Tezos (XTZ)
Tezos on Ledger Enterprise: how delegation works, and why your XTZ stays available while it is delegated.
How Tezos differs
Tezos uses an Account model, like Ethereum. Two things set it apart in this product.
Blocks are produced by bakers. A baker is a validator on Tezos. Bakers put up their own XTZ as security, produce blocks, and receive the network's rewards. You do not become a baker. You delegate to one, and the baker shares its rewards with you.
Storage on Tezos is paid for by burning XTZ. Sending to an unallocated destination, meaning an empty or new address, costs a one-time allocation fee. It is a burn, not a fee paid to anybody, and it applies once per destination.
For the protocol itself, see the Tezos documentation.
Token coverage
Ledger Enterprise supports XTZ only on Tezos.
What is out of scope
Native staking
STAKE, UNSTAKE and FINALIZE_UNSTAKE, frozen funds, and Adaptive Issuance
Non-XTZ assets
FA1.2 and FA2 tokens
Staking here means classic delegation to a baker, not the native staking introduced by the Paris protocol.
Delegation
Delegating XTZ does not move it. Your balance stays in your Account and stays spendable.
What you delegate
The Account's full XTZ balance
Is your XTZ locked?
No. It stays liquid and you can transfer it at any time
Lock-up or bonding period
None
Time to undelegate
Immediate
You do not choose an amount. Delegation applies to everything in the Account. XTZ that arrives later is included automatically.
Undelegating stops the delegation for the Account. Your XTZ stays where it was throughout.
Note: Because the balance stays liquid, you can send XTZ while it is delegated. You do not have to undelegate first.
How rewards are paid
The chain pays your baker. Your baker then pays you.
There is nothing to claim. The reward arrives as a payment from the baker into your Account.
The first reward takes several days. Tezos counts time in cycles. A new delegation counts for the baker only after 4 cycles, about 4 days. The baker then pays you on its own schedule, so the first payment arrives later. These figures are from the Octez documentation on proof of stake and consensus, checked on 9 October 2026.
After that delay, the payout timing is the baker's decision, not the network's and not Ledger's. Bakers differ in how often they pay out and in what commission they keep. Some pay weekly, some per cycle, some less often.
Important: A delegation that produces nothing for a long period usually means the baker is not paying out, not that the delegation failed. Check the baker's own published policy.
Risk
Tezos does not penalize a delegator when its baker misbehaves. Your XTZ stays under your control. Only staked XTZ is at risk, and Ledger Enterprise does not stake XTZ. This is from the Tezos documentation on staking, checked on 9 October 2026.
The reveal operation
Before a Tezos address can send its first operation, the network must know its public key. A reveal operation publishes the key. Tezos needs it once for each address.
The platform creates the reveal with the first operation that a new Account sends, for example its first transfer. The reveal is not a separate Request, and it needs no separate approval.
The reveal is a network operation, and the Account pays its fee. This is from the Octez documentation on operations, checked on 9 October 2026.
The interface does not name the reveal. On the Account's Operations tab, it shows with no type and no icon.
One Request at a time
The interface allows one delegation Request per Account at a time. This is a Ledger Enterprise check, not a Tezos rule.
While a Delegate or Undelegate Request on the Account has not completed, you cannot start another. That covers a Request in any of these states:
Initiating... (
INITIAL)Awaiting approval, or To review for an Approver (
PENDING_APPROVAL)Processing... (
EXECUTING)Stuck (
STUCK)
The button is disabled, and its tooltip explains why. For example: "You cannot delegate while a Tezos delegation request is already in progress for this account."
Once a delegation exists, the interface hides Delegate. The only action on the position is Undelegate. To move to a different baker in the interface:
Select Undelegate on the position.
Wait for that Request to complete.
Select Delegate.
Select the new baker.
Important: Each delegation change is a Request, and needs approval like any other Request.
The API does not apply either restriction. See the API documentation.
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