Tech

Tron Stake 2.0 and its impact on TRX: All you need to know

04/07/2023
Bitcoin Ethereum News
  • Stake 2.0 solved several challenges that users faced with the old staking mechanism 
  • Tron’s total addresses continued to rise, but TRX’s state was concerning  

Tron [TRX] made a major announcement on 7 April regarding the launch of Tron Stake 2.0. The new staking mechanism went live after Tron’s No. 84 committee proposal got passed. 

Read Tron’s [TRX] Price Prediction 2023-24

The purpose of Tron Stake 2.0 

First, let’s understand the purpose of this new staking mechanism. Staking and resource management were extremely difficult to manage under the old stake method because stake and delegate actions were bound together.

Additionally, the unstake procedure had to wait three days after staking, so the resources obtained couldn’t be transferred to anyone within that time frame. Therefore, to tackle these challenges, the new staking proposal was made. 

Here’s what’s new 

The launch of Stake 2.0 brought with it multiple new features that solved the aforementioned limitations. For instance, delegating will not require unstaking anymore. The unstaking issue has also been resolved, as users can now unstake their assets at any time.

Partial unstaking has also been made possible by a single staking transaction. Users could seamlessly manage staking and resource operations via smart contracts, thanks to Stake 2.0. 

Tron’s TVL to boost soon? 

As per DeFiLlama’s data, Tron’s TVL declined marginally over the last 24 hours. However, things might soon turn in Tron’s favor with its latest Stake 2.0, as more investors might want to stake their assets over the coming days. 

Source: DeFiLlama

Tron Network is growing

Amidst all this, the Tron network continued to grow further, as suggested by TRONSCAN’s data. As per the tweet, the total number of accounts on the Tron network has surpassed 151 million, which is a commendable number. Thanks to the increase, Tron remained the top blockchain in terms of daily active users. 

 

How will TRX react?

TRX’s performance on the price front has been sluggish of late, as evident from CoinMarketCap’s chart. The token’s price declined by 0.33% over the last 24 hours, and at press time it was trading at $0.06585.

How much are 1,10,100 TRXs worth today?   

Santiment’s data revealed that, after an increment, TRX’s weighted sentiments registered a slight decline. TRX’s demand in the derivatives market also fell sharply as its Binance funding rate declined.

Source: Santiment

However, it was interesting to note that TRX has been in a state of deflation for the past 75 weeks, which is a positive sign for a token. Now, with the launch of Stake 2.0, investors’ sentiments around TRX might turn positive. Therefore, the possibility of a price increment in the coming days can’t be overlooked.

Source: https://ambcrypto.com/tron-stake-2-0-and-its-impact-on-trx-all-you-need-to-know/