SUN.io was founded to foster the growth of TRON’s DeFi ecosystem. Thanks to the
community and open-source smart contracts, SUN.io has established ties with other DeFi
projects on the TRON public chain through decentralized liquidity mining.
Up to now, SUN.io has gone through several iterations and acquired JustSwap.
The upgraded SUN.io platform integrates such functions as token swaps, liquidity mining,
stablecoin swaps and decentralized autonomous organisation (DAO) on the TRON public
chain, focusing on building TRON’s DeFi ecosystem with decentralized exchanges (DEX) at
its core. As the native token of SUN.io, SUN plays an important role in platform governance,
buying back and burning rewards, offering rewards to liquidity providers and other features,
and aligns with TRON’s aspiration to bring common benefits to all users.
SUN.io aims to build an integrated DEX ecosystem with a high level of functionality,
profitability and security by leveraging multiple transaction protocols. It provides various
incentives for participants, including rewards of transaction fees offered to liquidity market
makers, liquidity mining of LP Tokens and staking rewards of the SUN token. Meanwhile, the
burning mechanism of SUN and the voting rights of SUN holders together form a closed-loop
ecosystem.
SUN is a cryptocurrency designed to further develop decentralized finance (DeFi) on the TRON (TRX) blockchain network. Described as “the typical bitcoin equivalent on TRON,” SUN is a voluntary project running on the TRON TRC-20 token standard. A dedicated community manages operations using smart contracts. The SUN mining phase began in early September 2020 and lasted two weeks before the official launch. Participants can stake the TRX TRX token or other TRC-20 tokens to receive rewards and governance rights for SUN.
SUN is closely associated with TRON and shares the last name of TRON founder Justin Sun. Justin Sun is a well-known figure in the cryptocurrency community, infamous for his high-profile promotion of TRON and discussion of cryptocurrencies with Warren Buffett at a dinner for which Sun paid $4.5 million. Sun publicly promotes SUN, and although the identities of the developers themselves are not officially revealed, its activities and growth are overseen by a dedicated community. All actions and updates are performed on smart contracts in accordance with community governance procedures. The SUN white paper calls it a “social experiment” and future plans state that the token “can also participate in decentralized lending, insurance, liquidity, stablecoins, etc. etc."
The main goal of SUN is to support the TRON protocol, which aims to build a decentralized internet ecosystem. SUN is focusing on DeFi and facilitating its adoption and penetration on the TRON blockchain. In this way, its function mimics the function of native tokens of DeFi platforms and rewards users for staking other coins and participating in governance procedures. According to the white paper, the developers prioritize a “fair” distribution of tokens and do not accept any funding nor reserve any SUNs for them or members of the TRON team. This contrasts with TRON itself, which raised over $70 million in an Initial Coin Offering (ICO) in 2017.
At launch, SUN did not have pre-mining, and the only way to earn it is by mining. This is done by staking TRX or other tokens issued under TRON's own TRC-20 standard. There were two phases of mining: the Genesis mining, which lasted two weeks in September 2020, and the regular mining after that. The Genesis Mining stage produced 9.34% of SUN's total supply. The total offer is 19 900 730 SUN. The distribution of SUN users depends on the amount of the bet they made and the duration of its use. According to the white paper, users can stop betting and claim SUN at any time.
SUN's security setup is similar to many other proof-of-stake (PoS) cryptocurrencies, relying on community consensus and a financial incentive to secure the network. Although the token shows similarities to Bitcoin, it is not PoW based and does not offer the same benefits as the Bitcoin blockchain's multi-year, openly verified transaction verification. Potential participants should be aware of the risks associated with linking funds to smart contracts, despite the fact that the SUN protocol has already been independently verified.
SUN has spread to a large number of exchanges in a short time, with pairs available for cryptocurrencies and stablecoins. Huobi, Binance and OKEx are some of the main liquidity providers. OkEx also offers US dollar derivatives.
SUN is a digital asset based on TRC20, the technical standard used for tokens in smart contracts on the TRON blockchain. The total supply of the token is 19,900,730 pcs. The distribution of SUN is completely decentralized through mining based on smart contracts. The only way to mine SUN is to stake TRX or TRC20 tokens (including liquidity provider LP tokens).
What Is SUN token (SUN)?
The SUN.io platform is TRON's first one-stop platform that supports stablecoin swap, token mining and self-governance. After the redenomination, the new SUN token, as a multifunctional governance token on the SUN platform (similar to the CRV token of Curve DAO and the EPS token of Ellipsis), will grant token holders various rights and benefits such as the voting and governance right in the community, value capture, staking rewards, etc..
How Many SUN Coins Are There in Circulation?
To accommodate the requirements of the SUN project and infrastructure upgrade, starting from May 26, 2021 (SGT), SUN will implement a token redenomination and platform upgrade plan. While maintaining its current market cap, the old SUN tokens will be redenominated and swapped with the new SUN tokens at a ratio of 1:1000. After the redenomination, SUN.io will undergo a significant upgrade and introduce a new service - decentralized stablecoin swap. The SUN platform will be upgraded into TRON's first one-stop platform that supports stablecoin swap, token mining and self-governance. After the redenomination, the new SUN token, as a multifunctional governance token on the SUN platform (similar to the CRV token of Curve DAO and the EPS token of Ellipsis), will grant token holders various rights and benefits such as the voting and governance right in the community, value capture, staking rewards, etc..
The SUN redenomination plan aims to lower the entry barrier of holding SUN tokens and facilitate the growth of the SUN ecosystem. The total supply of SUN tokens will be increased from 19,900,730 to 19,900,730,000 at a ratio of 1:1000, while the market cap of SUN remains unchanged.
Where Can I Buy SUN (SUN)?
Good Bad
SUN is available for trading on a growing number of exchanges, with cryptocurrency and stablecoin pairs currently available.
Binance offers the largest number of pairs as of June 2021, while Huobi Global also offers Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) options.
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