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Staking TRON on Poloniex for Christmas
Staking TRON on Poloniex for Christmas
Blockchain

Staking TRON on Poloniex for Christmas

By Alfredo de Candia - 18 Dec 2019

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A few hours ago, Poloniex announced that from December 25th exchange users will be able to do staking with their TRON (TRX), earning up to 50% per year.

 As can be read, there will be 3 different snapshots of the TRON (TRX) balances deposited on Poloniex:

  • 50% per year on the TRX balance from midnight on December 25th to 23:59 the same day (calculated using UTC time);
  • 30% per annum on the TRX balance from midnight on December 26th to 23:59 on December 27th;
  • 12% per annum on the TRX balance from midnight on December 28th to 23:59 on January 6th.

So technically, it is not really staking because the cryptocurrencies are not locked, it is perhaps better to call it an airdrop of TRX based on the amount of cryptocurrencies that are on the exchange. Yet, it is the official Twitter post published by Poloniex that defines it as staking, perhaps appealing to the popularity of this system.

To receive the bonus in tokens, it is important to have at least a balance of 100 TRX on Poloniex.

After January 6th, this incentive system will continue but the rewards that will be distributed will be proportional to the number of votes that Poloniex will have as SR (Super Representative). Currently, the exchange occupies the position 88th as SR and has over 60 thousand votes, with a total percentage of votes of 0.000276%, which is extremely low. The aim is probably to encourage users to vote more.

This is certainly an aggressive marketing move for TRON and Poloniex, however, Justin Sun is no stranger to these initiatives.

Usually, the other exchanges that give the possibility of staking TRON, give users percentages between 1 and 3%, as in the case of Binance.

Only a few weeks ago, Poloniex had been the subject discussion about a deleted tweet and the announcement of the delisting of DigiByte, which is why it had also been accused of scam.

Finally, just a few hours ago, Justin Sun announced on Twitter that he will give $1 million to Greta Thunberg, environmental activist, for her initiative to reduce pollution. His marketing strategy once again involves investing in key people, similar to what he did with the lunch with Warren Buffett.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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