Staking TRON (TRX) with Gem Wallet
Staking TRON (TRX) is a process that allows you to earn TRX by participating in the network's consensus mechanism. This guide will take you through the steps needed to stake your TRX using Gem Wallet, ensuring you can maximize your returns securely and efficiently.
- Your TRON (TRX) will be locked when you stake them.
- It will take 14 days to completely unstake.
- The minimum staking amount is 1 TRX.
- Always have some extra amount of TRX that will be needed for transaction fees.
- Staking TRX has two parts; freezing your tokens and then staking them to a validator.
How to Stake TRON on Gem Wallet
Always check that you are using the latest version of the app for optimal performance and security.
Fund Your TRON Wallet
Before you can start staking, you need to ensure that your TRON wallet is funded with TRX tokens. The easiest way to get TRX is to buy it directly with Gem Wallet. Tap on Buy and then select the amount of TRX that you want to purchase.
Alternatively, you can buy TRX tokens from various cryptocurrency exchanges such as Binance, Coinbase, or Kraken. Make sure you have a verified account on one of these platforms to purchase the tokens. Once you have purchased TRX, transfer the tokens to your Gem Wallet.
Make sure that you copy the TRON wallet address correctly when sending TRX from another wallet to avoid any loss of funds.
Freeze your TRX Tokens
This is the first part of Staking TRX tokens. You can freeze your tokens for Bandwidth or Energy.
Open your TRON Wallet and navigate to the Stake screen by tapping on Stake. On the Stake screen, you will see some details about the APR and the Lock Time when you stake your TRON tokens. Tap on Freeze to proceed.
Choose Bandwidth or Energy
It is highly recommended to freeze your TRX for Energy as this can greatly reduce the amount of TRX spent for Network fees.
For this guide, we will freeze the TRX tokens and select Energy. Next, input the amount of TRX that you want to freeze. Always keep in mind to have some spare TRX in order to submit your transaction. Tap on Continue.
Confirm Freeze Transaction
On the confirmation screen, make sure you have properly chosen the correct Resource and Amount of TRX. Tap on Confirm to freeze your TRX tokens.
The tokens will be Frozen and you cannot transfer them once the freeze transaction has been confirmed. You would have to Unfreeze your tokens and wait for 14 days before the tokens will be Available.
Stake your TRX Tokens
This is the second part of Staking TRX tokens. Select a Validator to delegate your TRX tokens.
Staking involves delegating your tokens to a validator who participates in the network’s consensus. Gem Wallet provides a list of validators you can delegate your TRX to. Review the list carefully.
Choose a TRON Validator
Tap on "Start Staking Tron" or on the "Stake" under Balances. Tap on the Validators box to see the entire list of available validators. Select one from the list.
Look for validators with high uptime, low commission rates, and a good reputation in the community. You can find more detailed information about TRON validators here.
Input Stake Amount
After selecting a validator, you need to decide how much TRX you want to stake. Make sure to leave a small amount of TRX in your wallet to cover transaction fees. Tap on Continue.
Confrim Stake Transaction
Double-check all details of your staking transaction, including the validator and the amount of TRX you are staking. Once you are satisfied with the details, Confirm the transaction. The transaction will now be submitted to the TRON Network.
The transaction will just take a few seconds to be confirmed on the TRON Network. Congratulations, you have successfully staked TRON with Gem Wallet.
TRON Staking Rewards
By staking TRON (TRX) you can earn at least 3.4% in TRON rewards (as of writing), and can be manually claimed. This is not a fixed rate since the rewards can be affected by the validator you have chosen. Tap on the Validator name at the bottom of the Stake screen to see more details about your Stake.
Staking TRON (TRX) in Gem Wallet earns you TRX token rewards. Simply tap "Claim Rewards" to manually collect your TRX staking rewards.
Reduce Network Fees with TRX Staking
Another benefit of staking TRX is that it helps lower network fees on the TRON blockchain by increasing the network's resource pool. Staked tokens provide bandwidth and energy, reducing the need for users to burn TRX for transaction costs.
As an example, notice how much TRX is required to send USDT-TRC20 for Network fees. This transaction will require almost 17 TRX which is about $5.61 (as of writing).
Now, compare it to the spent TRX when you have some TRX staked. Bandwidth and Energy are spent before your TRX balance is used, making the fees lower. The more TRX you stake, the more resources available for your to spend.
Redelegating or Unstaking Your Tokens
Staking TRX tokens to a validator on the TRON network allows you to earn passive rewards by supporting network security and operations. By delegating your tokens, you contribute to the blockchain’s consensus mechanism while receiving a share of the staking rewards. It’s a way to grow your holdings without active trading, though validator reliability and fees should be considered.
Redelegating TRX tokens allows you to switch your staked tokens to a different validator without unstaking, maintaining your rewards while supporting a more reliable or efficient validator.
If you have Unstaked your TRX tokens, you will not get any rewards. You will still earn Bandwidth or Energy resources.
Unfreezing your TRX Tokens
Your TRON (TRX) are locked until you Unfreeze them. Unfreezing will take 14 days before you can get your TRON (TRX) back. To unfreeze your TRX, simply tap on the Stake details. Then under Manage, tap on "Unfreeze". Make sure to leave a small amount of TRX in your wallet to cover transaction fees. Indicate the amount you want to Unfreeze and confirm it.
Is Staking TRON on Gem Wallet Secure?
Yes, Gem Wallet is a secure and open-source wallet for staking TRON. Here are some reasons why you need to stake your TRX with Gem Wallet:
- Transparency: Open-source wallets have publicly available code that can be reviewed and audited by anyone.
- Community Trust and Collaboration: Being open-source fosters a collaborative environment where developers and security experts continuously improve the wallet.
- No Hidden Backdoors: Open-source wallets are less likely to have hidden backdoors or malicious code, as the open nature of the code allows for thorough scrutiny by the community, minimizing the risk of unauthorized access.
Staking TRON (TRX) using Gem Wallet is a great way to earn passive income while supporting the network. By following these steps and tips, you can ensure a smooth and secure staking experience.