Welcome to this edition of 101 article exploring one of the staking coins on Moonstake. This time, we’ll be looking at TRON Network and its native coin, Tronix (TRX).
A Brief Introduction to TRX and TRON Network
TRON is a market-leading blockchain well-known for its large and highly active community of users and developers from all over the world, dedicated to the establishment of a truly decentralized Internet and its infrastructure. The TRON Protocol, one of the largest blockchain operating systems in the world, adopts an energy efficient dPoS consensus mechanism to provide high throughput, high scalability, and high availability for decentralized applications in the TRON ecosystem through collaboration with key business partners including global tech giant Samsung, Opera, Poloniex, Swisscom Blockchain, and many more. Currently, the TRON-based TRC20 protocol hosts the largest circulation of stablecoin globally with nearly 36 billion USDT. Its native coin Tronix (TRX) can be used by content consumers to pay creators for in-game assets, or use as currency in gaming or to reward creators directly for their entertainment content or to purchase additional access.
TRON network was founded in 2017 by Justin Sun. As one of the most influential KOLs in the blockchain industry, Justin is a serial entrepreneur and served as CEO of the world’s most popular P2P communication protocol, BitTorrent, from 2018 to 2021. He also founded one of China’s most popular voice streaming social Apps, Peiwo. Tron is also one of the fastest growing DeFi ecosystems on the market, boasting more than 56 million global user accounts and over 2 billion cumulative transactions.
TRON’s Technical Milestones and Why Moonstake Supports TRX?
- The TRON MainNet was publicly launched in June 2018 achieving independence from the Ethereum blockchain it was originally
- In just a little over six months of its MainNet going live, TRON gained over 1 million registered users, boasting more transactions than Ethereum and more accounts than EOS, giving it a place in the list of 10 largest cryptocurrencies of 2018.
- TRON’s DApp ecosystem reached more than 80 Dapps in 60 days of the TRON Virtual Machine (TVM) launch.
- In March 2019, Tether announced a new TRON-based stablecoin, USDT TRC20.
- In October 2019, TRON officially partnered with Samsung to offer its DApps on the Samsung Galaxy Store and the TRON section on the Samsung app store was launched in April 2020.
- In May 2020, BitTorrent File System (BTFS) went live, creating the world’s largest P2P storage network with 100 million user-controlled nodes and more than 1,000 TRON full nodes.
- In June 2021, Circle’s USDC stablecoin was made available on the TRON network.
- In September 2021, TRON joined a short list of leading crypto tokens (namely Bitcoin and Ether) with its successful listing of VanEck TRX ETP (VTRX) on the Deutsche Boerse, providing investor access in 14 EU markets.
Based on these significant milestones, we can see that TRX is a highly promising coin and further more, the Tron Network is a leading open-source blockchain project globally. This makes TRX an attractive and strategic addition to the lineup of PoS coins available on Moonstake, and Moonstake has been supporting TRX staking since October 2021 after forming an official partnership in June 2021.
How does TRX staking and unstaking work?
As with any PoS coin, you can stake your idle TRX assets to earn passive income. Staking with the TRON network is to participate in the network’s operations (validating blocks) by becoming a nominator who chooses the network’s validators.
Every account in TRON’s network can vote for the Super Representatives/Super Partners they support. Voting requires TRON Power (TP), which is determined by the users’ frozen balance. Freezing (staking) TRX tokens results in energy and bandwidth required to interact smoothly with the network as well as the increase in voting power of voting for Super Representatives/Super Partners.
To vote for a Super Representative/Super Partner, you will need to make sure that your TRX is frozen. This will create “Tron Power” and give you power to vote. This does not cost you TRX, it will only lock them for a period of 3 days. During these three days, your TRX cannot be traded or unstaked. Moonstake wallet combines the freeze/unfreeze action along with stake/unstake for your convenience so you do not need to perform the freeze/unfreeze action separately.
There’s virtually no minimum staking amount required, as the smallest amount you must stake is simply 1 TRX. TRON network also has no lock period when unstaking and practically zero transaction fees, making it a popular blockchain for many users.
How to get rewards for TRX staking
The annual reward (APY) is about 5.46%. You can claim your TRX rewards once every 24 hours directly from the TRON network via Moonstake Wallet.
How to stake TRX on Moonstake Wallet
Here’s a simple 3-step process to stake TRX with Moonstake Wallet:
1. Register your Moonstake Wallet via Web or mobile (iOS / Android)
2. Select TRX from the “Wallets” screen and click the “Add Asset” button.
3. Access the TRX screen to check your staking information. From the Staking tab, click the “Stake” button and enter your wallet password to complete staking.
Check out our full official manual on how to use TRX on Moonstake.
As a world-leading staking service provider, Moonstake develops and operates decentralized wallet services for enterprises and end users.
Our full-scale staking business started in August 2020. With the support of users all over the world, our total staking assets has risen to 1.8 billion dollars. In June 2021, we ranked third among 15,000 staking providers globally.
So far, we have expanded our business and ecosystem through about 30 strategic partnerships, including major blockchains such as Emurgo which is a constituent organization of Cardano, TRON, and NEO. In May 2021, we became a wholly owned subsidiary of the listed company “OIO Holdings Limited” on the Singapore Stock Exchange and we are working to further expand Moonstake’s business and improve our credibility. https://www.moonstake.io/