Tezos

Easy Tezos Staking in the Exodus Wallet

By Tomadachi | Tomadachi | 16 May 2020


As you may already know, the Exodus wallet is one of the most popular desktop and mobile cryptocurrency wallets around.

It's user interface was groundbreaking when it first emerged back in 2016 and, as shallow as this may seem, it attracted many of us with its eye-pleasing features and graphs.

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Photo: Exodus .... although I wish that balance was mine.

Like all wallets that enable users to hold their private keys, Exodus helped enthusiasts safely store their crypto away from centralised exchanges that were (and sometimes still are) prone to hacking.

Constantly upgrading and adding new coins at a regular pace, Exodus is still one of the most user-friendly free-to-download software wallets available.

Staking on Exodus

Although the wallet has had a longstanding exchange facility, the developers have appeared to be a little hesitant in fully jumping aboard the staking train - although options have existed for earning from EOS, NEO and Ontology for sometime.

Why Stake?

Staking is a way to earn passive income in the form of tokens - in this case, we're looking at earning Tezos tokens (XTZ) - and can be seen as a form of interest payment for holding digital assets.

The stability provided by holders staking their tokens also benefits the network so they are keen to offer the reward.

Some tokens require a lock-up period where you have to commit to a certain time period for your staking, but this does not apply to Tezos.

Although subject to change, as a rough guide, Tezos staking provides around 5% per year.

The XTZ is safe as the tokens never leave the wallet.

TEZOS (XTZ) Staking

With surprisingly little fanfare, Exodus have now provided the option of staking Tezos from within the wallet.

Demonstrating they know and understand the needs of their client base, Exodus have made the process as simple as possible, so even non-techies can begin staking in seconds.  

In partnering with Everstake, Exodus have removed the option for holders of the token to chose their own 'baker'. This may be seen as plus or minus depending on how much time and effort individuals are willing to put in to find the perfect delegate for their tokens (Higher rates of return may be available elsewhere if you're prepared to put in the research).

When you stake, you do not send your XTZ tokens anywhere. You simply delegate your address to a baker who validates and approves transactions on the Tezos blockchain. Obviously, the more XTZ they manage, the more they get to validate. Bakers earn for their work and they then distribute some of this to the holders who staked with them.

Any Exodus wallet holder can stake their Tezos - you just need a minimum of 1 XTZ to participate.

Initially, there is a 35 day wait from the time a holder commits to staking and a further 3 days before the first reward is paid. After this, users will earn rewards every 3 days.

Simple Staking

If you own the wallet and decide Tezos staking through Exodus is for you, there are just three simple steps to follow. It's similar on the mobile version but as a quick guide here's the run through on the desktop version.

1. Open the wallet and click on the Tezos asset.

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2. In the top right hand corner, you can see 3 dots. Click on them and it will provide you with a dropdown menu. Select "Advanced Options"

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3.  Here, you'll be shown only one option - the "Start Staking" button - click it and you're on your way to earning staking rewards.

Please be aware there is a small transaction fee applied to activate the staking - around 0.00142 XTZ (Many thanks to LiaRio for pointing that out in the comments below)

Happy Staking! 

*Disclaimer: There are no affiliate links in this article. None of the above constitutes financial advice and, as always, you're recommended to do your own research (in cryptos, stocks, art, life partner, etc) before investing, staking or downloading.

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Tomadachi
Tomadachi

Interested in Blockchain Tech and DLT


Tomadachi
Tomadachi

Inquisitive, open and a searcher of truth... is how I see myself. Others may not be so kind in their appraisal.

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