Major cryptocurrency exchange Binance has become the highest-ranked “Super Representative” in the Tron ecosystem.
Major cryptocurrency exchange Binance has become the highest-ranked “Super Representative” (SR) in the Tron (TRX) ecosystem.
According to Tronscan’s data on Sept. 30, Binance acquired over 12 billion votes for the top-spot ranking. Blockchain community Sesameseed.org is now the second-largest SR, Tron-based BeatzCoin — in third place.
Binance announces TRX staking support
On Sept. 30, Binance revealed that it would add support for TRX staking starting Oct. 1, with initial estimation of rewards to be calculated through Nov. 1 and subsequently distributed before Nov. 5. The system will then continue on the same basis monthly, per Binance’s website.
The development follows the exchange’s recent launch of dedicated staking services last week, which enable Binance users to deposit their token holdings and earn staking rewards, but without having to set up their own nodes to fulfill minimum staking amounts and/or time lengths.
Binance freezes 12B TRX, taking ⅙ supply out of circulation
BeatzCoin COO Misha Lederman noted in a tweet on Sept. 29 that Binance has essentially frozen 12 billion TRX, taking 1/6 of the coin’s supply out of circulation.
The exchange’s ascendancy to top SR has sparked avid debate amid a small group of crypto Twitterers.
While Lederman appears to view Binance’s prominent position in the ecosystem and token lock-up as a potentially bullish development for TRX’s price, others have expressed some concern as to the implications of a leading industry player “buying-out” the top spot.
At press time, TRX is 14th largest cryptocurrency by market capitalization, seeing a price hike of almost 6.5% on the day, according to Coin360 data.
Earlier this month, Tron founder and CEO Justin Sun announced a new plan for TRON’s proof-of-stake mechanism focused on the promotion of “a fair, decentralized distribution of staking revenues” to bolster user participation and engagement from industry players such as exchanges, wallets and partners.
The CEO has also revealed plans to imminently reschedule his highly-anticipated charity lunch with Berkshire Hathaway chairman and arch Bitcoin skeptic Warren Buffett.
Sun had won a charity auction on eBay in June to have lunch with Buffett and his own choice of guests, with a winning bid of $4,567,888 — the highest bid in the event’s 20-year history. Yet just days before the high-profile event he was forced to postpone for medical reasons.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.