Binance Is Adding TRX Staking Support After Becoming TRON's Top Super Representative

  • Binance has become the TRON's top Super Representative with more than 12 billion votes. 
  • The exchange announced support for TRX staking to begin Oct. 1

Leading cryptocurrency exchange Binance has become the top Super Representative for TRON's network, in addition to announcing support for TRX staking. 

Binance: TRON's Top Super Representative

According to representative data compiled on TRON Scan, Binance has moved into first place with over 12 billion votes. Super Representatives are responsible for maintaining the integrity of TRON's network and approving proposals in a decentralized fashion. 

In addition to becoming the top TRON representative, Binance also announced support for TRX staking beginning Oct. 1.  According to the press release, the amount of TRX earned by a user will be calculated based upon their holdings and the total staking rewards received by Binance each month. Users are required to hold a minimum of 5 TRX to qualify for rewards, with the initial distribution of staked TRX to be delivered before the 10th of November.

Earlier in the month, TRON founder Justin Sun took to Twitter to outline his proposal for updating the TRX staking mechanism. 

Sun’s proposal, which has yet to be implemented, seeks to improve the efficiency of TRON's ecosystem. 

Featured Image Credit: Photo via Pixabay.com

Derivatives Trading Platform Synthetix (SNX) Is up Over 5,000% Since 2019

Michael LaVere
  • Derivatives trading platform Synthetix is the best performing DeFi product since April 2019.
  • Synthetix's native token SNX has appreciated more than 5000 percent over the last two years. 

The little-known crypto-asset Synthetix (SNX) is the best performing decentralized finance (DeFi) project of the past two years. 

According to a tweet published by popular crypto analyst Alex Saunders, SNX has been the best performing DeFi asset since April 2019. Saunders claims that Synthetix has appreciated 5000% over the past two years and was one of the top two ETH-based projects he has been following since Edcon Sydney 2019. 

SNX’s price took off in June, from $0.79 at the start of the month to its current trading price of $2.73, representing a 245% increase. 

Synthetix is a derivatives trading platform built on the ethereum blockchain that allows users to trade on stocks, crypto and other commodities. Users are required to exchange bitcoin or ethereum for SNX tokens in order to participate in trading. 

The exchange’s native token can be locked as collateral to produce “synths” such as a synthetic U.S. dollar (sUSD), which in turn can be used to place bets on rising and falling asset prices. 

Synthetix also operates a reward program, where users of the exchange can stake their SNX tokens as collateral in order to receive additional benefits.

Featured Image Credit: Photo via Pixabay.com