Staking is becoming a hot topic in 2020, and today we will show you how to stake Tron using TronWallet Play on the desktop or smartphone.
The latest version of Ledger Live allows the staking of Tron and withdrawal of staking rewards without using a third-party Tron wallet such as TronWallet Play discussed in this article. To learn how to use Ledger Live to stake Tron, go to Staking Tron with Ledger Live at the bottom of this page.
If you are using the TronWallet Play on the desktop or smartphone, read on.
For this article, we will be staking Tron (TRX) using the TronWallet Play for Mac OS X (which you can run on an iMac or MacBook) connected to a Ledger Nano S.
The following assumptions are made:
- you already know what Tron is, as we will not be discussing about this cryptocurrency in this article.
- you already own Tron, or know how to buy it from an exchange like Binance.
- you know how to withdraw or transfer cryptocurrencies from one address to another.
- you know the basic operations of your hardware wallet.
You will also need to ensure that your Ledger hardware wallet is updated to the latest firmware. This is done via Ledger Live desktop app.
Installing and Setting Up TronWallet Play
- Download and install the latest version of TronWallet Play from github.com. The version used in this article is v.1.1.18.
- Follow the instructions to set up as a new wallet, OR set it up with your hardware wallet. In this article, we are using the TronWallet connected to a Ledger Nano S as an example.
- Once you have fully set up your TronWallet, send some Tron (TRX) into this wallet. You can purchase Tron from exchanges such as Binance and Bittrex.
If you wish to use the TronWallet for iOS and Android, you may download the wallet directly by clicking one of the two buttons below on your smartphone, or do a search for TronWallet on the App Store or Google Play on your smartphone.
The download page on the App Store appears as follows. Observe for the correct app icon on your iPhone as shown below. Check for the same details on Google Play if you are using an Android device.
For brevity, the staking process on the smartphone will not be shown below. You may use the cues and steps for the desktop version below and apply on the smartphone.
A. Begin Staking Tron on TronWallet Play
B. Withdrawing Staking Rewards
Note that you can only withdraw rewards once every 24 hours.
Staking Rewards = Passive Income
The above procedure shows how earning recurring rewards can be easily achieved with Tron (TRX) using the TronWallet Play and a Ledger hardware wallet.
Just to verify that expectations and calculations are correct, the reward of 4.18 TRX equates to (4.18 x 365)/20,500 x 100% = 7.4% per annum. This tallies with the estimated 7 – 9% APR returns for Tron staking. Note that the daily reward varies by the day and is not a fixed figure.
Reminder: Note that the above doesn’t require a hardware wallet, and can be done by keying in your TronWallet password in lieu of the hardware wallet button presses.
You can also do the same with the TronWallet on your iOS and Android devices.
Now, you may be thinking that since it is also possible to stake your Tron on an exchange like Binance, why stake on your own then? Well, when you stake using your own wallet, your TRX resides with your private keys, and this becomes even more secure when a hardware wallet is used. You remove the risks associated with leaving large quantities of crypto assets at the exchange.
Staking Tron with Ledger Live
UPDATE: If you are using the Ledger Nano S to store your Tron, you can use Ledger’s desktop app (Ledger Live) to do your staking and withdraw your staking rewards (without using a third-party wallet like TronWallet Play. See Earn Tron Staking Rewards with Ledger, or watch the video below: