Ledger Live Now Supports TRON (TRX) Staking
In a blog post dated April 15, 2020, cryptocurrency hardware wallet firm Ledger Live introduced support for staking decentralized web digital token TRON (TRX). According to the announcement, Ledger Live app users will now be able to stake TRX tokens to earn crypto rewards.
Ledger Extends Staking Support for TRX
After having introduced staking support for Tezos (XTZ) late last year, cryptocurrency hardware wallet manufacturer Ledger has now added support for TRON’s native digital token – TRX. In a recent announcement, the firm stated it had integrated TRX and other TRC-based tokens in Ledger Live.
With this integration, Ledger Live now supports 24 coins and more than 1250 digital tokens. The integration also gives Ledger Live users an extra option to grow their digital assets through crypto staking, in addition to the already available XTZ token.
Ledger’s critically acclaimed security and flexibility makes it one of the better avenues in the staking space to stake and earn rewards on digital tokens. TRON’s high transaction rate, achieved through a Delegated Proof-of-Stake mechanism makes it an attractive cryptocurrency to process and execute transactions at minimal costs.
How does TRX Staking Work?
As far as staking is concerned, TRX’s consensus mechanism involves Super Representatives (SR) which produce block on the TRON network.
Voters can vote and choose the SR of their choice by using TRON Power (TP). For every one TRX frozen or staked, the user gets one TP which equals one vote for SR. Essentially, the higher the number of TRX a user stakes into TP, the more votes they get.
Voters have the option to divide their votes between up to five SRs at a time. The election of the SR is done through a six-hour window voting cycle at the end of which, the 27 SRs with the maximum number of votes are elected.
To incentivize the SR’s to produce blocks, they are rewarded with TRX tokens which are, subsequently, redistributed to their voters. At present, the yield on TRON is around 7%, minus the Super Representatives’ fees. Voters can choose to claim their rewards every 24 hours or receive it directly into their account depending on the SR they vote for.
