Staking tezos using ledger live

Tezos is one of the most popular staking coin in 2020. Its stake lock is expected be  about 93% of the total circulation till april. Becoming the  most accesible  staking coin over the past several months, with  the coin surpassed the $1 price mark. Annually Tezos yield about 5-6% of its total coin invest.

Before going straight to staking process lets see some summarize overview of Tezos

Tezos overview

Tezos(XTZ) is an open source platform backed by global community of validators. It is also a self amending blockchain and government protocol. It used proof of stake consensus mechanism called liquid proof of stake. In tazos block peoducers are called Backers also called as endorcers which are 32 randomly selected backer which verified the last block. The coin so produced are called Tez.

In order to qualified as individual backer one need to have 8000 XTL in wallet and also should run full node. Which is quite high and hard to do so.So instead you can delegate your XTL to someone running a backing client who can return your staked XTL with less fee.

There are different ways to stake tezos. Here i am focusing on staking using ledger live. Because your private key will not be exposed and unlike other coin Tezos can be easily staked in ledger live hence no need to install other wallet which require staking mechanism.

Steps to stakes tezos using ledger live

• Setup ledger device and install ledger live.

• Open ledger live -> head to manager-> unlock device using your pincode.

• Find the tezos wallet app in app catalog -> click install

• Click acount page-> click add acount button

• Choose Tezos from the list -> click continue

• Give the name of account. 

You can view your tezos detail now 

• Now click receive button to receive your deposit address( make sure tezos app is open in the device)

• Click continue to verify your address(make sure that the deposit address in ledger live is same with the lesger device)

• After getting the address you are ready to send XTZ in your wallet.

• Copy the address and head to the account where you keep your  available Tezos. Here i choose kraken account.

• Paste the address on the kraken withdrawal address area 

• Click withdraw button.(fund will arrive in your account within 4-5 minutes)

• Start delegating by choosing the right validator from the list.

• Click continue. And your Tezos has been staked

Your staked XTL reward 

It takes some time to get the staked XTL because XTL reward usually get mature after 7 cycle which is about 5 weeks from the day of staking. After that you will received your staked XTL once after every three days.

Which validator to choose?

In order to get the full reward as per your yield choosing a right validator is very important in staking perspective. Here i recomend to choose velidator with high yield, high uptime record, high reputation and low fees.  Everstake validator can be one of them. If you skip this part then you wouldn't get your full  staked reward.