XTZ Black – Terms and Conditions
The Tezos network is experimental software and is currently in Beta. It should not be used for high value or important transactions.
Disclaimer of warranties and limitation of liability
The XTZ Black services and all information, content and materials included on or otherwise made available to you through XTZ Black are provided by XTZ Black on an “as is” and “as available” basis. XTZ Black makes no representations or warranties of any kind, express or implied, as to the operation of XTZ Black services, or the information, content and materials included on or otherwise made available to you through XTZ Black. You expressly agree that your use of XTZ Black services is at your sole risk.
- In order to delegate to XTZ Black, first check that our delegation status is set to ‘open’ on our homepage, then simply set your delegate to our baking address:
- The minimum delegation amount is currently 2,500 XTZ, no rewards will be paid to delegations below this threshold
- XTZ Black will deduct a 5% baking fee from the gross baking rewards (including endorsements, etc) allocated to us by the Tezos network.
- There is currently no transaction fee for reward payments made to delegates, however if transaction fees become necessary due to network congestion these will be deducted from the delegate reward payment.
Calculation of baking rewards
- The total amount of XTZ baking rewards available for distribution in any given cycle will be the sum of baking rewards, endorsement rewards and transaction fees net of the baking fee.
- A Snapshot of delegate balances will be taken at a random point within each cycle for the purposes of calculating rewards share. If you increase your delegation amount in a given cycle, this may not be captured until the next cycle.
- Your reward share for a given cycle will be equal to your staked balance as a proportion of total XTZ Black staking balance.
- Rewards are accumulated on delegated balances only, not pending rewards.
- XTZ Black will deduct its share of the net baking rewards, after baking fees, proportionate to XTZ Black’s (i.e. balance + deposits) as a percentage of total staking balance.
- If you delegate to XTZ Black when the delegation status is set to ‘closed’ you will be added to a waiting list, but will not accumulate any baking rewards whilst on the waiting list.
- Baking rights are backdated by 7 cycles, meaning if you delegated to us in cycle 0, we would receive your baking rights in cycle 7.
- Baking rewards are locked by the Tezos network for 5 cycles after being earnt.
- Baking rewards are accumulated 13 cycles in arrears, meaning if you delegated in cycle 0, you start accumulating baking rewards in cycle 13.
Payment of baking rewards
Baking rewards will be paid automatically to all delegates every five cycles starting from cycle 10.
We do not offer the facility to ‘re-invest’ baking rewards. If you wish to do this, you should increase your delegation amount. Baking rewards will accumulate only on delegated balances, not pending rewards payments.
Changing delegation amount
You may increase or decrease the amount of XTZ you delegate to XTZ Black at any time. The minimum delegation threshold still applies, if your delegation amount drops below the minimum threshold, you will not accumulate rewards until your balance is increased above the threshold.
In the event of the service becoming over delegated (i.e. XTZ Black does not have enough security bonds to cover the requirements for the XTZ delegated to us) rewards will be split proportionally as per the standard reward calculation. However, should we become over delegated, we would close to new registrations in order to protect delegees from reward dilution.
If you delegate to another provider, we will pay rewards accumulated by you until your baking rights transfer from us.
Variation of terms
XTZ Black may modify these terms and conditions at any time. Notice will be given via the service update page.
It is your responsibility to check the website regularly for service updates including updates to terms and conditions, announcement of reward payouts and any other relevant publications.