What is Tron?
Tron is a blockchain project that aims to build a fully decentralized internet by handling a large number of transactions per second. It began back in 2017 and the founder is Justin Sun. Tronix (TRX) is a cryptocurrency coin founded on TRC 10 and TRC 20 tokens; Tron is simply a competitor of Ethereum.
What is Staking?
Staking TRX has certain privileges, for example, the holders can participate in the Tron elections, which means they have a say on the governance of the crypto coin. Staking TRX gives its holders voting rights. Any holder of TRX is also liable to free BTT airdrops on the 11th of every month until 2025.
How to Stake TRX
Holders need a wallet to stake TRX and there exist several types of wallets to stake TRX; these are the hardware wallets and the software wallets. The hardware wallets include Ledger Nano X and Nano S, and the software wallets cover a wide range of platforms, such as Android, iOs, desktop, and Exchanges.
For android and ios wallets, users can use the Trust wallet, Cobo wallet, Tron wallet.me, Tron android wallet and wallet.io. The only desktop wallet in existence is the Exodus wallet, and finally, the exchange wallets include Binance, Huobi Global, Bitrue, LBlank, Okex, and HitBTC wallets.
The TRX Staking Process
Step 1: Preparing the Coins
- To stake, you first need to open a Trust Wallet.
- After your wallet is set up, go to the Finance tab and select the available tokens.
- Then select TRX and confirm that the balance is showing correctly.
- Then tap the plus sign to add the token or token contract address.
- Make sure to confirm before selecting the right token and not any other token with a similar name.
Step 2: Accessing the Staking Menu
- Click More as an options menu to access the Staking menu.
- Then stake the coin.
Step 3: Choosing a Validator
- Enter the amount to Stake, which is a minimum of 1 TRX.
- Then choose a Validator.
- Clicks next.
- The Network will inform you that the coin will be under staking for the next three days.
Note: It is impossible to transfer any TRX tokens after staking, and unstaking the tokens can only happen after three days.
Step 4: Sending the transaction to the network
- Click the Send option, which will send the transaction to the network.
- A pending message appears as the network confirms the transaction.
Step 4: Confirmation of the transaction
- You will receive a confirmation message once the transaction is complete.
- Trust Wallet will display the staked tokens as Frozen.
- This is the final step.
- Log out of the wallet.
- You can confirm from time to time if the tokens have yielded any profits.
Stake Your TRX Conviniently
The Tron network processes a maximum of 2000 transactions and three blocks every second. Therefore, it is new, fast and very cheap. Staking TRX comes with its privileges like a sure BTT airdrop every month. The network is also scalable, which means the cryptocurrency is something of value to invest in; it will yield wholesome returns in the future.