I Changed My Tron (TRX) APR From 3,43% To 6.63%, Here Is How!

I Changed My Tron (TRX) APR From 3,43% To 6.63%, Here Is How!

By ben06x | ben06x | 19 Jun 2021


Tron Protocol relies on a refined of Proof of Stake (PoS) consensus mechanism, which enables not to rely on specific hardware mining to mint block inside the blockchain network as Proof of Work (PoW) consensus mechanism does, but requires users to stake a certain amount of its native token, Tron (TRX), to be able to forge blocks onto the blockchain. These forgers, called Super Representatives, generate blocks and package transactions onto the blockchain so that they act in the development of the network, making it able to reach up to 2,000 transactions per second.

27 Super Representatives are elected on the TRON network each 6 hours cycle. Here are the ones at the moment. To elect them, users of the network have to vote for them, according to the power they have. Power is based on a 1:1 ratio on the number of TRX frozen (staked). For instance, by freezing 81.095 TRX, I gave 81 power points, equal to votes, to the Super Representative I chose.

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So, freezing (staking) the asset on (a) particular Super Representative(s) will give him (them) power, and with enough power, he (they) will be part of the ones elected as Super Representatives for a 6 hours cycle, among the all participants.

 

In addition to making you contribute to the Tron ecosystem, voting for a Super Representative will make you earn reward, depending on the one you choose. Each Super Representative has his own project and motivation for being a member of this Delegated Proof of Interest (DPoS) consensus mechanism.

Therefore, in return of freezing TRX for giving him power to be elected as a Super Representative, rewards are given back in the form of Annual Percentage Rate (APR) of what you froze.

 

What I did not know is that some Super Representatives are willing to give more than 6% APR back to their supporters. I have been freezing TRX on Trust Wallet for a long time for a 0.74% APR return mentioned, but I found out that each day my TRX rewards were worth around 3.43% APR, which is not very huge. Moreover on Trust Wallet not all Super Representatives were displayed, but only 4 of them, which was not giving a lot of choice in the voting process...

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Then, I discovered that the same can be done on Tronscan by connecting your wallet with the TronLink extension, but there you can see the all participants, so vote for anyone you want and also earn above 6% APR on some of them.

You can see all the APR rewards here and some here for the SR sending rewards directly into your wallet.

 

So, after seeing a few Super Representatives descriptions, I decided to go for only one of them, CryptoGuyInZA!

This 34 years old man resides in South Africa and is a cryptocurrency enthusiast. He works as IT consultant for almost 13 years at the moment and likes to take part in the decentralized Tron network as an independent ambassador in Africa. He has been in the Super Representative voting process for more than 2 years.

 

Useful links:

 

Step By Step Voting Process

Before going any further, I made a post about Power, Bandwidth and Energy inside the Tron network. If you want to know more about these parameters go read it!

 

To start the voting process, go here and connect your wallet with the TronLink extension:

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Then click on "Voting":

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If your Power is equal to 0, you will have to freeze TRX to earn Power and Bandwidth. Click on "Obtain":

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Choose if you want Bandwidth or Energy, I recommend you Bandwidth. Then freeze your TRX for at least 72 hours.

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You are now able to see your frozen TRX, bringing you a ratio of 1:1 of voting Power. For me:

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Now you are able to vote, go back to the Super Representative voting page, and see that your total Power has changed:

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Vote for the one(s) you want:

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You can now see the votes you gave:

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Each day, CryptoGuyInZA will send you your 6.63 % APR rewards, at the moment, directly to your personal wallet, no need to claim the TRX:

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If you have joined CryptoGuyInZA, you can find all your statistics here.

Of course you can do whatever you want and vote for any Super Representative you believe in or whom give the best APR in return.

 

 

The parole is yours

So, did you already know that you can stake TRX for that much APR? By the way, who are you voting for and why? Feel free to share your thoughts and any other feedbacks in the commentary section!

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ben06x
ben06x

French student interested in all cryptocurrencies.

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