Tez Capital PSA: Over 50 small bakers have lost their baking rights

Due to the fact that in Adaptive Issuance delegation rights and voting power have been halved, a bunch of smaller bakers have found themselves without baking rights, starting at cycle 751 (in about 3-4 days).

Previously a baker was able to stake just 600 tez, and with another 5400 delegated to them, that would be enough for baking rights to be granted. This is no longer the case!

To calculate what’s needed to get baking rights, keep in mind that a baker may only receive up to 5X of external stakers and up to 9X of delegators. Here X is the baker’s own stake. Here are some examples of how a baker can get minimal baking rights:

(A) Baker stakes 1200 tez. Baker receives 9600 in delegations.


(B) Baker stakes 1200 tez. Baker receives 4800 in external stake.


(C) Baker stakes 1200 tez. Baker receives 800 tez in external stake. Baker receives 8000 in delegations.


If you’re a small baker, make sure to go to your TzKT profile and ensure that you have enough tez staked to maintain your baking rights. If all your tez is already staked, you will need additional delegators as shown in the caclulations above, to regain your baking rights.


I remember very well being a baker with way less than 6,000 tez an how proud I was to be able to participate in Tezos as Baker. This development must feel very disappointing for those 50 Bakers and I think we should find a way to keep them / bring them back into the ecosystem.

Part of this, for many unforseen, consequence could be the fact that the reward system of Adaptive Issuance was often described as “Stakers weigh 2x more than Delegators” when in reality it was “Delegators weigh only 1/2 of Stakers”.

As Bakers should be able to participate “without breaking the piggy bank” it would be great if we could lower the minimum baking requirements from 6,000 tez to a number that makes it possible for those small bakers to participate again.

As La Boulange proposed on X: 3300 XTZ (600 + 2700)

It was mentioned by @germanD on X and discord that such change could potentially have other unforseen consequences.

What consequences would that be and how can we prevent them?