Dear TzBake deleguees,
First of all, we would like to thank you for your trust and interest in TzBake delegation service.
With your support our delegation capacity became full well ahead of our listing on mytezosbaker or tzscan.io and we are planning to repay you by providing the best in class service, features and transparency. As of writing this announcement, we are the only delegation service which provides live chat support for its deleguees and investors and many more features are still to come. so stay tuned !
As you know, the delegation business is quite new and we are still in discovery phase. We launched our service after a few other larger delegation services and surveyed their business model and decided to go with tezos.community model but in order to keep our competitive edge, with decided to go 1% lower than tezos.community – tezos.community service fee was 10% at the time – and that’s how 9% service fee was decided.
But with recent changes to our business model and accepting investors with 0% service fee and 50% revenue share, in order to keep our business model sustainable, we have no choice rather than increasing our service fee to 14%. It is still 1% percent lower than tezos.community – they have increased their service fee to 15% – so we are keeping our competitive edge here.
The change will be applied from cycle 12 and for previous cycles (7-11) we would charge 9% fee as promised before.
If you are not happy with this change of our terms, you have sufficient time to switch to another delegation service, but as a friendly reminder, because we distribute the rewards on a “First come – First served” model, if you cancel your delegation – which is in our first 350K delegated tokens – you may lose your first row seat on our reward distribution system in case we become over delegated in the future.
This increase is also another incentive for users to participate in our investment program which provides them with 0% service fee and 50% revenue share.
For more information about our investment program click here.