Binance Becomes Tron’s Highest-Ranked ‘Super Representative’

Major Cryptocurrency exchange Binance has become the highest-ranked “Super Representative” (SR) in the Tron (TRX) ecosystem.

It has been reported that according to Tronscan’s data on September 30, Binance acquired over 12 billion votes for the top-spot ranking. Blockchain community Sesameseed.org is now the second-largest SR, with Tron-based BeatzCoin in third place.

Binance announces TRX staking support

On September 30, Binance declared that it would be adding support for TRX staking starting October 1, with the initial estimation of rewards to be calculated through November 1 and consequently distributed before November 5. The system will then continue on the same basis monthly, per Binance’s website.

However, the development follows the exchange’s recent launch of dedicated staking services last week, which enables the 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.

Misha Lederman, the Chief Operating Officer of BeatzCoin noted in a tweet on September 29 that Binance has essentially frozen 12 billion TRX, taking a sixth of the coin’s supply out of circulation.


Good or not, @binance just froze 12 billion trx. That’s more than 1/6 of total circulating supply of #TRON $TRX — Misha Lederman (@mishalederman) September 29, 2019

However, Lederman appears to view Binance’s remarkable 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.

Justin Sun, Founder and CEO of Tron

Earlier this month, Justin Sun, the Founder and CEO of Tron, declared that a new plan for TRON’s proof-of-stake mechanism which focused on the promotion of “a fair, decentralized distribution of staking revenues” to support user participation and engagement from industry players such as exchanges, wallets, and partners.

Justin has also revealed plans to imminently reschedule his highly anticipated charity lunch with Warren Buffett, the Chairman, and CEO of Berkshire Hathaway.

Source: Cointelegraph and Binance.com

#Binance #Tron

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