, as many things changed in the network over the past year. Let’s see why this is good and what it means for XTZ token delegators.
Why did Everstake launch Baker #2?
The Everstake validator has added a new Baker to the Tezos network to improve security measures and allow XTZ token holders to control risks better when managing their portfolios.
This corresponds to the ideology of a decentralized market where there is no single point of failure. This is the principle that Everstake strives to follow. An additional Baker makes the staking service more stable, so it is crucial to redelegate coins to the new Baker.
Why is it worth it to redelegate tokens to a new Baker?
In the new Baker, Everstake pays part of the fee for the remuneration of delegators, and after delegating XTZ tokens to the new Baker, the reward for staking will become higher. The fee for accruing tokens on the old Baker will increase to 15% from August 1 (2020) and grow by 2% every month. Starting from cycle 350, we are going to increase the commission on the old Baker to 27%. We kindly remind you that it’s quite important that all the delegators redelegate all their assets to the new Baker. Unfortunately, we have to do it because of the great Tezos amount blocked on our old Baker. We plan to transfer all bonds of the old Baker to the new Baker, but we can’t do it because of old Baker’s delegators.
Thus the fee will be:
- 1.09.2020–15%
- 1.10.2020–17%
- 1.11.2020–19%
- 1.12.2020–21%
- 1.01.2021–23%
- 18.04.2021–25%
- 1.05.2021–27%
- 1.06.2021–29%
- 1.07.2021–31%
- 1.08.2021–31%
- ! 1.09.2021–100% !
Note! Since the 1st of September 2021, we pay your attention that Everstake will take a 100% fee from the old Baker delegators. It means that you won’t be accrued any rewards. The only way to get rewards is to redelegate to the new Baker with a 10.9% fee.
Information about the new Baker for delegation is provided below.
THE NEW BAKER
Name: Everstake
Address: tz1aRoaRhSpRYvFdyvgWLL6TGyRoGF51wdjm
Fee: 10.9%
For any questions, you can contact our support team in the Telegram chat. Delegate tokens to the new Baker to reduce fees.
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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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