XTZ.Black Is Closing

It is with regret that we announce that we will be closing our baking service XTZ.Black. We believe the communities needs will be better served by other services now on the market offering better automation of payments and management of over-delegation.

We will continue baking, but not endorsing (since we are over-delegated and can’t cover the bonds) till cycle 54. This will give delegates the time to move to another provider, taking into account the 7 cycles lag time. We have paid out any pending rewards for blocks already baked and paid locked rewards in advance. You can check the rewards tracker here.We will of course pay out any baking rewards due once our last block has been baked in cycle 54.

Please move your delegation to another provider ASAP.

In summary:

  • We will continue to bake (but not endorse) till cycle 54
  • Please move to another provider this cycle (47) to avoid missing out on any future rewards due to the 7 cycle lag time to change delegates
  • We have paid out any rewards due for blocks already baked, check the rewards tracker here
  • We have paid out any locked rewards in advance
  • We will pay out any rewards due for baked blocks up to cycle 54, as they become available

Cycle 45 Update

Cycle 45 rewards have now been paid, with any rewards earnt up to cycle 39 being paid (unlocked rewards).

You can check the rewards tracker here, note that if you have delegated in the last 7 cycles, you won’t appear yet. All payouts are in line with TzScan; you can check future expected rewards on the TzScan page (remember to deduct baking fees).

As a reminder, XTZ payouts are every fifth cycle. The next payout cycle is 50.

Over-delegation: As mentioned previously, we are currently over delegated, meaning we will potentially start to miss blocks from cycle 48 due to insufficient bond coverage. This is due to a very large delegation of 90k XTZ pushing us over our capacity. We will continue to honour payments for existing delegates as per the TzScan rewards page. However we may be forced to stop endorsing blocks during some cycles in order to let our available balance recover.

Important: We’ve seen some delegations below the current minimum threshold of 2,500. As per our Terms & Conditions, no payouts will be made to these delegates! Please either increase your delegation or move to another provider. The minimum threshold will be enforced.

As always, please e-mail any queries to us at inbox@xtz.black or via Twitter @xtzdotblack

Service Update: Over-delegation

Due to some recent very large delegations, we are currently over-delegated. Our bond coverage is currently 7.53%, the bond requirement will be approximately 10% at full ramp up with 80% of the network staking. Therefore we have closed to new delegations in order to protect existing delegates from reward dilution. Any new delegations as of now will not receive any reward payments.

At the moment we are able to cover all of the bonds, but this will not be the case as the bond requirements ramp up to maximum. We estimate we are over-delegated to the tune of 65,000 XTZ. Due to missed blocks this will cause some reward dilution, since the same rewards are shared with more delegates.

We will monitor the situation in the coming weeks. If we remain over-delegated we may increase fees to incentivise switching to other services.

 

 

 

Cycle 40 Update

Cycle 40 rewards have now been paid, with any rewards earnt up to cycle 39 being paid.

You can check the rewards tracker here, note that if you have delegated in the last 7 cycles, you won’t appear yet. All payouts are in line with TzScan; you can check future expected rewards on the TzScan page.

As a reminder, XTZ payouts are every fifth cycle. The next payout cycle is 45.

Important: We’ve seen some delegations below the current minimum threshold of 2,500. As per our Terms & Conditions, no payouts will be made to these delegates! Please either increase your delegation or move to another provider. The minimum threshold will be enforced.

As always, please e-mail any queries to us at inbox@xtz.black or via Twitter @xtzdotblack

Cycle 35 Update

We are pleased to announce our first round of reward payments have been made to our earliest delegates!

To increase transparency of the rewards calculation and to make things easier for delegates, rewards are now calculated in line with TzScan (minimum delegation amount still applies).

As a reminder, XTZ payouts are every fifth cycle. The next payout cycle is 40.

You can check the new rewards tracker here, note that if you have delegated in the last 7 cycles, you won’t appear yet. But you can still check future expected rewards on TzScan.

As always, please e-mail any queries to us at inbox@xtz.black or via Twitter @xtzdotblack

Update to T&Cs 12/10/18

There has been an update to the Terms & Conditions summarised as follows:

  • We can not guarantee rewards will not be diluted in the event of over delegation.
  • Rewards will be calculated in line with TzScan (minimum delegation amount still applies).

 

Cycle 30 Update

As a reminder, XTZ payouts are every fifth cycle. An update will be issued every five cycles so delegates can check their rewards and payouts. Rewards are accumulated 13 cycles in arrears, it takes 7 cycles for the delegation rights to be assigned and 5 for the baking rewards to be unlocked.

Please see the following spreadsheet for an update on accumulated rewards up to cycle 29. You can also check tzscan to get an estimate of rewards for future cycles (set reward to 95% to take baking fee into account).

Next payout cycle will be 35, with any rewards up to cycle 34 being paid.

Note: If you have delegated towards the end of a cycle, your balance may not appear, but don’t worry as it will be picked up in the next cycle.

As always, please e-mail any queries to us at inbox@xtz.black or via Twitter @xtzdotblack

Cycle 25 Update

As a reminder, XTZ payouts are every fifth cycle. An update will be issued every five cycles so delegates can check their rewards and payouts. Rewards are accumulated 13 cycles in arrears, it takes 7 cycles for the delegation rights to be assigned and 5 for the baking rewards to be unlocked.

We’ve also had some delegations under the minimum amount as per our Terms & Conditions, these delegations will not be paid any rewards! Therefore please update your delegation amount or move to another provider.

Please see the following spreadsheet for an update on accumulated rewards up to cycle 24. You can also check tzscan to get an estimate of rewards for future cycles (set reward to 95% to take baking fee into account).

Next payout cycle will be 30, with any rewards up to cycle 29 being paid.

As always, please e-mail any queries to us at inbox@xtz.black or via Twitter @xtzdotblack

 

 

XTZ Black Relaunch

Following the initial launch of XTZ Black we have decided to update and simplify our Terms &Conditions. Registration via e-mail is no longer required to join us. In addition we have slashed fees to only 5% (dynamic). We believe that these changes mean XTZ Black is a much more compelling proposition.

As always, if you have any questions please feel free to contact us.

We look forward to having you on board!