Binance has included staking support on its platform, today on September 30, 2019, for the TRON (TRX) cryptocurrency.
The Binance staking platform recently went live, allowing crypto holders to stake and receive their part of the block reward.
Now TRX holders will also be able to use the Binance platform to store and receive the share of the network’s block reward in conformance with their assets. The staking block rewards will be generated by Super Representatives on the TRON network.
Binance’s staking platform simplifies staking for the ordinary crypto trader, as users do not have to complicate themselves with setting up their own nodes in order to meet the minimum staking requirements and time periods conditions.
Binance stated in its post that support for Tron staking will start on October 1, 2019, 00:00:00 UTC, and take hourly snapshots of their users’ TRX balances.
“TRX Staking distribution will be calculated as follows:
TRX generated by each user = Total TRX staking rewards received by Binance * User TRX holdings ratio.
User TRX holdings ratio = User TRX holdings / Total TRX staked by Binance.
Users must hold at least 5 TRX in order to qualify for staking rewards.
The initial distribution of TRX staking rewards will be calculated up until 2019/11/01, with the total amount distributed equal to the staking rewards accrued on holdings during the period.
TRX rewards are calculated daily (hourly snapshots) and distributed monthly. Distributions will be completed before the 10th of each month,” – detailed the announcement.
According to Tronscan data, Binance also voted itself as Super Representative, owning 59 percent of votes. It was also noted that out of the 650 voters that were in favor of Binance as a Super Representative, one wallet address TMuA6YqfCeX8EhbfYEg5y7S4DqzSJireY9, was actually one of Binance’s cold wallets. The wallet held around 12 billion TRX or more than 99.6 percent of the total number of votes.
Featured image: Forbes