Tezos is a decentralised, public blockchain that evolves by upgrading itself. Stakeholders of the Tezos network vote on amendments to the protocol to reach social consensus on proposals, which creates a secure and organic upgrading mechanism.

Key features of Tezos are the protocol's on-chain governance system, its consensus algorithm based on Proof-of-Stake (PoS), and its ability to facilitate formal verification of smart contracts.

Tez, also known as XTZ, is the native cryptocurrency of the Tezos blockchain. The Tezos blockchain and cryptocurrency are both supported by the Sylo Smart Wallet.

Tezos staking lets Tez (XTZ) holders earn extra income by contributing to the network security of a proof-of-stake (PoS) asset. At a layman’s level, it is simply the act of earning interest (also known as rewards or yield) on any activated XTZ that you hold in your Sylo Smart Wallet. It’s simple - think of it like a ‘supersaver’ account for your mobile phone.

When you stake XTZ, you contribute (delegate) the voting rights associated with your XTZ to a validator node (baker). By doing this, you increase the chances of that baker validating transaction blocks from the Tezos chain. The more transaction blocks a baker validates, the more rewards they earn and in turn, the more rewards they share with their delegators (you and other users).

Baking is the act of setting up a node to validate transaction blocks on the Tezos network and getting rewarded for it. Other users can choose to delegate their stake to your validator node if they want, which will help your node get more business > which means more rewards for you > and more rewards for them.

Here at Sylo, we have set up our own Tezos Baking node which our users will be staking against unless they choose to add a ‘Custom Baker’.

No, you can hold as little or as much XTZ as you like under the activated Earn feature in the Sylo Smart Wallet. However, you do need enough funds for both your stake and the transaction fee. This is handled automatically in the UI.

Staking Tez is safe. When you activate the Earn feature to accumulate rewards via Tezos Staking, your XTZ remains in your Sylo Smart Wallet. You retain ownership of your assets and can spend them whenever you want. The Sylo Smart Wallet is non-custodial, which means only you own your private keys and only you have constant control and ownership over your assets.

That all depends on how much XTZ you stake. Interest rates of 4-5% are currently being offered by Sylo on Tezos (XTZ) kept in your Sylo Smart Wallet under the Earn feature. For the latest rates, check here or in your app.