Sun (New)

About Sun (New)

The SUN.io platform represents a pivotal advancement in the blockchain domain, serving as TRON’s inaugural comprehensive platform. It facilitates a myriad of functions including stablecoin exchange, token mining, and autonomous governance. Following a strategic redenomination, the revamped SUN token emerges as a versatile governance tool within the SUN ecosystem. This transformation aligns it with notable counterparts like Curve DAO’s CRV token and Ellipsis’s EPS token, endowing its holders with a spectrum of privileges. These encompass decision-making power within the community, value accrual, and the potential for staking rewards, among others.

SUN Goal

SUN’s primary objective is to bolster the TRON protocol, which is dedicated to cultivating a decentralized digital ecosystem. With a keen focus on Decentralized Finance (DeFi), SUN aims to enhance its integration and growth within the TRON blockchain network. Its role is reminiscent of native tokens on DeFi platforms, incentivizing users to stake various cryptocurrencies and engage in governance activities. The guiding document for SUN emphasizes the commitment to equitable token distribution, eschewing external financing and foregoing any allocation of SUN tokens to the development team or TRON’s personnel. This approach is notably distinct from TRON’s own fundraising strategy, which garnered over $70 million through an Initial Coin Offering (ICO) in 2017.

Interesting Facts about SUN

SUN is intimately linked with TRON, reflecting the surname of TRON’s founder, Justin Sun. A figure of considerable notoriety within the cryptocurrency realm, Justin Sun has drawn attention for his vigorous promotion of TRON and his high-profile engagement with Warren Buffett, to which he contributed $4.5 million for a dinner meeting. Justin Sun actively endorses SUN, and while the developer identities remain undisclosed, a committed community supervises its progression and expansion. Operations and upgrades are executed through smart contracts, adhering to community-led governance protocols. Described in the SUN white paper as a “social experiment,” the roadmap for SUN suggests its potential involvement in decentralized finance sectors like lending, insurance, and liquidity services, alongside stablecoins and other financial instruments.

SUN Mining

Upon its introduction, SUN distinguished itself by eschewing pre-mining, making mining the exclusive method to acquire it, primarily through staking TRX or other tokens adhering to TRON’s TRC-20 standard. The initial phase, termed Genesis Mining, unfolded over two weeks in September 2020, yielding 9.34% of SUN’s total supply, capped at 19,900,730 SUN. The quantity of SUN allocated to users is contingent on their staked amount and the staking duration. As per the white paper, users retain the flexibility to discontinue staking and retrieve their SUN at any juncture.

In terms of security, SUN aligns with the proof-of-stake (PoS) model utilized by several cryptocurrencies, leveraging community consensus and financial incentives to fortify the network. While bearing resemblance to Bitcoin in certain aspects, SUN diverges as it operates not on a proof-of-work (PoW) basis but through PoS, lacking the extensive and publicly scrutinized transaction verification history of the Bitcoin blockchain. Participants should remain cognizant of the inherent risks tied to engaging with smart contracts, even though SUN’s protocol has undergone independent verification.

SUN rapidly gained traction across various exchanges, featuring trading pairs with diverse cryptocurrencies and stablecoins. Prominent exchanges like Huobi, Binance, and OKEx have emerged as major sources of liquidity, with OKEx additionally providing derivatives in U.S. dollars.

How Many SUN Tokens Are There in Circulation?

SUN, a digital currency crafted on the TRC20 protocol within TRON’s blockchain, boasts a total circulation of 19,900,730 units. Its dissemination is inherently decentralized, anchored in smart contract-based mining, where staking TRX or TRC20 tokens, including those from liquidity providers, is essential for mining SUN.

In a strategic move to enhance the SUN project and its infrastructure, from May 26, 2021, SUN initiated a token redenomination and platform enhancement strategy. This process, while preserving its market valuation, involves the conversion of existing SUN tokens to new ones at a 1:1000 ratio. Post-redenomination, SUN.io is set to undergo a comprehensive enhancement, introducing a novel feature: decentralized stablecoin exchange. This will elevate SUN.io to become TRON’s premier integrated service platform, facilitating stablecoin exchanges, token mining, and autonomous governance. The revamped SUN token will serve as a versatile governance instrument within this ecosystem, akin to the CRV of Curve DAO and Ellipsis’s EPS, providing holders with assorted privileges like governance participation, economic benefits, and staking incentives.

The objective behind the SUN token redenomination is to make SUN ownership more accessible and to spur the ecosystem’s expansion. Consequently, the total number of SUN tokens will escalate from 19,900,730 to 19,900,730,000, adhering to a 1:1000 ratio, yet the overall market capitalization of SUN will remain constant.