Binance freezes 12 billion TRX

Binance freezes 12 billion TRX

Recently, Binance has become the highest-ranked Super Representative in the TRX ecosystem. As you may know, Binance is a worldwide cryptocurrency exchange, which provides traders with a platform for more than 100 types of cryptos. In addition, Binance acquired over 12 billion votes for the top-spot ranking. The second-largest SR is Sesameseed.org. It is a blockchain community and delegated governance representative. The third placeholder for the Tron Foundation Super representative turned out to be Tron-based BeatzCoin.

Binance announces TRX support

On September 30, Binance issued its support for TRX staking starting October 1. However, as Binance stated on its website, afterward the system will then continue on the same basis each month.

The development follows the company’s recent startup of dedicated staking services last week. In addition, it enabled Binance users to deposit their earn staking rewards and token holdings. This will give them an opportunity to set up personal nodes to fulfill minimum staking amounts and/or time lengths.

12 billion for TRX

Recently Binance has frozen 12 billion TRX.  Thus, it took a sixth of the coin’s supply out of circulation. In addition, TRX is the 14th-largest cryptocurrency by market capitalization. However, this action sparked debates amid experts and traders. Also, some people think that this development is beneficial for TRX’s price. Others were concerned about new Super Representative’s tactics, blaming leading industry players in “buying-out” the top spot.

Also, earlier this month, Tron founder and CEO Justin Sun announced a new plan for TRON’s, decentralized distribution of staking revenues.

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