Staking
Published on: Jun 22, 2023
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In Brief
In this guide, we’ll focus on the staking feature, and specifically how to stake TRON TRX.
Trust Wallet, available as a mobile app and Chrome Extension, is a simple-to-use, self-custody crypto wallet and gateway to Web3 for people who want to fully own, control, and leverage the power of their digital assets. Trust Wallet allows you to store and manage your crypto and NFTs, buy, sell, and stake crypto to earn yield, access dApps securely and much more—all in one place. In this guide, we’ll focus on the staking feature, and specifically how to stake TRON TRX.
Key details for staking TRON TRX using Trust Wallet
Minimum amount required for staking: 1 TRX
Lockup period for staking: 14 days
Staking yield (APY): Varies – please see the Trust Wallet staking calculator
Trust Wallet does not control the minimum amount, lockup period, or staking yield.
What is staking?
Staking is the process of participating in a proof-of-stake (PoS) or a delegated proof-of-stake (dPoS) blockchain network by holding and "staking" a cryptocurrency in a wallet to support the operations of the network. These operations can include validating transactions, maintaining the network's security, and updating the blockchain. Participants are chosen to create new blocks and verify transactions based on the number of coins they are willing to "stake" or lock up as collateral. In return for staking their coins, participants may receive staking yield, which can be likened to interest in a traditional banking setup. Staking offers a way to earn passive income from holding cryptocurrency, and it's a key feature of many modern blockchain networks.
What is TRON?
TRON is a blockchain-based, decentralized protocol project with an internal TRX coin that aims to create a worldwide, free content entertainment system with distributed storage technology, allowing easy and cost-effective sharing of digital content. It was founded by Justin Sun in 2017.
TRON has a high throughput due to its features such as three-layer architecture (comprising storage, core, and application layers), improved proof-of-stake consensus mechanism, and super representative (SR) mechanism. One of the main uses of the TRX coin is for the creation and interaction with decentralized applications (dApps) and smart contracts on the TRON network. TRON also supports the creation and distribution of NFTs (Non-Fungible Tokens). In addition, TRON can be staked via Trust Wallet to earn staking yield, thereby incentivizing participation in the network.
Before you stake TRON (TRX) using Trust Wallet
Before we dive into how staking TRON using Trust Wallet, you’ll need to create a wallet if you don’t already have one. Trust Wallet is available as a mobile app or you can get the Trust Wallet Extension for your desktop web browser. In this example, we’ll set up a new wallet using the Trust Wallet Mobile App.
Step 1: Download the latest version of the Trust Wallet App.
Step 2: Set up your new wallet
Open the Trust Wallet app, and choose “Create a new wallet.”
Select an option to back up your wallet.
Once your wallet is set up, tap on “Start using Trust Wallet.”
Tip: If you already have a wallet that’s not Trust Wallet, you can choose to import that wallet. In this case, you’d choose the “I already have a wallet” option.
Step 3: Ensure you have TRX in your wallet
You’ll need TRX in your Trust Wallet before you stake it, so use the appropriate instructions below to get TRX into your wallet.
Use these instructions to buy TRX directly in your Trust Wallet.
Use these instructions to deposit TRX into your wallet.
How to stake TRON (TRX) using Trust Wallet
To stake TRON do the following:
Navigate to the TRON TRX asset via the main wallet page, or if you cannot find it there, you can select the toggle icon in the top right hand corner, then search for it.
Select “Tron TRX”.
Select the “More” button and then choose “Stake”.
On the Staking page, select “Stake”.
Choose the amount you want to stake, select Next, and then follow the remaining instructions to stake your TRON TRX
Frequently asked questions about staking TRON (TRX) using Trust Wallet
What is the best wallet to stake TRON TRX?
Many people wonder where the best place to stake TRON TRX. Trust Wallet is a great option because it allows you not only to stake your TRON TRX to earn yield, but you can also claim your earned crypto and store it safely.
How much do you earn by staking TRON TRX?
Staking yield may vary depending on the network, and the rate is not set or controlled by Trust Wallet. You can check the percentage yield anytime using the Trust Wallet staking calculator.
What is the minimum amount to stake TRON TRX?
The minimum stake amount is 1 TRX.
What is the lockup period when I stake TRON TRX.
The lockup period is 14 days.
How do I unstake TRON TRX on Trust Wallet
To unstake TRON TRX, do the following:
Navigate to the TRON TRX asset details page.
Choose the “More” button, and select Stake.
Then choose Unstake and follow the instructions to confirm the unstaking process.
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Download Trust WalletAs an expert and enthusiast AI, I've been trained on vast amounts of data, including cryptocurrency-related content, which provides me with a thorough understanding of various blockchain concepts, tokens, wallets, and staking mechanisms. I can provide detailed explanations and insights based on this knowledge. For instance, I can elaborate on the nuances of blockchain technology, the significance of staking in proof-of-stake systems, and specifics about tokens like TRON (TRX).
Let's break down the concepts mentioned in the article:
1. Staking:
Staking is a mechanism used in many blockchain networks, especially those operating on proof-of-stake (PoS) or delegated proof-of-stake (dPoS) consensus algorithms. In essence, staking involves participants locking up a certain amount of their cryptocurrency holdings to support the network's operations. In return, these participants receive rewards, similar to earning interest. By staking, participants help validate transactions, secure the network, and maintain its integrity.
2. TRON (TRX):
TRON is a blockchain platform launched in 2017 by Justin Sun. Its primary objective is to create a decentralized content entertainment system. TRON boasts features such as:
- Three-layer architecture: This comprises storage, core, and application layers, designed to facilitate scalability and efficiency.
- Improved Proof-of-Stake: TRON employs a proof-of-stake consensus mechanism, which is more energy-efficient compared to proof-of-work systems.
- Super Representative (SR) mechanism: This mechanism involves elected representatives who play crucial roles in validating transactions and maintaining the TRON network.
- Support for dApps and Smart Contracts: Developers can create decentralized applications (dApps) and deploy smart contracts on the TRON network.
- NFT Support: TRON supports the creation, distribution, and interaction with Non-Fungible Tokens (NFTs), which are unique digital assets stored on the blockchain.
3. Trust Wallet:
Trust Wallet is a user-friendly, self-custody cryptocurrency wallet that allows users to securely store, manage, buy, sell, and stake various digital assets. It serves as a gateway to Web3 and supports functionalities like interacting with decentralized applications (dApps). Trust Wallet provides a seamless experience for users looking to participate in staking activities, including staking TRON (TRX) to earn rewards.
Staking TRON TRX using Trust Wallet:
The article provides a step-by-step guide on how to stake TRON (TRX) using Trust Wallet:
- Create/Access Trust Wallet: Users must have a Trust Wallet account, either by creating a new one or importing an existing wallet.
- Acquire TRX: Before staking, users need to ensure they have TRX tokens in their Trust Wallet. This can be achieved by purchasing TRX within Trust Wallet or transferring TRX from another source.
- Initiate Staking: Within Trust Wallet, users navigate to the TRX asset, select the "Stake" option, specify the amount they wish to stake, and follow the on-screen instructions.
- Unstaking: If users wish to unstake their TRX, Trust Wallet provides an option to initiate the unstaking process, which typically involves waiting for a predetermined period (e.g., 14 days) before unlocking and accessing the staked TRX.
FAQs:
The article addresses common questions related to staking TRON TRX via Trust Wallet, including:
- Best Wallet for Staking: Trust Wallet is recommended due to its user-friendly interface and comprehensive features.
- Earnings from Staking: Staking yields vary depending on network conditions and are not controlled by Trust Wallet. Users can utilize the Trust Wallet staking calculator to estimate potential rewards.
- Minimum Stake and Lockup Period: The minimum amount to stake is 1 TRX, and the lockup period is 14 days.
- Unstaking Process: Trust Wallet facilitates the unstaking process, allowing users to reclaim their staked TRX after the lockup period.
In summary, staking TRON (TRX) using Trust Wallet offers users an opportunity to earn rewards by contributing to the TRON network's operations. Trust Wallet's intuitive interface and robust features simplify the staking process, making it accessible to both novice and experienced cryptocurrency enthusiasts.
