Binance Becomes Tron's Top 'Super Representative', Adds TRX Staking Support

Major cryptocurrency exchange Binance has become the highest-ranked "Super Representative" in the Tron ecosystem.

According to Tronscan's data on Sept. 30, Binance acquired over 12 billion votes for the top-spot ranking.

On Sept. 30, Binance revealed that it would add support for TRX staking starting Oct. 1, with initial estimation of rewards to be calculated through Nov. 1 and subsequently distributed before Nov. 5.

The system will then continue on the same basis monthly, per Binance's website.

The development follows the exchange's recent launch of dedicated staking services last week, which enable Binance 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.

Binance freezes 12B TRX, taking supply out of circulation.

BeatzCoin COO Misha Lederman noted in a tweet on Sept. 29 that Binance has essentially frozen 12 billion TRX, taking 1/6 of the coin's supply out of circulation.

While Lederman appears to view Binance's prominent 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.

At press time, TRX is 14th largest cryptocurrency by market capitalization, seeing a price hike of almost 6.5% on the day, according to Coin360 data.

Earlier this month, Tron founder and CEO Justin Sun announced a new plan for TRON's proof-of-stake mechanism focused on the promotion of "a fair, decentralized distribution of staking revenues" to bolster user participation and engagement from industry players such as exchanges, wallets and partners.