XTZ Delegation Tutorial

Since Tezos launched the mainchain, ordinary users and nodes owning Tezos can participate in the delegation baking. Huobi wallet now fully supports XTZ delegation. Throughout the delegation process, it is clear that the control of XTZ is still in the hands of the user. All XTZ balances on the wallet address have to be delegated by the user, and delegated XTZ can still be used for the transfer, Delegation can also be canceled at any time.

(1) How to delegate XTZ, enter baking?

First, click 'Staking' in the upper right corner of the XTZ asset page to enter the delegation page.

In the delegation page the available for delegation XTZ amount can be seen (total balance), after selecting 'baker’, click ' Confirm  '. After entering the security password correctly, you can see the notice 'Successfully delegated. It will enter the baking cycle in 22~25 days'’

Click the “Delegation Details” in the upper right corner. You can see the number of delegations, delegation baker, and “Cancel Delegation” button.

(2) What is the income from baking?

Currently Tezos baking rate of return remains between 5% -8%, bakers charge fees between 2% -30%. If you need to calculate the specific income, you can click “Calculate” in the upper right corner, enter the calculation income page. To calculate obtained specific income you should enter the number of XTZ you want to bake and select the baker. As shown below :

(3) How to choose a baker for delegation?

When choosing a baker, first of all pay attention to whether over delegation exists. Once overdelegated, after delegating on time this part of income is no longer calculated.

In addition, when bakers do harm, although the client will not be punished, but should carefully choose the baker. You can refer to the next criteria, such as the level of fees, team strength and support, success rate (Efficiency) and staking capacity, you can also refer to the bakers rating website (https://mytezosbaker.com/）

(4) How to cancel delegation?

First click on ‘Delegation Details’ in the upper right corner, enter delegation details page, click 'Cancel delegation', enter the security password, see the notice 'Delegation cancellation was successfully submitted’.

Please note that when the delegation is cancelled, delegated part of XTZ is credited in real time (i.e. the principal sum is credited immediately). But if you enter the income generated by baking, it will be locked for 5 cycles After this period it will be credited. (According to one cycle it usually takes about 2~3 days, the maximum is about 15 days）