04.06.2024
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Coinsbuy v20 – Enhancing Functionality with TRX Staking and Broader Blockchain Support

At Coinsbuy, your loyalty is highly valued, and we are continually dedicated to optimising our services to promote their affordability and effectiveness. We are always exploring new ways to minimise your costs and maximise the value you receive.

It’s with great excitement that we announce the expansion of our supported blockchains to include Optimism, Arbitrum, and Base—each selected for their native support of stablecoins and their potential to offer you more cost-effective transaction processing options.

Optimism

  • Market Cap: $2.7B
  • 24-hour Trading Volume: $261.86M
  • USDT Supply: $803M
  • USDC Supply: $336.2M

Optimism, a Layer 2 scaling solution for Ethereum, significantly reduces transaction costs by batching operations. It aggregates transaction data from the Ethereum blockchain, processes it in groups, and submits it back to the mainnet for validation. This streamlined process slashes fees to a tenth of Ethereum’s usual rates. Launched in 2021, Optimism has already saved its users over $1 billion in gas fees, making it one of the most cost-effective blockchain options available.

Arbitrum

  • Market Cap: $3.3B
  • 24-hour Trading Volume: $377M
  • USDT Supply: $2.38B
  • USDC Supply: $1.18B

Arbitrum enhances Ethereum’s capacity for handling higher transaction volumes at lower costs. It utilises Ethereum’s existing tooling, which allows developers to deploy decentralised applications (DApps) quickly and securely. Its integration with stablecoins offers additional transactional flexibility for users.

Base

  • Base is the 7th largest blockchain by total value locked
  • 24-hour Trading Volume (Assets on BASE): $576.581.263

Developed by Coinbase, Base employs Optimism’s OP Stack to improve Ethereum Virtual Machine (EVM) compatibility. This open-source rollup not only supports stablecoins but also simplifies the deployment of code across Ethereum and its compatible blockchains, enhancing overall blockchain interoperability.

8 Blockchains Currently Supporting USDT & USDC Transactions

In our previous update, we expanded our offerings by including the Polygon and Avalanche blockchains. Now, with the addition of Optimism, Arbitrum, and Base, the list is bigger!

Currently, USDT is supported on 7 networks: Ethereum, Binance Smart Chain, Tron, Avalanche, Polygon, Optimism, Arbitrum.

USDC is supported on 8 networks: Ethereum, Binance Smart Chain, Tron, Avalanche, Polygon, Optimism, Arbitrum, Base.

Bridged USDC is used to transfer USDC across different blockchain networks via bridge protocols. These protocols lock USDC in a smart contract on the originating network and issue an equivalent amount on the destination network. You cannot directly bridge between Ethereum subnets, such as transferring from Arbitrum to Optimism. This transfer must be routed through the Ethereum blockchain. Therefore, to move USDC funds from Arbitrum to Optimism, the following path is used: First – transfer funds from Arbitrum to Ethereum blockchain, Second – transfer from Ethereum to Optimism blockchain. We support Bridged USDC on four networks: Avalanche, Polygon, Optimism, Arbitrum.

Click here if you want to check all the list of available cryptocurrencies.

Staking Support – Start Earning Passively

We are also excited to announce the introduction of staking capabilities in our latest software update. Staking is the process of locking your cryptocurrency assets for a period to support the operational efficiency of a blockchain network. In return, stakers earn additional cryptocurrency as a reward.

In version 20, we introduce TRX staking, leveraging the advanced Stake 2.0 mechanism from the TRON community.

TRX staking allows you to lock any amount of TRX and earn a passive annual yield of 3-5%, depending on network conditions. Additionally, staking TRX helps reduce transaction fees on the TRON network by converting the staked TRX into Bandwidth and Energy—vital resources for processing transactions.

For those of you with assets ready to be staked, this update allows you to actively stake them and earn rewards instead of holding them assets in your wallets. TRX is among the most popular assets for staking, with 28.12% of TRX currently staked.

If you don’t have TRX, no worries. Since our 19th release, Coinsbuy has supported a Swap feature that allows you to instantly exchange your coins for TRX, enabling you to participate in staking and start generating passive income immediately.

Staking Wallets

In wallets, you can view your Enterprise blockchain wallets denominated in TRX. The following information is provided about each wallet:

Wallets

The information about your TRX wallet: the wallet identifier, type (always E for Enterprise), label (if set), and total balance.

Accumulated reward

The reward from staking, which can be withdrawn.

Available / Total votes

The Available votes are votes that haven’t yet been distributed among SRs (Super Representatives). The Total votes is the sum of distributed and undistributed votes.

Actions

Withdraw reward — clicking this button opens the Withdraw reward popup where you can review withdrawal details such as a target wallet, withdrawal amount, transaction fee, and so on. Mind that reward claiming is available only once in 24 hours. The button is inactive if the Accumulated rewards is 0 (zero) or the reward was claimed less than 24 hours ago. Get votes — clicking this button leads you to the Resources tab of the Wallet details where you can stake TRX to get votes.

Get votes — clicking this button leads you to the Resources tab of the Wallet details where you can stake TRX to get votes.

https://coinsbuy.com/app/uploads/2024/06/stake-coinsbuy-2.gif

How TRX Staking Works at Coinsbuy

TRX staking is a process of freezing funds for a certain period to get resources and additional profit. When you stake TRX, you can “exchange” your funds for resources like bandwidth or energy, which allows you to save on blockchain fees.

  1. Log in to your Coinsbuy account.
  2. Review Staking Conditions – In the upper part of the page, review the TRX staking conditions, including the minimum staking period, the minimum amount of TRX required.
  3. Select Wallet – Go to the Wallets section and select your TRX wallet.
  4. Staking TRX – Click on the “Get votes” button. This will take you to the Resources tab of the Wallet details, where you can stake TRX.
  5. Assign Votes – For each TRX staked, you receive one vote. You can distribute these votes among producers in the TRON network also called super representatives (SRs).
  6. Claim Rewards – Once every 24 hours, you can claim the accumulated rewards.
  7. Unstaking TRX – To unstake your TRX, initiate an unstaking request. Remember, the unstaking process takes 14 days, during which your funds remain locked. You can cancel the unstaking request anytime during this period. When unstaking, all distributed votes are automatically canceled, and the resources are no longer available.
https://coinsbuy.com/app/uploads/2024/06/stake-coinsbuy-3.gif

Staking into Resources

Stake your TRX in exchange for resources:
bandwidth or energy. These resources allow you to save on the blockchain fees. The spent resources are replenished throughout the day.

Bandwidth is spent on TRX transfers and TRC-10 tokens, as well as partially on interacting with smart contracts. Having bandwidth enables you to conduct transactions on the TRON mainnet without incurring any gas fees.

Energy is spent on interacting with smart contracts and transferring TRC-20 tokens. This is a specialized resource for executing smart contracts on the TRON network. Smart contracts require Energy as well as Bandwidth, so ensure you have sufficient amounts of both when transferring your tokens!

Here are examples of 2 cases of how a Coinsbuy client can efficiently stake TRX covering the transaction fees:

Deposits Collection

Coinsbuy Enterprise client spends ~95500 Energy and 345 Bandwidth on the TRON blockchain to collect a deposit from the end user’s deposit address into his own wallet. Or for each transaction he irrevocably burns a commission of 41 TRX.

To purchase resources, you need to check the chart – where it is indicated that 1 Energy = ~0.081 TRX, and 1 Bandwidth = ~0.893 TRX. Here’s how client can avoid gas fees by staking funds to cover 1 collection transaction:

– Energy: 95500 Energy * 0.081 TRX = 7735.5 TRX
– Bandwidth: 345 Bandwidth * 0.893 TRX = 308.08 TRX
– Energy + Bandwidth = 7735.5 TRX + 308.08 TRX = 8043.58 TRX

So by staking 8043.58 TRX the client will avoid irrevocably spending 41 TRX for 1 deposit collecting to his wallet every day. Full payback of staking: 8043.58 TRX / 41 TRX = 196.18 days (6.53 months)

Withdrawal Fees Coverage

Coinsbuy Enterprise client spends ~65000 Energy and 345 Bandwidth on the TRON blockchain to process 1 withdrawal of TRX. Or for each withdrawal operation, he irrevocably burns a commission of 28 TRX.

To purchase resources, you need to check the chart – where it is indicated that 1 Energy = ~0.081 TRX, and 1 Bandwidth = ~0.893 TRX. Here’s how he can avoid the gas fee by staking funds to cover 1 withdrawal:

– Energy: 65000 Energy * 0.081 TRX = 5265 TRX
– Bandwidth: 345 Bandwidth * 0.893 TRX = 308.08 TRX
– Energy + Bandwidth = 7735.5 TRX + 308.08 TRX = 5573.08 TRX

So by staking 5573.08 TRX the client will avoid irrevocably spending 28 TRX for 1 withdrawal every day. Full payback of staking: 5573.08 TRX / 28 TRX = 199.03 days (6.63 months)

Optimised Fees

Important Note: The figures listed are the minimum commissions; there are no additional fees. If a transaction exceeds the specified minimum thresholds, the adjusted commission will apply.

For example, in case where the client is charged 0.25% for an incoming transaction in coins, the TRX Minimum fee equals 3$.

If 100,000 TRX is sent to the client, then the client will pay the amount of 250 TRX which approximately equals 27,98$. But if 1,000 TRX is sent to the client, then system we will apply the minimum fee of 3$, which is approximately 26,82 TRX.

Another example, where 1 ETH-ARB is sent to the client, then the client will pay the amoint of 0,0025 ETH-ARB which approximately equals $9,44.

However, if 0,001 ETH-ARB is sent to the client, then the client will not pay 0,0000025 ETH-ARB, as the system will apply the minimum fee of $0.01.

Please note that all changes come into force with the release on 10th June 2024. These updates are a part of our ongoing effort to offer superior and more convenient payment processing solutions. We are immensely thankful for your continued support and are excited to bring you more beneficial updates in the future.