Victor Ugochukwu · Dec 14, 2020 . 5min read
Over 7 billion TRX staked on SUN, Tron’s new DeFi project
The collateralized amount by liquidity providers for Tron's new SUN token exceeds $249 million in value leading to boom in the DeFi space.
By Victor Ugochukwu · Sep 10, 2020 . 5min read
Justin Sun, founder of the Tron blockchain network aptly known for his relentless marketing gimmicks brandishes image showing 7.1 billion TRX staked on the SUN DeFi project.
In a recent tweet, Justin posted that collateralized amount by liquidity providers for the new SUN token exceeds $249 million.
Collateralized amount in @SunMarket_DeFi has exceeded 7.1 billion $TRX ($249 million USD)
$SUNFeatures zero VC investments, zero PE investments, no pre-mining or reserves for the team, and is wholly operated by the community through its open-source smart contracts. #TRON#TRX
Apparently, Justin Sun had announced the launch of the SUN Genesis Mining project through an open letter. As expected, the project launched under the popular “fair launch” talking point. Hence SUN features zero venture capital (VC) investments and zero private equity investments. This is clearly unlike some of the other popular DeFi protocols that raised investments through VCs. Equally, the project also has no pre-mining or reserves for the team. Consequently, it is wholly operated by the community through its open-source smart contracts.
According to the SUN Genesis Mining project open letter, it hopes to push for development and possibilities of TRON’s DeFi self-governance community.
SUN has a maximum supply of 19,900,730 and launches fully on the 16th of September which Justin christens SUN Day. Also, SUN acts as collateral for the USDJ stablecoin. It will be distributed as a reward to liquidity miners for the mining Just Swap pools. Hence, there is now yield farming on TRON.
The launch of the SUN DeFi project helped TRX price.
This initiative has helped TRX pricing. The cryptocurrency has stabilized around $0.35 even while several alts and Bitcoin took a beating in crypto market dump recently.
Some other DeFi projects currently launched on Tron includes Pearl Finance and SalmonSwap. Tron is making moves to entrench itself as an alternative DeFi blockchain for those interested in building on it.
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