Binance adds staking support for TRON; becomes super representative with over 59% of votes

Exchanges • September 30, 2019, 6:30PM EDT
UPDATED: September 30, 2019, 6:22PM EDT
The Block

Binance has added support for TRON staking to its recently launched staking platform, the exchange announced on Monday. Starting Oct. 1, Binance users with TRX on the exchange will begin receiving their share of the block rewards produced by Super Representatives on the TRON network.

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In addition to launching TRON support, Binance has apparently voted itself into a Super Representative position, with over 59% of votes, according to data from Tronscan. Of the 650 voters supporting Binance's position as Super Representative, one voter (TMuA6YqfCeX8EhbfYEg5y7S4DqzSJireY9), made up over 99.60% of the votes—assigning nearly 12 billion TRX. This address has been previously cited as a cold wallet owned by Binance.

TRON leverages a Delegated Proof of Stake system in which 27 Super Representatives are voted by TRX holders to produce blocks for the network. In return for their work, these super representatives receive block rewards of TRX based on the number of TRX they lock up for staking.

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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