Everstake Legacy — Private mode or Why delegating to the new Tezos Baker is better for token holders
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 was increased to 15% from September 2020 and gradually grows up to 100% in September 2021. Here is a schedule of fee value changing:
- September 2020–15%
- October 2020–17%
- November 2020–19%
- December 2020–21%
- January 2021–23%
- April 2021–25%
- May 2021–27%
- June 2021–29%
- July 2021–31%
- August 2021–33%
- September 2021–100%
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.
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 an 8% fee.
Information about the new Baker for delegation is provided below.
THE NEW BAKER
For any questions, you can contact our support team in the Telegram chat. Delegate tokens to the new Baker to reduce fees.
Subscribe to Everstake social media networks!