Tron launches new features for Stake 2.0; will it have a positive impact
- The two new features launched by Tron for Stake 2.0 were Staked TRX and Energy Rental.
- The number of stakers continued to decline along with TRX’s price.
Tron [TRX] failed to meet the expectations of many with its Stake 2.0 launch last week. The reason behind the disappointment was that it could not help increase TRX’s staking strength or the number of stakers, for that matter.
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But the latest announcement could cause a pivot and bring better news in the days to follow.
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New Stake 2.0 features
JustLend DAO Mainnet underwent a major upgrade recently, which brought along with it two new features for Stake 2.0. One of the new features was named “Staked TRX,” which will allow users to get sTRX tokens and earn high yields by staking TRX.
Another feature that was launched along with Staked TRX was “Energy Rental.” The feature offers a more cost-effective alternative to obtaining energy by staking or burning it. Moreover, the feature also allows users to rent energy or end their rental at any time they prefer.
For comparison, in conventional staking, there is no profit from Energy Rental and users must perform actions like staking, voting, and claiming before they can receive any voting rewards.
However, with Staked TRX, the platform automatically generates yields for stakers by voting with their staked TRX and renting their energy, which provides better yields and greatly simplifies staking.
A quick look at TRX staking
These updates may take a while to show their impact on TRX staking. Well, at press time, the scenario did not look good.
Staking Reward’s data revealed that the total number of TRX stakes continued to decline over the last seven days. In the last 24 hours alone, the number of stakers decreased by more than 2%.
However, as per TRONSCAN, the total amount of TRX staked showed signs of recovery as it registered an uptick.
TRX under pressure
While Tron launched the aforementioned updates, its native token’s performance was not up to the mark. As per CoinMarketCap, TRX’s price declined by more than 1.3% in the last hour. At the time of writing, it was trading at $0.06536 with a market capitalization of over $5.9 billion.
TRX’s Relative Strength Index (RSI) and Money Flow Index (MFI) both registered downticks, which were bearish signals. The MACD displayed an ongoing battle between the bulls and the bears. Considering TRX’s RSI and MFI, the bears were more likely to be victorious.
How much are 1,10,100 TRXs worth today
Investors’ confidence in Tron is low
On the other hand, Tron’s weighted sentiment declined sharply, suggesting that negative sentiments around the token were dominant in the market. TRX’s popularity also went down over the last week, as evident from its declining social volume.