The Sun (New) token lights up the TRON ecosystem with its versatile utility and community-driven governance model. As the native token of SUN.io, TRON's pioneering one-stop platform, it supports stablecoin swaps, token mining, and self-governance. Post-redenomination, SUN tokens provide holders with voting rights, staking rewards, and a stake in the platform's future. With an aim to lower the entry barrier and grow the ecosystem, SUN is poised to be a cornerstone in the decentralized finance (DeFi) space. Dive in to discover how this token is reshaping the crypto landscape on TRON.
What Is SUN Token (SUN)?
The SUN.io platform is TRON's first comprehensive platform that supports stablecoin swaps, token mining, and self-governance. The new SUN token, following its redenomination, serves as a multifunctional governance token on the SUN platform. Similar to the CRV token of Curve DAO and the EPS token of Ellipsis, the new SUN token grants holders various rights and benefits, including voting and governance rights within the community, value capture, staking rewards, and more.
How Many SUN Coins Are There in Circulation?
To meet the requirements of the SUN project and infrastructure upgrade, starting from May 26, 2021 (SGT), SUN implemented a token redenomination and platform upgrade plan. While maintaining its current market cap, the old SUN tokens were redenominated and swapped with the new SUN tokens at a ratio of 1:1000. Following the redenomination, SUN.io underwent a significant upgrade and introduced a new service: decentralized stablecoin swap. The SUN platform has since evolved into TRON's first one-stop platform supporting stablecoin swaps, token mining, and self-governance.
The redenomination plan aimed to lower the entry barrier for holding SUN tokens and facilitate the growth of the SUN ecosystem. The total supply of SUN tokens increased from 19,900,730 to 19,900,730,000 at a ratio of 1:1000, while the market cap of SUN remained unchanged.
Where Can I Buy SUN (SUN)?
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.
New to cryptocurrency? Read CoinMarketCap’s easy guide to buying Bitcoin or any other token.
Tokenomics and Distribution Model
The tokenomics and distribution model of the Sun (New) crypto token are designed to ensure fairness and sustainability. The SUN token operates on the TRON public chain and is primarily used for stablecoin swaps and decentralized autonomous organization (DAO) functions. The distribution of SUN tokens has gone through two phases:
- Distribution of SUN tokens (V1):
- Genesis Mining: 9.3%
- Official Mining: 15.6%
- JustLend Mining: 1.2%
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Century Mining: 2.4%
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Distribution of SUN tokens (V2):
- Genesis Mining: 4.2%
- Governance Mining: 19.1%
- veCRV Airdrop: 1.0%
In total, 47.2% of the SUN tokens remain undistributed, which will be allocated as the ecosystem grows and the number of use cases for the SUN token increases.
Additionally, the SUN platform supports the buyback and burning of a certain amount of rewards from transaction fees on decentralized exchanges (DEX). This mechanism helps maintain the value and sustainability of the SUN token.
Purpose and Utility of the SUN Token
The Sun (New) crypto token, also known as SUN, serves as a utility token for SUN.io, providing a low-fee, low-slippage stablecoin swap and opportunities for token mining. Its purpose is to facilitate the wider adoption of DeFi and make the project more community-driven, expanding its functionality as a governance token.
Governance Rights
SUN token holders have the right to vote and participate in the community's decision-making process, similar to the CRV token of Curve DAO and the EPS token of Ellipsis.
Value Capture
The token allows users to capture value within the SUN platform, which is a one-stop platform that supports stablecoin swaps, token mining, and self-governance.
Staking Rewards
Users can stake their SUN tokens to earn staking rewards, further incentivizing participation in the platform.
Utility Token
SUN is a utility token that enables holders to access specific functionality within the TRON blockchain network, such as off-chain file storage. This is similar to Filecoin's FIL token, which allows holders to use the Filecoin decentralized storage platform for storing files.
Integrated DEX Ecosystem
SUN plays an important role in building TRON’s DeFi ecosystem with decentralized exchanges (DEX) at its core. The upgraded SUN.io platform integrates functions such as token swaps, liquidity mining, stablecoin swaps, and decentralized autonomous organization (DAO) on the TRON public chain.
Burning Mechanism and Voting Rights
The burning mechanism of SUN and the voting rights of SUN holders together form a closed-loop ecosystem, further enhancing the token's utility and value within the ecosystem.
Unique Features and Benefits
SUN tokens have unique features and benefits that set them apart from other tokens. The SunSwap DEX is a significant feature, offering stablecoin-focused trading and liquidity pools for SUN coins. The governance mechanism, where users can stake SUN to receive veSUN tokens and participate in decision-making, is another unique aspect. The weighting system for liquidity pools based on transaction fees also adds a unique touch to SUN tokens.
Team Behind the SUN Token
The team behind the Sun (New) crypto token is closely related to the TRON network, which was founded by Justin Sun. Justin Sun is a well-known figure in the blockchain industry. He is the founder of TRON, a blockchain-based decentralized platform that aims to build a free, global digital content entertainment system with distributed storage technology and allows easy and cost-effective sharing of digital content.
Before founding TRON, Sun was the Chief Representative and Advisor of Ripple in Greater China, and he also founded Peiwo, a popular voice live streaming app in China with over 10 million users. Sun has a strong background in entrepreneurship, blockchain technology, and digital currencies. He graduated from the University of Pennsylvania with a Bachelor of Arts in Economics. His expertise and experience in the blockchain industry, as well as his connections and influence, have contributed significantly to the development and growth of the TRON network and the SUN platform.
Token Market Data
Here are some key statistics for the SUN token:
- Current Price: $0.0162
- Market Cap: $160,082,708.34
- 24h Price Change: -5.45%
- 7d Price Change: 38.24%
- 30d Price Change: 115.23%
- 24h High: $0.0173
- 24h Low: $0.0162
- All-Time High: $0.0544 (2021-10-
