Based on the Tezos protocol’s current economic rules, newly made delegations take 7 cycles (~ 20 days) to start generating rewards. All rewards generated in a cycle are frozen for additional 5 cycles (~ 14 days). This means that first payments are made 12 cycles (~ 34 days) after you delegated to us. LetzBake! automatically pays out rewards within 24 hours of each cycle’s completion, with a cycle being about 3 days. If you’d like to change delegation services, you will receive all payments due for all cycles you had delegated to us.

Our payouts are powered by Tezos Reward Distributor!

Yes! We've been the first baking service on the market that insures all rewards, with our insurer being Baking Bad Insurance.

The insurance covers both mistake and default and is paid out in the case node efficiency in a cycle is below 90% or if rewards are not paid out at all. In both cases all unpaid rewards will be paid from the insurance deposit directly to all delegators of the insured baker.

The service is currently manually managed by the Baking Bad team, but it will move on-chain and managed by a smart contract in the course of 2020.

Our insurance status is indicated by the Baking Bad badge at the bottom of this page, which is only awarded to bakers with an active insurance and is automatically withdrawn when the insurance is cancelled.

This means that you can trust to never lose rewards while delegating to LetzBake!

Due to the self-bond requirements specified in the Tezos protocol, we are restricted in the amount of Tez we can accept in delegations. To manage over-delegation, we will stop considering new delegations when our staking balance exceeds a certain threshold, which we communicate on several platforms. Please check our delegation status on this website before delegating to us.

Continued over-delegation gives us cause for concern. Although on the one hand we highly appreciate that delegators choose us as their baker, on the other over-delegation incurs high costs, particularly due to the need to buy additional Tez at market price to cover bonds. Hence, over-delegation quickly drains financial reserves of bakers, which already caused some big bakers decide to cease operation.

Even though we exclude all delegations made after we announced over-delegation, affected delegators can still claim their rewards by simply contacting us. We keep, however, 50% of these rewards as compensation for the costs over-delegation incurs. Although this may seem to be high, it does not even cover a fraction of the costs of over-delegation.