Moonstake, a global token staking leader, has become a Super Partner of the TRON network, making TRON the 13th coin available on Moonstake. Users can now hold, send, receive, and stake Tronix (TRX), TRON’s native coin, to earn rewards on the Moonstake wallet.
Moonstake, which will be launched in August 2020, aims to become Asia’s largest staking network. Over 2,000 cryptocurrencies are supported by the platform’s user-friendly Web and Mobile Wallets (available in iOS and Android versions). Moonstake currently has $1 billion in staked assets, making it one of the top ten staking providers in the world.
Furthermore, Moonstake entered the DeFi market in March of this year. Muse. Finance intends to integrate its DeFi products into Moonstake in order to provide DeFi connectivity to its global users.
TRON, on the other hand, is one of the world’s largest blockchains, renowned for its massive and highly active global user and developer community. TRON’s decentralized applications (DApps) on its ecosystem have high scalability, throughput, and availability thanks to its energy-efficient dPoS consensus mechanism.
Notably, major partners such as global tech giant Samsung, BitTorrent, Opera, Poloniex, and Swisscom Blockchain, among many others, support TRON’s DApps. TRON is one of the fastest-growing DeFi ecosystems, with over 55 million global users and over 2 billion cumulative transactions.
Furthermore, TRON’s TRC20 protocol currently has the largest stablecoin circulation in the world, with 36 billion USDT in circulation. TRX is used to pay for in-game assets, to reward creators for their entertainment content, as currency in gaming, and to purchase additional access.
Another of TRON’s accomplishments is its listing on the Deutsche Boerse as a VanEck ETP (VTRX). This increased investor interest in TRON while also elevating it to the top ranks alongside Bitcoin and Ether.
To stake TRX with Moonstake Wallet, simply select TRX on the Moonstake Wallet and click the “Add Asset” button. Users can then access the TRX screen to check their staking information and complete staking by clicking the “Staking” button. The Super Representative distributes staking rewards based on the rules they establish. The annual reward (APY) is approximately 5.4 percent, and users can claim their rewards once every 24 hours.
TRON network users can also vote for the Super Representatives/Super Partners they want to support. TRON Power (TP) is required for voting, which can be obtained by freezing (staking) any amount of TRN tokens for three days.
Notably, any TRON account holder can apply to be elected as a Super Representative or Super Partner. The top 27 candidates are designated as Super Representatives, while the remaining candidates (up to and including the 127th) are designated as Super Partners.
Super Representatives are tasked with creating blocks and packaging transactions in exchange for 9% block rewards and 91% voting rewards. Only voting rewards are given to Super Partners. Both, however, have been granted the ability to submit network-development proposals for the TRON network.
Moving forward, TRON and Moonstake are working together to find new ways to integrate DeFi and staking capabilities into their respective ecosystems.