Baking since 2018. See Figment’s Tezos Baking Stats below.
Multiple grant recipient from the Tezos Foundation. We are building Baker Hub, a post-delegation tool for staking participants to track their baker’s performance with alerts.
Figment is a venture funded, registered Canadian company based in Toronto. Canada offers stability, rule of law, and clear crypto regulation.
Third-party custody solutions are available through our institutional partners. Contact us for more information.
The world’s most advanced physical IDC + cloud staking infrastructure, including redundant Ledger hardware devices.
Near 100% uptime and baking & endorsing rights success rate, with 0 missed or delayed reward payments.
You maintain control of your Tezos XTZ at all times, and your tokens are always liquid.
Don’t sweat tax season!
Stay up to date and track your real-time, historical, and future estimated returns, including cycle-by-cycle view of every bake and endorse via our custom baker dashboard.
Protected via industry leading Delegation Agreement.
How many Tezos tokens do you have?
Tezos is a secure, smart contract blockchain platform that uses its built-in governance mechanism for protocol upgrades. Tezos is one of the first blockchain platforms to introduce a formal on-chain governance process. The Tezos network is highly decentralized with over 500 nodes distributed globally. Tezos’ smart contract language, Michelson, is designed to facilitate formal verification, a technique used to improve security by mathematically proving properties. This technique, if used properly, can help avoid costly bugs and contentious debates that follow.
The Tezos token (XTZ) incentivizes the bakers/token holders and to participate in the on-chain governance process. Bakers must put XTZ at stake in order to participate and earn baking rewards for securing the network. You don’t have to be a baker to vote or earn rewards–you can delegate your stake to an existing baker such as Figment.
You keep custody of your XTZ.
Your XTZ stay in your wallet and you can change your delegation at any time
Your XTZ are completely liquid, with no unbonding or holding periods.
Our “100% No Missed Bakes or Endorses Guarantee” means that even if we miss a bake/endorse, your returns will not be affected.
There are slashing penalties in the Tezos protocol that delegators are not directly exposed to.
As a company, we strive for transparency and openness: You keep 92% of all rewards. Our fee is 8%. We use these fees to cover operational costs and to reinvest back into building tools and software to support the long term growth of Tezos.
Here is the formula for calculating your reward:
block_reward / (priority + 1) * (0.8 + 0.2 * endorsements / 32) *
(Your Delegation / Total Staked Balance) * 92%
Our payouts are dynamic. When the rewards are higher, we return the higher rewards to you. Some delegation services may provide a static payout, meaning that there is a cap to your rewards received. We believe this practice to be unfair to our staking customers.
Once delegated, it takes ~21 days (7 cycles) to qualify for rewards and a further ~15 days (5 cycles) to receive your rewards, as per the Tezos protocol.
We have a fully automated the process of reward distribution to ensure accuracy and timeliness of reward distributions.
Figment is venture funded and has the resources to increase its required “roll” as new delegations are staked to our baker.
The Figment baker operates out of a secure and redundant, Tier 3 Internet data centre (IDC) in Ontario, Canada.
We bake with a set of redundant Ledger Nano S devices that never leave the data centre and have restricted physical access.
Our payout system uses a separate set of signing Ledgers that are locked in a bank vault with limited physical access.
To eliminate mistakes and ensure the fastest possible transfers, our payout system is automated and runs a full simulation before sending XTZ. In addition, we have written and open-sourced BakerOS management software to automate most aspects of running the Figment Bakery.
Our experience in operating and monitoring data centres allows us to maintain a near 100% rate of exercising our baking and endorsing rights. Our network infrastructure is automated and continuously monitored, and 24/7 alerts are configured around all key operations.
There is no bonding or unbonding period.
The current Tezos protocol increases the token supply by approximately 5.51% in the first year (based on constant block rewards of 16 XTZ/block and a full 32 endorsements).
This means that if all Tezos token holders bake with all of their tokens (i.e. the entire Tezos supply), baking rewards would be near ~5.51% per year. However, given variance in time preferences, knowledge, and capabilities, it is unlikely that all token holders will bake and the expected return on baking is in practice greater than 5.51% a year. By illustration, if 50% of the Tezos token supply is being staked, the baking reward will be closer to 11% (double the inflation rate).
Rewards are distributed directly to the baker. They then have ownership of the tokens and it is the baker’s obligation to distribute the rewards to their delegators. As such, there is a relationship of trust between delegators and bakers, since the latter could technically run away with unpaid rewards.
Both baking and endorsement rewards are locked for a full 5 cycles (about 14 days, 5 hours and 20 minutes) from the time those rewards were earned by the baker. Only after this time period can bakers start distributing the rewards to their delegators.
Validators risk of losing 512 XTZ if they double-sign and 64 XTZ if they double-endorse.
Delegators’ funds are never at risk, as only the self-delegated bond will be affected in case of malicious behaviour.
Any node that stakes at least 8,000 XTZ (which represents a full roll) will be eligible for the active set. The more rolls a node stakes, the higher its odds of proposing a block and earning rewards. As such, the active set does not have a limit on the number of active validators (called bakers) in Tezos.