Moonstake, a leading staking service provider, has started allowing crypt enthusiasts to stake TRX, the native token of the TRON network, and earn staking rewards.
The company revealed this news through a press release earlier today, saying the staking option is available on the web and mobile versions of its wallet. With this development, the company claims its wallet users can now hold, send, receive, and stake TRX through an intuitive platform.
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According to the news release, TRX is the 13th cryptocurrency that Moonstake users can stake. The other 12 are Cosmos (ATOM/USD), IRISnet (IRIS), Ontology (ONT), Harmony (ONE/USD), Tezos (XTZ/USD), Cardano (ADA/USD), Qtum (QTUM/USD), Polkadot (DOT/USD), Quras (XQC), Centrality (CENNZ), Orbs (ORBS), and IOST. While the wallet only enables the staking of 13 coins, it supports over 2,000 digital assets.
The publication further noted that the roll-out of TRX staking comes after Moonstake joined hands with the TRON Foundation in June 2021. This partnership, however, does not end with this launch. With both companies involved in the decentralized finance (DeFi) sector, Moonstake claims this collaboration will result in more innovation.
TRX HODLers can stake any amount
Outlining the process that crypto adopters should follow to start staking TRX, Moonstake said the first step is registering for a wallet on either the web platform or mobile app. The next step is selecting TRX from the wallet’s screen and clicking the add asset button.
Finally, a user needs to open the TRX page and check their staking information before clicking the staking button. The annual staking reward is 6%, and stakers can withdraw their TRX rewards once every 24 hours.
Per Moonstake, there isn’t a minimum staking amount set, and users can stake as little TRX as they want. However, more benefits come with staking large amounts of TRX. Stakers with large volumes of frozen TRX get more power to vote on Super Representatives and Super Partners they support. The freezing process involves locking tokens for three days.
Explaining the concept behind Super Representatives and Super Partners, Moonstake pointed out that the system selects 127 candidates based on votes. The first 27 candidates with the highest votes become Super Representatives, and the remaining 100 become Super Partners.
The role of Super Representatives involves generating blocks and packaging transactions. In return, they receive 9% of corresponding block rewards and 91% of voting rewards. On the other hand, Super Partners only get voting rewards without completing either of the above tasks.
Following this news, Tron (TRX/USD) recovered today’s losses, which saw it trade as low as $0.09137 (£0.067), to trade at $0.09617 (£0.071), at the time of writing.
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