- TRON staking is a hassle-free method for HODLers to grow their investments while participating in securing the network.
- eToro offers staking solutions for TRX, ETH, and ADA and performs the whole process on behalf of the users.
Staking-as-a-service platforms have become a necessity for long-term investors in the cryptocurrency industry. Holding cryptocurrencies such as TRON (TRX), Cardano (ADA), Tezos (XTZ), and Solana (SOL) allow investors to grow the dollar value. However, staking has become a popular method to earn interest while holding the same tokens.
This article will explore what staking is all about and where you can stake TRX tokens and multiple the holdings. It is essential to check our detailed articles on staking Ethereum and 3 Best Staking For Staking Cryptos 2021.
What Is Staking?
Staking is the process of locking up crypto assets on a blockchain. The staking functionality is only available to Proof-of-Stake protocols and ensures that the network is secured and achieves distributed consensus. Participants who stake their digital assets are rewarded with tokens of the same cryptocurrency. Note that the rewards are distributed from newly minted tokens.
Blockchain projects are increasingly launching on the PoS consensus algorithm and moving away from Proof-of-Work (PoW) protocols that require energy-intensive machines to mint new tokens and validate transactions. The need to have a crypto industry that is green energy-based or efficient makes PoS attractive.
What Is TRON?
TRON is a smart contracts blockchain platform launched in 2018 after transforming from an ERC-20 token on Ethereum to a Delegated Proof-of-Stake (DPoS) network. TRON hopes to decentralize the web, “boasting over 52 million accounts and 2.3 billion transactions.”
A DPoS allows users to delegate tokens and earn rewards in return. However, the validator is obliged to mint new blocks to keep the blockchain going. Hence staking is one way for TRON holders to grow their stash and keep the protocol secured.
TRON Staking In 2021
Many platforms support Staking TRON, but we will look at the best three. It is worth mentioning that staking has minimal risks, and when done correctly, it is an excellent way to grow crypto holdings. On the other hand, stakers must keep in mind that the tokens are unusable during their locked period on the network. Therefore, knowing this is crucial before choosing to staking cryptos and crypto trading signals.
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TRON Staking On eToro
eToro is a renowned cryptocurrency, forex, and CFDs trading platform. However, investors can do much more than just buying and selling. eToro offers staking-as-a-service for some crypto assets, including Cardano, Ethereum, and TRON.
Users can buy TRON on eToro or transfer their TRX to the exchange platform before started the staking process. Staking on this exchange platform greatly benefits users by growing their assets without carrying out the complex staking process. Hence, they “enjoy the simple, secure and hassle-free growth on their crypto asset investment.”
Looking to buy, trade or stake crypto now? Invest at eToro!
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eToro stands out among many staking platforms because it takes over the entire process of staking TRON. HODLers then earn rewards in TRX tokens as they grow their holdings. Although eToro will run the process for the users, the rights to the tokens remain with the users.
Subsequently, a fee is charged on the rewards for various operations, technical and legal costs involved in the endeavor. Staking rewards range from the multiple levels of accounts available to eToro users, as detailed here.
Staking rewards are distributed to the users once every month, and the process is done automatically.
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Binance Staking
Binance Staking started support to TRX staking on October 10, 2020. Users on the platform can earn up to 20% APY when they lock up their crypto assets on Binance, one of the largest centralized cryptocurrency exchanges worldwide.
At the launch, staking TRX was on a first-come-first-served basis, and interest payout was set to immediately after maturity. For TRON, the maturity period is 90 days, and individuals can stake up to 10 million TRX. The standard annualized interest has been set at 20.58%, while the minimum staked tokens are 1,000 TRX.
Users can always view their staked assets on Binance Staking and unlock the staking products in just one day. According to the Binance team:
“Locked Staking is confirmed to the end of the corresponding product period; the staking interest is distributed daily. Also, users can choose to redeem in advance. After choosing early redemption, the principal will be returned to the spot account, and the distributed interest will be deducted from the refunded principal. Due to different global time zones, it takes 48-72 hours to receive the tokens.”
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PancakeSwap
PancakeSwap, a decentralized exchange (DEX), offers investors an opportunity to earn TRX in one of the many pools. The 3 Best Crypto Staking Platforms introduces in detail the process of staking on PancakeSwap. Staking on this DEX will require the user to swap TRX for CAKE, stake in one of the Syrup Pools, and earn TRX tokens back.
Staking on PancakeSwap is carried out in the dedicated pools. Hence, users need to be on the lookout for when the pools open and when they close. The TRX Syrup Pools often run for 60 days, after which TRX rewards are distributed among participants.
Looking to buy, trade or stake crypto now? Invest at eToro!
Your capital is at risk
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John Isige
