So What's the Ongoing Story With Tron (TRX) Rewards on Steemit?
Taking a small departure from my usual blogging content today to ponder the ongoing "mystery" of TRON (TRX) tokens as part of the rewards system, here on Steemit.
I'll start by saying that I may have missed some kind of official announcement... I looked, but couldn't find anything. In any case, if I did miss something then I'm sorry for the redundancy!
Missing Rewards...?
So, because I'm a bit of a "numbers nerd," I keep track of all sorts of things... and one of those includes recording my daily claimed TRX rewards, compared to the actual TRX tokens added to my TRON wallet.
Now, I know there's a lag time and all that good stuff... but it has now been since May 25th (21 days, today being June 15th) since TRX rewards were actually credited.
And, as I write these words, I'm owed a backlog of about 91+ TRX tokens.
Sure, this is no huge sum of money... and the missing TRX doesn't mean I'm suddenly going to go hungry! That's not the point!
Good Business Practice: It Either "Is," or it "Isn't!"
The point here is that according to the underlying code that drives the Steem blockchain, we either GET or we DON'T GET TRX rewards. There's no "you might get some when we feel like it."
It's pretty sketchy to give people the illusion that they are earning something — every time we claim our rewards — and then failing to actually pay it!
And if, in fact, there are no more TRX rewards... then announce it, and get rid of that piece of code!
Idle Speculation...
I suppose we can all try to "guess what's happening" till we're blue in the face...
My educated guess is that when Justin more or less divested himself of Steemit, the TRON rewards agreement also ended.
However, the powers-that-be at Steemit (or the witnesses?) were fearful that many people would leave if the rewards went away, so they decided to keep paying — likely by converting Steem/SBD reserves to TRX — on a periodic basis.
Lately, that's probably turned a bit "upside down," considering that a year ago TRX was $0.059 vs. Steem at $0.20 and SBD $3.00, while TRX today being $0.072 vs Steem at $0.152 and SBD at $1.85.
How about you? What do YOU think is going on with TRX rewards? Do you think it is over? Have you seen/heard any sort of announcement? If there's an official word from someone in the know like @steemitblog or @steemcurator01 or maybe one of the top witnesses like @steemchiller, @justyy or even our own @xpilar, I'd love to hear! Do leave a comment if you feel so inclined — share your experiences — be part of the conversation!
(All text and images by the author, unless otherwise credited. This is ORIGINAL CONTENT, created expressly for this platform — Not posted elsewhere!)
Created at 2023.06.15 15:33 PST
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The payout depends on the availability of the corresponding assets.
If the foundation does not provide TRX, none can be paid out. As far as I have been able to get an overview, the payout of TRX rewards is also not defined in the blockchain code.
According to previous statements, there is a special bot for this. I don't know whether it is started manually or automatically when the assets are available.
But since there have often been delays in the recent past, I also wonder whether the TRX Rewards are still wanted by the TRON Foundation. Certainly not without reason the rate was reduced a few months ago...
Thanks for your answer @moecki, I now understand better that this is a reward system that runs separately, even though we seem to "claim" our rewards in the same way as we claim Steem/Steem Power. If the TRON Foundation is less involved in Steem/Steemit than it used to be, I can well understand that there may be reluctance to pay out.
I guess we will just have to wait and see what happens!
The last post from steemitblog announces a further reduction. The positive side of this message could be that the payout is coming soon...
It just looks that way.
The claim operation on the blockchain acts as a signal to the bot to also pay out TRX. The amount of SP claimed is also used to calculate the amount of TRX.
Thanks for the further explanation!
I was happy to see that there was actually a mention in @steemitblog's post.
I just think it is an important part of building a thriving community that there is clear and open communication between the users and those who are keeping the community running... otherwise there is the danger that people will lose confidence and leave.
Greetings my friend @denmarkguy
This situation has arisen before, normally the team in charge of delivering these rewards has managed to deliver the totality of the TRX pending to be paid, so, I think it is not necessary to worry, although it is not superfluous to ask what was the reason for the delay.
Hello @adeljose, I appreciate your response! It is just a little confusing that what I believed to be an automated system seems to be so irregular... which is what makes me wonder whether these TRX rewards are paid out by people rather than by a piece of blockchain code.
I think there is a part of what is going on with TRX rewards here, maybe it is a system adjustment that is causing the delay.
The TRX rewards were originally introduced to encourage Steemians to get to know the TRON network.
As that goal has now largely been achieved there will soon be another reduction in the TRX rewards.
From July 1st, the TRX rewards will be given in the ratio of 1 : 0.25 - that is 0.25 TRX will be given for every 1 Steem Power.
As before you will still be able to double your TRX rewards by setting your posts to 100% Power Up.
https://steemit.com/community/@steemitblog/steemit-update-june-16th-2023-community-curators-for-july-applications-open
I am hopeful that the backlog will be caught up... and I understand their reasoning for cutting back on the rewards ratio.
I really don't have a problem with that, as long as it is clearly and openly spelled out in a place and manner the whole community can both see and understand.
Thanks again, for the explanation!
Hi @denmarkguy
Delays of TRX happen, but they have always paid off after a while
But I didn't realize that steemit will now put trx reward down again by 50%
But it is good that they announce it in the steemit blog so that all users are informed
Hei @xpilar!
In general, I don't have any problem with the rewards as long as it is clearly communicated what people can expect! I read the new post from @steemitblog* and I can understand the TRON Foundation's reasoning for cutting the rewards.
I just hope Steemitblog makes a full separate post explaining clearly to everyone what is happening with TRX rewards, and what people can expect, e.g. "accumulated rewards will be distributed every two weeks" or something.
People need to keep confidence in Steemit... the problem back in 2017-18 was always that we never knew what was happening. And many people left because of that, long before the chain split.
Again, thanks for the reply!
I still hope that we will receive the full amount, albeit with a delay.
I definitely do, as well. However, I am also preparing for the possibility that TRX rewards may be over.
My TRX asset is less then the TRX debt you have, -- less then $5, so personally I am not up for any investigations. But I like how you put it: "till we're blue in the face..." - nice!!
Not really a big deal for me, as well.
But there are people on Steemit who might make 25 TRX in rewards on one post per day, and that soon become a good bit of money!
It's just nice to know what is going on!
Thank you, friend!
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Better late than never.