Why Stake your Tezos XTZ with Figment
- Experienced: Baking since 2018. See our Figment Tezos Baking Stats here.
- Reliable: Automated, instant, error free rewards payout every cycle enabled by our custom BakerOS software. Near 100% uptime and success rate exercising baking, endorsing rights and no missed or delayed reward payments
- Secure: The world’s most advanced physical IDC + cloud staking infrastructure. Baking via redundant Ledger Nano S devices
- Transparent: Figment is venture funded, registered Canadian company, based in Toronto. Canada offers stability, rule of law and clear crypto regulation
- Safe: You maintain control of your XTZ at all times and your tokens are always liquid
- Compliant: Stay up to date and track your real-time, historical, and future estimated returns including cycle-by-cycle view of every bake and endorse via the your custom baker dashboard
- Governance: Active participation in on-chain governance to represent your long term interests and support the growth of XTZ value
- SLA: 100% missed reward guarantee. Industry leading delegation Agreement
- Receive 85% of staking rewards (15% fee)
- Figment Prime available for > 100,000 XTZ. Contact us for more information
Projected vs Actual Rewards
Last 5 Cycles
Last 5 Cycles
Our Baker Address:
Learn More about Tezos
Tezos is a secure, smart contract blockchain platform that uses its built-in governance mechanism for protocol upgrades. Tezos is one of the first blockchain platforms to introduce a formal on-chain governance process. The Tezos network is highly decentralized with over 500 nodes distributed globally. Tezos’ smart contract language, Michelson, is designed to facilitate formal verification, a technique used to improve security by mathematically proving properties. This technique, if used properly, can help avoid costly bugs and contentious debates that follow.
The Tezos token (XTZ) incentivizes the bakers/token holders and to participate in the on-chain governance process. Bakers must put XTZ at stake in order to participate and earn baking rewards for securing the network. You don’t have to be a baker to vote or earn rewards–you can delegate your stake to an existing baker such as Figment.
Tezos Key Contributors
Stake Your Tezos with Figment Networks!Friday, October 19, 2018
We’re thrilled at Figment to announce the launch of our Tezos staking platform.
Tezos Baking Economics — GuideMonday, September 24, 2018
This guide aims to explain some of the assumptions and caveats relating to the above set of projections modeling the operations and financials of baking in Tezos.
Announcing Tezos Batch Payments!Monday, October 29, 2018
To our fellow bakers, we have some exciting news! For the past few months, we at Figment have worked hard to set up a secure and scalable infrastructure for our delegators.
Launch of Tezos DashboardFriday, December 7, 2018
It’s been a newsworthy few weeks within the Tezos community, first with the 90-minute network stall caused by a single baker, followed by an attack of the network resulting in 200,000+ new spam Tezos accounts being created (causing the number of accounts to increase by more than 5X).
Tezos’ New Year UpdateMonday, January 21, 2019
Happy 2019! Looks like this year could be a very interesting year for Tezos as exchanges and custodians like Coinbase become more involved in PoS blockchains.
What Tezos can learn from GDPRMonday, March 11, 2019
In late February, Nomadic announced their two flavors of the Athens proposal for Tezos. Immediately, the Tezos community became polarized and buzzing with opinions.
Frequently Asked Questions
Do I maintain custody and control of my XTZ when staking (baking)?
You keep custody of your XTZ.
Your XTZ stay in your wallet and you can change your delegation at any time
Your XTZ are completely liquid with no un-bonding or holding periods.
What are the risks of staking XTZ?
Our “100% No Missed Bakes or Endorses Guarantee” means that even if we miss a bake/endorse, your returns will not be affected.
There are slashing penalties in the Tezos protocol.
What is your fee structure?
As a company, we strive for transparency and openness: You keep 85% of all rewards. Our fee is 15%. We use these fees to cover operational costs and to reinvest back into building tools and software to support the long term growth of Tezos.
Here is the formula for calculating your reward:
(Baking Rewards + Endorsement Rewards + Block Fees) *
(Your Delegation / Total Staked Balance) * 85%
Our payouts are dynamic. When the rewards are higher, we return the higher rewards to you. Some delegation services may provide a static payout meaning there is a cap to your rewards received. We believe this practice to be unfair to our staking customers.
How and when do I receive my rewards?
Once delegated, it takes ~21 days (7 cycles) to qualify for rewards and a further ~15 days (5 cycles) to receive your rewards, as per the Tezos protocol.
We have a fully automated the process of reward distribution to ensure accuracy and timeliness of reward distributions.
Where can I check my rewards?
We will show all past and projected future activity including delegation totals, reward amounts, and payouts including the operation hash of the payout.
You can click the operation hash to go to tzscan to see the transaction.
To check your reward status, enter your KT1 address below:
What happens if Figment's baker is over delegated?
Figment is venture funded and has the resources to increase it required “roll” as new delegations are staked to our baker.
Can you describe your operations and security processes?
The Figment baker operates out of secure and redundant tier 3 internet data center (IDC) in Ontario, Canada.
We bake with a set of redundant Ledger Nano S devices which never leave the data center and have restricted physical access.
Our payout system uses a separate set of signing Ledger’s which are locked in a bank vault with limited physical access.
To eliminate mistakes and ensure the fastest possible transfers, our payout system is automated and runs a full simulation before sending XTZ. In addition, we have written and open-sourced BakerOS management software to automate most aspects of running the Figment Bakery.
Our experience in operating and monitoring data centers allows us to maintain a near 100% rate of exercising our baking and endorsing rights. Our network infrastructure is automated and continuously monitored and 24/7 alerts are configured around all key operations.
What is the bonding period? Unbonding period?
There is no bonding or unbonding period.
What is the calculation for each type of reward?
The current Tezos protocol increases the token supply by approximately 5.51% in the first year (based on constant block rewards of 16 XTZ/block and 2 XTZ/endorsement).
This means that if all Tezos token holders bake with all of their tokens (i.e. the entire Tezos supply), baking rewards would be near ~5.51% per year. However, given variance in time preferences, knowledge, and capabilities, it is unlikely that all token holders will bake and the expected return on baking is in practice greater than 5.51% a year. By illustration, if 50% of the Tezos token supply is being staked, the baking reward will be closer to 11% (double the inflation rate).
How are rewards disbursed?
Rewards are distributed directly to the baker. They then have ownership of the tokens and it’s their obligation to distribute the rewards to their delegators. As such, there is a relationship of trust between delegators and bakers since the latter could technically run away with unpaid rewards.
Are rewards considered liquid (available) or are they locked for a period?
Both baking and endorsements rewards are locked for a full 5 cycles (about 14 days, 5 hours and 20 minutes) from the time those rewards were earned by the baker. Only after this time period can bakers start distributing the rewards to their delegators.
Can a validator be slashed?
Validators risk of losing 512 XTZ if they double-sign and 64 XTZ if they double-endorse.
Delegators’ funds are never at risk, as only the self-delegated bond will be affected in case of malicious behavior.
How does a validator node qualify to be in the active set?
Any node who stake at least 8,000 XTZ, which represents a full roll, will be eligible for the active set. The more rolls a node stakes, the higher are its odds of proposing a block and earning rewards. As such, the active set does not have a limit on the number of active validators, called bakers in Tezos.