现在的委托市场，其实有点嘈杂，面对现在激活30%左右的代币，和超过95%以上委托率，Wetez还是感觉到很惊讶的，深度分析了一下，发现造成这个超高委托率的原因有5个：
1、大家都对委托的收益率过于乐观了；
2、面包师在一直在吆喝，导致很多人盲从了；
3、跟大流的人居多，且认识不到委托的本质；
4、Tezos的大众烘焙机制门槛较低，容易进入；
5、市场行情不好，XTZ交易所不多，导致大部分人都持币观望；
等等...
Wetez相信市场会回归到一个理性的程度，委托收益率也不会达到一个虚高的状态，这个回归点会发生在8月底9月初，这个时间点的判断源于以下：
市场上的面包师烘焙的时间是从第8个周期开始的，系统会要求烘焙后所得到的奖励有一定的锁定期，这个周期在1个多月左右，加上一些面包师发放收益的时间不一样，会有一定的策略，比如拿到收益后1个星期内发完，或者是收益累计超过100XTZ才统一发等，这会造成实际委托用户收到收益的时间会在1~2个月左右，这时间其实是很长的。
如果只有年5~10%的收益，很难保证这期间，一些投机者或者不坚定的用户没有抛售的需求。再加上币价的波动，XTZ的市场波动风险远远要比委托收益率的稳定要高的多，很多人委托到最后，拿到了收益却发现还是亏了的。
到那时，估计很多人对于委托的热情也就没有那么高了。
加上现在的市场上，仍然没有一个很好用的委托产品，很多用户对委托的认知并不够，对未来的收益认知更不明确，盲从就很顺其自然的发生了。Wetez也在做委托这件事，但Wetez和大部分的面包师不一样，不希望只放出个委托账号就开始在市场吆喝，Wetez更希望用钱包产品化流程教会用户，什么是委托，如何委托，委托的收益怎么发放，以让用户更好的认知到委托对于Tezos的重要性。
Wetez正在努力的路上。
抛掉现阶段委托认知的乱象，如果委托进入一种比较稳定的阶段，那么委托适合什么样的人来做呢？答案肯定是XTZ长期持有者。这些持有者在短期没有抛售需求，且看中Tezos生态的长期发展，心理预估的卖点点位非常高，可能需要3年左右才能实现的，这些持有者来做委托是最好的选择，因为相当于无风险的基金理财。
Wetez也希望所有XTZ的持有者都是有长期持有者，这样Tezos的生态会更加健全，开发者生态也会强大起来，届时，XTZ的回报率也会很高很高。
--------English version--------
There is a little bit chaos in the Tezos delegate market, Wetez get shocked when facing the fact that almost 96% of 33% active account were delegated. This delegated rate is too high, Wetez realizes its reason may come from 5 aspects as below:
Tokenholders are too optimistic for the delegated profit.
Many delegators just follow the baker who asking for delegation.
Most delegators are follow the big stream, and can not recognize the essence of the delegation.
Tezos’ public baking mechanism has a low threshold and easy access.
The cryptocurrency market plays so bad currently, and there are not so many exchange to exchange XTZ, which causing most people become holders.
Wetez believes that the market will return to a rational level, and the entrusted rate of return will not reach a state of illusory high. This return point will occur at the end of August and the beginning of September. The judgment of this time point is derived from the following:
The baker's baking time on the market will starts from the 8th cycle. The system requires a certain lock-up period for the rewards obtained after baking, this lock-up period is more than one month.
In addition, some bakers have different strategies to distribute the dividends, such as the distribution within one week after the receipt of the system reward, or the cumulative income of more than 100XTZ will be distributed together, etc., which will cause the actual delegator to receive the dividends in about 1~2 months, this time is actually very long.
If there is only 5-10% of the annual income, it is difficult to guarantee that some speculators or unsettled users have no demand for selling during this period. Coupled with the fluctuation of the currency price, XTZ's market volatility risk is much higher than the stable rate of delegated returns. Many people will find they still lost money in the end if delegated.
By that time, it is estimated that many people's enthusiasm for delegation is not so high.
In addition to the current market, there is still no well-used delegated wallet. Many users don't have enough knowledge of the delegation, and the future earnings are less clear. The blind obedience happens naturally.
Wetez is also building a delegate node, actually it has run for months since the alphanet, but Wetez still have not launched the delegate process yet, is because Wetez don’t want to let out a delegate account and start to sip in the market, Wetez wants to use the wallet productization process to teach the user, what is the commission, how to commission How the proceeds of the commission are distributed so that the user can better understand the importance of the commission to Tezos.
Wetez is on the way.
Toss off the chaos of the current stage of delegation cognition. If the delegation enters a more stable stage, what kind of person is the delegation suitable for? The answer is definitely the long-term holder of XTZ. These holders have no selling demand in the short term, and in view of the long-term development of Tezos ecology, their psychological selling point is very high, which may will take about 3 years to achieve. These holders are the best choice to delegate, because it is equivalent to risk-free fund management.
Wetez also hopes that all XTZ holders will be a long-term holder, so Tezos' ecology will be more robust and the developer's ecology will be stronger. At that time, XTZ's return rate will be very high.
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