TRON founder Justin Sun has announced a generation of a new coin which will be a DeFi token. The launch of the new coin marks the founder’s entry in the Decentralized Finance’s bandwagon with his $SUN token. The token will be available from September 16th onward as per the earlier update but it seems according to a recent update, DeFi enthusiasts might not have to wait till Wednesday.
He unveiled the plan through his twitter account. He has stated that the project will manifest a community of complete self-governance and will be a living demonstration of encryption with artistic expression.
Genesis mining started on September 2’nd and the new token will be distributed on September 16th. All that the users have to do is to stake their TRX into smart contract addresses of the Genesis mining pool on its official site. The Sun protocol was recently launched on TRON blockchain to enable yield farming for DeFi traders on the blockchain. In another recent tweet of Justin Sun, he disclosed that the waiting period for token distribution has been shortened. Although the new date is yet to be revealed he did mention that community members will receive the token earlier than planned. The update reads:
“We will distribute $SUN to the community earlier than planned…When $SUN? When Moon? to be announced soon!”
There was a lot of excitement in the TRON community about the Sun DeFi protocol which was announced on August 31’ st. The project intends to assist with yield farming on the TRON blockchain. The traders will be able to lock up their TRX token and get higher interest on the capital through the Sun token. This is the reason why the project has been gaining a lot of traction despite the token yet to be distributed.
Meanwhile, only 1,860,602 SUN will be minted in this initial mining phase known as Genesis Mining. The token’s total supply is likely to cap at a total supply of 19,900,730.
Yesterday, the SUN margin trading and savings feature was enabled at 11:00 on September 11, 2020 (UTC). USDT-margined Perpetual Swap for SUN was listed at the same time. SUN token was also welcomed by Poloneix as the first Genesis Mining distribution occurred yesterday. SUN is thought to be wonderful community support and Poloniex is happy to allow its customers access to trade SUN as soon as possible. It has declared the wallets open wherein the investors can start by depositing SUN in their accounts and posting limit orders for SUN/USDT. The full trading of SUN will be enabled shortly. It was also listed on OKEx.
The price of Sun Token today is $18.35 with a 24-hour trading volume of $5,828,950. Its price has dropped in the last 24 hours. KuCoin is currently the most active market trading it. The above chart is from CoinGecko. The latest update, an hour ago was found in Justin Sun’s Twitter feed. Keep following us for more updates.