Tezos Staking Guide via Galleon: Simple Steps That Lead To Good Returns
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.
In case you are reading this series of staking guides for the first time, we recommend referring to our first article on staking via TezBox on Desktop (Step 1), which walks you through the registration process on the Everstake platform.
We want to emphasize the fact that the last network update has pushed all newcomers to step off the KT1 addresses with staking now available only for TZ1 addresses. If you are still staking via a KT1 address and want everything to remain the same, then there’s no need to redelegate using a TZ1 address.
If you haven’t installed the Galleon wallet yet, then it can be downloaded from the official website.
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.
Generate your seed phrase, save it in a safe place, proceed further to confirm it and finish setting up the wallet.
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.
Promotional Fee: 5%
Promotion Duration: 3 months, until September 1st or approximately 34 Tezos cycles
Base fee after promotion: 8%
Attention to all current and future Everstake delegators! Please, delegate/redelegate your XTZ to a new baker — Everstake (Old Baker — Everstake Legacy). You will continue to receive the rewards and won’t miss anything!
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 through the registration process and use our delegation address: tz1aRoaRhSpRYvFdyvgWLL6TGyRoGF51wDjM for delegating XTZ.
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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