TRON (TRX) Stake 2.0 Guide: CoolWallet Adds Hardware Wallet Support

Introduction

CoolWallet is pleased to inform you that our flagship Web3 hardware wallet CoolWallet Pro and App now fully support TRON Stake 2.0, the TRON (TRX) network’s updated DPoS (Delegated Proof of Stake) staking mechanism. This means our users who hold TRX can easily participate in the TRON network and earn Stake 2.0 rewards (unlike some of our competitors) without leaving the comfort and security of convenient cold storage that fits in your pocket and fits your lifestyle.

DPoS is a blockchain consensus method where users vote for a small number of delegates who validate transactions and create new blocks. In DPoS staking, you lock up your crypto to vote for a select group of validators who manage the blockchain, and you earn rewards in the form of additional cryptocurrency.

There are 2 ways to use Stake 2.0:

• 1) Freeze (freeze the fund to stake) or
• 2) Vote (select the validator).

CoolWallet users can select validators to stake TRX via our app.

So far in 2023 over $1.3 billion has been stolen in hacks and scams like phishing campaigns, so keep your TRX holdings safe till the next bull run with CoolWallet’s battle-tested cold storage.

This Tron Stake 2.0 guide will provide you with all the information you need to make the most of this new feature and earn some passive income with your TRX bags while you do your part to help secure its network.

What is TRON and Stake 2.0?

TRON is a decentralized layer-1 blockchain with smart contract functionality and a native cryptocurrency, Tronix (TRX) as well as a popular TRC20 token format for others to build with. It was established in 2017 by Justin Sun and aims to create a decentralized internet and digital entertainment ecosystem, allowing users to freely publish, store, and own data. 

TRON provides a decentralized virtual machine (TVM), which can execute a program using an international network of public nodes. The network has zero transaction fees and conducts approximately 2,000 transactions per second. TRON has over 1.4 million active users (5x that of Ethereum) more than 5.81 billion total transactions, and currently around $6.7 billion in total value locked (TVL), the most of any DeFi chain after Ethereum ($22b). It is quicker, cheaper, and more environmentally friendly than other blockchain platforms.

TRON Stake 1.0 was an innovative incentive program that had its merits but was not without its drawbacks, such as a rigid three-day unstaking policy and limited flexibility in resource management.

TRON Stake 2.0, first announced on 7 April 2023 as part of TRON Improvement Protocol (TIP) 467, addresses these limitations by offering greater flexibility, simplified operations, and seamless integration with the TRON Virtual Machine (TVM). TVM is the runtime environment for TRON smart contracts, and each node in the network maintains a TVM entity.

Key Improvements of TRON Stake 2.0

1) User-Centric Operations

Stake 2.0 separates the processes of staking and resource delegation, making it easier and more efficient for users.

2) Flexible Resource Management

Users can now specify the type and amount of resources to unstake, providing a level of customization that was previously lacking.

3) Improved Voting Mechanism

Partial unstaking no longer revokes all your votes, which allows for a more flexible approach to voting within the TRON ecosystem.

4) TVM Integration

The full integration with TVM opens up new avenues for smart contract applications, thereby enriching the TRON ecosystem.

5 Easy Steps To Earn Passive Income With CoolWallet and TRON Stake 2.0

If you’re looking to earn passive income through TRX staking, this step-by-step guide (which we also covered in a previous article) will walk you through the process using the CoolWallet App and CoolWallet Pro.

Step 1: Get the Latest CoolWallet App

Download the latest CoolWallet App from the App Store or Google Play Store and have your CoolWallet Pro ready.

Download on the App Store / Download on the Google Play Store

Step 2: Navigate to the Marketplace

Go to the “Marketplace” section at the bottom of the App and select “Staking.” Then choose “TRX.”

Step 3: Activate or Stake TRX

If TRX is not activated in your wallet, click “Activate TRX.” If it is, click “Stake” and enter the amount of TRX you wish to stake. Click “Continue” to proceed.

Step 4: Confirm with CoolWallet Pro

You’ll need your CoolWallet Pro to complete the first transaction confirmation process called “Freeze” to confirm the TRX amount you want to stake.

Step 5: Select a Validator

Complete the second transaction confirmation process known as “Vote” to select a validator.

Step 6: Complete the Staking Process

At this “Vote” stage, the displayed figure represents the total TRX staked, including previously staked amounts. Complete the transaction and confirm to stake your TRX successfully.

Note: If you add new TRX staking alongside existing staked TRX assets, all TRX staked assets from the same address will be staked through the latest validator, regardless of whether it’s the same as the previous staking.

Additional Information

• How are rewards calculated?: Rewards are distributed by Super Representatives based on their rules. Visit the StakingRewards.com TRX reward calculator for more details.
• How to claim rewards?: Go to the “Manage Stakes” page to claim your rewards every 24 hours.
• How to retrieve staked assets?: Click on “Request to Unstake” and wait for 14 days to retrieve your assets.
• What are penalties?: If a validator is penalized, your staked TRX may also be subject to a partial penalty. Learn more

Conclusion

TRON’s Stake 2.0 is a big leap forward for the layer-1 network’s entire ecosystem, and we’re very happy to be a part of it. With CoolWallet Pro and the CoolWallet App now supporting this innovative feature, there has never been a better time to put your TRX to good use with us and TRON!

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If you don’t have a CoolWallet Pro yet, here’s why you should get one now before the next bullrun kicks off:

• It has an industry-leading EAL6+ secure element chip to protect your private key even from yourself.
• Its open-source code is fully transparent, unlike some competitors.
• Security boasts biometric 2+1 verification (phone, human, wallet).
• its encrypted Bluetooth communication is military-grade (AES-256).
• It’s also waterproof and tamper-proof.
• It fits in your actual wallet discreetly, which means you can use it wherever you want like a normal bank card.
• Its feature-rich CoolWallet App enables you to trade, stake, and transfer your crypto assets anywhere and at any time in cold storage.
• CoolWallet App has a real-time SmartScan (see it in action below) to protect you against malicious or fake smart contracts and suspicious behavior when transacting.