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Moonstake Wallet Now Supports Staking of TRON (TRX)

Moonstake Wallet Now Supports Staking of TRON (TRX)


Source: Daily Hodle

Moonstake is now an official ‘super partner’ of TRON Network. Users can stake TRX to earn staking rewards on Moonstake web wallet and mobile wallet. Hold, send, receive and stake TRX to receive rewards with the best user experience through one single click. TRON became the 13th available staking coin on Moonstake.

Moonstake started its staking business last year with the aim to create the largest staking network in Asia. Since then, it has developed the most user-friendly web wallet and mobile wallet (iOS and Android) with support for over 2,000 cryptocurrencies.

After a full-scale operation launched in August 2020, Moonstake’s total staking assets have grown rapidly to reach $1 billion, allowing Moonstake to become one of the top 10 staking providers globally.

Since March of this year, Moonstake has also entered DeFi, together with the newly launched DeFi platform Muse.Finance, who has begun releasing its core DeFi products, all of which are scheduled to be integrated into the Moonstake platform to enable advanced DeFi connectivity for its global users.

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, BitTorrent, Poloniex, Swisscom Blockchain and many more.

It is one of the fastest-growing DeFi ecosystems on the market, currently boasting more than 55 million global user accounts and over two billion cumulative transactions.

Additionally, the TRON-based TRC20 protocol currently hosts the largest circulation of stablecoins globally, with nearly 36 billion USDT. Its native coin Tronix (TRX) can be used by content consumers to pay creators for in-game assets, to use as currency in gaming, to reward creators directly for their entertainment content or to purchase additional access.

Most recently, TRON joined a shortlist of leading crypto tokens (namely Bitcoin and Ether) with the successful listing of VanEck TRX ETP (VTRX) on the Deutsche Boerse, providing investor access in 14 EU markets.

Through our strategic partnership since June 2021, TRON and Moonstake have worked diligently to bring a satisfactory TRX staking experience for users, and we are proud to deliver the results of our labor to you. As both of our projects are also involved in the field of DeFi, we are exploring deeper collaboration opportunities to deliver more innovation and value to our user communities worldwide.

How to stake TRX on Moonstake wallet

Here’s a simple three-step process to stake TRX with Moonstake wallet.

  • Register your Moonstake wallet via web or mobile (iOS and Android).
  • Select TRX from the ‘wallets’ screen and click the ‘add asset’ button.
  • Access the TRX screen to check your staking information. From the staking tab, click the ‘staking’ button and enter your wallet password to complete staking.
How voting (staking) and unstaking works on TRON network

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/superpartners.

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 the power to vote. This does not cost you TRX – it will only lock them for a period of three days. During these three days, your TRX cannot be traded.

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 is no minimum staking amount required.

What are the roles of super representative and superpartner?

In the TRON network, any account can apply to become a super representative or super partner. Every account can vote for super representative candidates. The top 27 candidates with the most votes are the super representatives, while the 28th through the 127th will become super partners. The top 127 candidates (including 27 super representatives) can be awarded according to their voting rate, and this 127-ranking fluctuates depending on the number of votes over time.

Super representatives will be obligated to generate blocks and package transactions in return for corresponding block rewards (9%) as well as voting rewards (91%). Super partners, on the other hand, only receive voting rewards without performing the aforementioned two tasks. All super representative candidates, super partners and super representatives have the right to raise proposals to modify parameters on the TRON network.

How to get rewards of TRX staking

The annual reward (APY) is about 5.46%. You can claim your TRX rewards once every 24 hours. Staking rewards are distributed by the super representative (partner), depending on the rules that they have set.

TRON looks forward to deeper cooperation with Moonstake to accelerate global adoption of the TRON network and staking ecosystems as a whole  as well as DeFi services as we both scale our growing ecosystems together.

About TRON

Since its inception in 2018, TRON Network has blossomed into one of the largest open blockchain platforms. It is at the forefront of industry adoption of popular smart contracts such as DeFi, NFT, stablecoin, distributed storage protocol and others.

TRON enjoys a global audience with over 55 million in total user accounts. It is home to the largest stablecoin circulation (USDT), with more than 50% of the global market share and over $50 billion in on-chain crypto assets. In addition, it ranks top-three globally in terms of total value locked in DeFi (TVL) with more than $11 billion at present.

About Moonstake

As a world-leading staking service provider, Moonstake develops and operates decentralized wallet services for enterprises and end-users.

Its full-scale staking business started in August 2020. With the support of users all over the world, its total staking assets have risen to 1.8 billion dollars. In June 2021, it ranked third among 15,000 staking providers globally.

So far, it has expanded its 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, it became a wholly-owned subsidiary of the listed company ‘OIO Holdings Limited’ on the Singapore Stock Exchange, and it is working to further expand Moonstake’s business and improve its credibility.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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The post Moonstake Wallet Now Supports Staking of TRON (TRX) appeared first on The Daily Hodl.

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