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CoolWallet And EverStake Partner For ​​Tezos (XTZ) Staking in Cold Storage

Tezos has attracted an organic community of creatives and kept improving the network’s decentralized nature. Want to support the Tezos blockchain while earning passive income from your XTZ account?

Well, you’re in luck! Team CoolWallet has partnered with Everstake so can easily stake your XTZ directly from CoolWallet via Everstake’s service. Read on to find out why and how to do this.

What is Tezos (XTZ)?

XTZ is the native token of the Tezos blockchain that is known for its built-in governance mechanism to upgrade the network. By the Proof of Stake (PoS) mechanism various participants in Tezos reach consensus on the state of the blockchain. To become a network validator, known as a “baker” who creates, signs, and publishes new blocks to the Tezos blockchain, a participant needs to hold 6,000 XTZ. If you don’t want to set up the required hardware nor own 6,000 XTZ, you can delegate your coins to a baker to earn rewards.

Click here to learn more about Tezos (XTZ)

What is Everstake?

Everstake is the biggest decentralized staking provider, trusted by 625,000 users. For the past five years, the company has been using enterprise-level hardware to run over 8000 nodes for 50 blockchain networks.

The company employs 120+ experts worldwide and have been heavily involved in the development of complex blockchain products, such as Metaplex.

Everstake was founded by Sergey Vasylchuk. He’s a software engineer with 15 years of experience involved in the blockchain industry since 2014. Sergey’s the Director of the Metaplex Foundation, the organization behind the NFT standard for Solana called Metaplex.

Why should I use CoolWallet with Everstake to stake Tezos?

Advanced security technology to ensure the safety of your XTZ

With a unique, sleek design, CoolWallet is equipped with advanced security technologies, such as an encrypted Bluetooth connection (AES 256 military-grade) and 2+1 factor authentication (biometric and physical verification of all transactions via the app and card). As your private key is permanently locked inside CoolWallet’s EAL6+ secure element and you need to physically confirm any transaction with both your phone and hardware wallet, your digital assets can not be exposed to external hacks and scams.

Protected by CoolWallet, your crypto assets can be sent out only with your permission. In this staking case, your XTZ will be safe in your wallet because what you need to do is to delegate your address rather than send out your XTZ through other 3rd-party institutions. In addition, all payouts are calculated and processed automatically by Everstake and sent out directly to your wallet address in CoolWallet. This integrated procedure can protect your assets from malicious actors.

How does the XTZ staking mechanism work?

To stake XTZ, you will need to delegate your XTZ wallet address in CoolWallet. The XTZ wallet address will then be paired with a baker. All of the XTZ in the wallet address will be considered staked. However, during the staking period, you can still carry out general transactions of XTZ. The amount of staking rewards is based on the wallet balance on the date Tezos distributes them.

The amount of staking rewards depends on the network conditions, in particular, the fixed supply in the network, transaction fees, and block times. In addition, the performance of the baker’s earnings and other important factors also have an influence on the staking rewards. Currently, the APY of staking XTZ is around 6.09%, excluding fees.

According to the operating protocol of Tezos, the first staking rewards will be locked on the Tezos network for around 30 days. The first staking rewards will be sent to the baker after the locking period. The release time of staking rewards from the baker will be different depending on its operating condition. It usually takes 0 – 14 days for the baker to send out the rewards to the staker. Therefore, you will receive the first staking rewards in 30 – 44 days. After your first rewards, every reward after that will be directly sent to your delegated address every 2 – 3 days.

Ready to earn staking rewards and support the Tezos blockchain? Enjoy passive income while being protected by your CoolWallet!

Have no idea how to start? Check out our Step-by-Step Guide for XTZ staking via Everstake.

Step-by-Step Guide for CoolWallet XTZ Staking via Everstake

Want to earn passive income through XTZ staking? In this guide you will learn how to stake XTZ via Everstake in the CoolBitX App step by step.

Step 1. Download the latest CoolBitX App and have your CoolWallet Pro ready. Click “Marketplace” on the bottom bar to the Marketplace page.

Download on the App Store

Download on the Google Play

Step 2. Click the “Staking” block. Then choose “XTZ”. 

Step 3. If you have not activated XTZ in your wallet, please click “Activate XTZ” and long-press the button on your CoolWallet until ”Hello” shows up on your card. Then it will take around 30 seconds to activate XTZ in your CoolWallet App. 

If you have already activated XTZ, feel free to jump to Step 4.

Step 4. After activating XTZ, click “Stake” to delegate your XTZ address. On the “Stake” page, you can click the down-side arrows to select your XTZ address to delegate. Everstake is set as the validator by default. Then click “Continue” for the next step. 

Please note that you will not be able to delegate your XTZ address if the amount of XTZ is not enough for transaction fees. 

If you don’t have enough XTZ to stake, you can simply make a crypto purchase or swap your crypto to XTZ in the CoolBitX App (not financial advice!). CoolBitX App is currently supporting crypto purchase services from Simplex and Banxa, and crypto swap services from ChangeHero, and Changelly

Step 5. On the “Reveal request” page, you can check the staking information, including fee, the amount of XTZ, wallet address. Click “Reveal” only if you confirm the information is correct. Now you need to connect the CoolBitX App and your CoolWallet. Please long-press the button on your CoolWallet to activate it. 

Step 6. When you activate your CoolWallet, “Hello” will be shown on the card screen. Check whether your CoolWallet is successfully connected to CoolBitX App. If the connection is successful, your CoolWallet will show the coin type “XTZ” first, and show the instruction “Reveal”, “PRESS button”, and “Sent” sequentially. You just need to follow the instruction to press the button on the card to complete the process.

Congratulations! You have successfully staked your XTZ via Everstake. What you need to do next is to continuously receive staking rewards!

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