Terms and Conditions

Tezos Disclaimer

The Tezos network is experimental software. It should not be used for high value or important transactions.

Disclaimer of warranties and limitation of liability

The Tezos Istanbul services and all information, content and materials included on or otherwise made available to you through Tezos Istanbul are provided by Tezos Istanbul on an "as is" and "as available" basis. Tezos Istanbul makes no representations or warranties of any kind, express or implied, as to the operation of Tezos Istanbul services, or the information, content and materials included on or otherwise made available to you through Tezos Istanbul. You expressly agree that your use of Tezos Istanbul services is at your sole risk.

Delegation

  • In order to delegate to Tezos Istanbul, first check that our delegation status is set to "Open" on our homepage, then simply set your delegate to our baking address: tz1Vm5cfHncKGBo7YvZfHc4mmudY4qpWzvSB
  • There is no minimum delegation amount, but you will not be paid in a cycle if the payment is smaller or equal to the transaction fee. The current transaction fee is 0.001272 XTZ. Also, you will not be paid any rewards if you delegate to us whilst our status is set to "Closed".

Fees

Tezos Istanbul will deduct a 5% baking fee from the gross baking rewards (including endorsements, etc.) allocated to us by the Tezos network. The current transaction fee is 0.001272 XTZ. This amount will be deducted from the delegate reward payment.

Calculation of baking rewards

The rewards payment will be calculated in line with tzscan.io. 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. 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 cycle starting from at the end of the 12th cycle after they have delegated to us.

Changing delegation amount

You may increase or decrease the amount of XTZ you delegate to Tezos Istanbul at any time.

Overdelegation

In the event of the service becoming overdelegated (i.e. Tezos Istanbul does not have enough security bonds to cover the requirements for the XTZ delegated to us) we will endeavour to mitigate this. However we can not guarantee that rewards will not be diluted due to the surplus delegated balances.

Leaving us

If you delegate to another provider, we will pay rewards accumulated by you until your baking rights transfer from us.

Variation of terms

Tezos Istanbul may modify these terms and conditions at any time. Notice will be given via the this website or our Twitter account.

Service updates

It is your responsibility to check the website or our Twitter account regularly for service updates including updates to terms and conditions, announcement of reward payouts and any other relevant publications.