Tron: Did Stake 2.0 provide a fillip to TRX’s staking metrics
- TRX’s staking ratio recorded a marginal drop in the last 30 days.
- The number of stakers on the network declined by 2.89% since the launch of Stake 2.0.
Recently Tron [TRX] launched Stake 2.0, a new staking mechanism aimed at minimizing the complexities of staking and resource management in the older system. Under the new system, undelegating and unstaking functions will be decoupled, and users will be free to unstake their assets at any time.
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The Tron ecosystem shared a detailed user guide on resource delegation and voting framework under Stake 2.0. It should be noted that just like Stake 1.0, users will have to stake TRX to obtain voting rights (TRON Power), and they can also utilize that stake to get whatever resource (bandwidth/energy they choose).
💎Stake 2.0 enables users to stake and reclaim the delegated resources at any time via smart contract.
⭐️For each #TRX you stake, you get 1 #TRON Power, which can be used for voting & earning rewards, enhancing a complete ecosystem and management on the #TRONNetwork. pic.twitter.com/elKC3u8F0a
— TRON DAO (@trondao) April 11, 2023
Read Tron’s [TRX] Price Prediction 2023-24
State of staking
Meanwhile, as users were getting used to the modalities of Stake 2.0, other DeFi players started to embrace the new feature. Non-custodial crypto wallet service, Now Wallet announced that it will support Stake 2.0.
NOW Wallet Adds Support for Tron Staking 2.0 #Tron Staking 2.0 is a game-changer for the @trondao ecosystem, providing rewards up to 8% APR and a flexible staking period!
Stake, buy, swap, and store $TRX in NOW Wallet:
📍 https://t.co/Vl7ZboEwRR pic.twitter.com/gm4Z6c3FBB
— NOW Wallet – Crypto Wallet (@NOW_Wallet) April 10, 2023
The overall staking rate of the network, or the amount of TRX staked as a percentage of its circulating supply, was 48.32% at the time of writing, as per Tronscan. Compared to the 30 days before, the staking rate of TRX was down by 0.350%. Notably, more than 43 billion tokens were staked into the network’s smart contracts.
However, the launch of Stake 2.0 failed to bring excitement to stakers as the total number of delegation addresses on the network declined by 2.89% in the last seven days, according to Staking Rewards.
Daily transactions spike
Tron has been witnessing high network traffic over the past 30 days, with the number of transactions increasing by over 9%. The number of daily transactions on the network reached a two-month high on 10 April, as per Tronscan, reflecting the growing appeal of the layer-1 blockchain.
How much are 1,10,100 TRXs worth today?
A noticeable development in the ecosystem was the burning of tokens, as about 20.22 million TRX tokens were moved out of circulation in the last 24 hours. Adjusted against newly minted tokens, there was a net decrease in the circulating supply of TRX by 15.15 million.
TRX’s total circulating supply has dropped by 1.1% over the last three months. This was a significant decline if we consider that more than 90 billion TRX tokens were in the market at the time of writing.
Lastly, at press time, TRX exchanged hands at $0.6679, registering a marginal weekly growth rate of 0.49%, per CoinMarketCap.