Safe and Transparent
Tezos Bakery

We give you the tools to be in control of your staking, make informed decisions, and track returns.

Figment Networks is a security and compliance focused Tezos Baker. Drawing on years of data center, software, and security experience, we offer industry leading best practices to keep your tokens safe and optimized for yield. Based in Canada, we provide transparency, legal stability, and regulatory clarity.

Two Ways to Stake Your Tezzies (XTZ)

Delegated Baking
  • Keep control of your XTZ and delegate with the Figment Bakery
  • Maximize your delegation compared to other bakers with our “No Missed Bakes or Endorses Guarantee”
  • Returns are determined by Tezos Network usage, and currently in the 6% - 8% per year range.
  • Special fee rates for delegations over 100,000 XTZ
Private Baking
  • If you have more than 100,000 XTZ, you are eligible for Private Baking
  • All the benefits of running your own Baker with none of the work
  • Increased annual returns estimated compared to Delegated Baking
  • Backed by binding and enforceable Canadian legal contracts including a Service Level Agreement (SLA)
  • Your XTZ are held in secure Figment Custody Services

Figment Bakery Benefits

Safety

You keep custody of your XTZ at all times with the Delegation Pool. Your XTZ stays in your wallet and you can change your delegation at any time. Our “No Missed Bakes or Endorses Guarantee” means that even if we miss a bake/endorse, your returns will not be affected.

To use the Bond Pool, you sign a legally binding contract with Figment Networks Inc. (a Canadian corporation based in Toronto) and send your XTZ to be held in Figment Custody Services. This ensures your XTZ are safe and you are protected. You can request your XTZ to be returned at any time, and they will be sent within 7 cycles (approximately 21 days).

Transparency

Stay up to date and track your real-time, historical, and future estimated returns with the Figment Delegator Dashboard

Both Delegation Pool and Bond Pool participants get to use the same tools to monitor performance of the Figment Bakery with a cycle-by-cycle view of every bake and endorse.

Operational Excellence

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 alerts are configured around key operations.

Security

The Figment Bakery operates out of secure and redundant 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 Baker Management Software to automate most aspects of running the Figment Bakery.

To improve the robustness of our software and strengthen the network, we’ve begun to open source our software.

Compliance

Figment Networks Inc. is a registered Canadian corporation based in Toronto, Ontario.

Operating in the Canadian jurisdiction has several benefits:

  • Clear laws around crypto network operator businesses (ex. mining)
  • Enforced rule of law
  • Stable government
  • Publicly traded crypto businesses

Figment Networks strives in all ways to operate an above board, safe and transparent business that protects our customers while still innovating.

Delegating Step by Step

TezBox
Kukai
Galleon

Using TezBox? Here's a quick tutorial on how to delegate to us!

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Using Galleon? Here's a quick tutorial on how to delegate to us!

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Using Kukai? Here's a quick tutorial on how to delegate to us!

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Figment Tezos Bakery Stats

15% Fee - Payouts Every Cycle

200,931
(in cycle 69)
1,123
(all time)
101%
(last 5 cycles)
100%
(last 5 cycles)

F.A.Q.

Are my XTZs safe when I delegate?

Your XTZ is safe and never leaves your account. When you delegate your XTZ, they are never actually transferred from your account to ours. We have no control over them nor your private keys. To further clarify, we only deposit and bond our own XTZ and so your XTZ is never exposed to slashing risks.

The safety of your XTZ and delegation is our top priority. Rest assured that your tokens are safe with us. Our commitment to security:

  • SOC-2 certified hosting facility with 1+1 power redundancy, climate control, fiber wiring, and biometric access control.
  • Multiple on-premise and off-premise secure server backup and redundancy in case of a catastrophic data center failure.
  • Signing nodes are inaccessible from the internet, and peer via encrypted VPN with cloud hosted sentry nodes that we operate and control.
  • Baking is performed via a Ledger Nano S for security and mitigating risks of double signing. These devices never leave our secure facilities.
  • Our private keys storing delegation rewards and payouts are always stored on a redundant set of Ledger Nano S devices and never replicated outside of another Ledger Nano S. These devices are stored in bank vaults for added security.
What is your fee structure and what are your fees?

As a company, we strive for transparency and openness. You keep 85% of all rewards that are earned for your delegation. We keep 15% to cover our operational costs and security deposit risks to ensure that we can keep investing in our technology and team to provide the best in class service to our delegators.

Here is the formula for calculating your reward:

(Baking Rewards + Endorsement Rewards + Block Fees) *
(Your Delegation / Total Staked Balance) * 85%

As a note, our payouts are dynamic meaning 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 delegators.

How and when do I get paid?

The Tezos protocol prepares delegates for staking 7 cycles in advance (with each cycle being approximately 3 days). The delegates receive rewards 5 cycles after the staking cycle. As a result, 13 cycles must pass prior to receiving rewards. This is not controlled by us but by the protocol itself. We will pass on the rewards to our delegators before the next cycle from receiving the rewards.

We have automated the process of reward distribution to ensure accuracy and timeliness of reward distributions. This will also help us scale our operations as we grow.

Can I check my rewards?

We will show all past and projected future activity including delegation totals, reward amounts, and payouts including operation hash of the payout. You can click the operation hash to go to tzscan to see the transaction.

Here are the steps to check your reward status:

  1. Go to our delegator dashboard: https://figment.network/tezos/bakery (it's the page you're on now).
  2. Enter your KT1 address in the input box and click 'Find'. Or just enter it here right now:
What happens if you are over-delegated?

We operate on a first come, first served basis for receiving delegations. If we become over delegated, we will no longer accept new delegations until someone leaves our delegation or our capacity is increased. Having said this, we are running our staking process as a trusted enterprise business meaning we are both raising and generating new capital to grow our staking operations. This in addition to our growing liquid cash reserve means that we don’t anticipate an extended period of over delegation.