Sun is the star that is the central body of the solar system, around which the planets revolve and from which they receive light and heat. Well, this is the definition of the Sun we know, but what’s SUN token that Justin Sun has just announced on August 31, 2020?
Unsurprisingly, the SUN token shared similar characteristics as the Sun in our solar system. The Sun token, being completely community-driven, focuses on the decentralized finance (DeFi) potential of TRON. It aims to be the central component that connects the entire TRON ecosystem’s suite of services from lending, staking, wealth management to trading, liquidity, stablecoins and more.
Just like how the planets revolve around the Sun to receive light and heat, the TRON’s SUN will distribute part of the mining rewards (from TRX locked in the smart contract) to liquidity providers of TRX, BTT, JST, WIN, etc on JustSwap.
Sun as a meme coin
You probably heard that Sun is a ‘meme’ token. For those who are unaware of the term ‘meme’, it can be seen as an idea or style that becomes a fad and spreads by means of imitation from person to person within a community. The most popular meme token is Dogecoin (DOGE), which is a cryptocurrency featuring a likeness of the Shiba Inu dog from the “Doge” Internet meme as its logo. Introduced as a just-for-fun currency on 6 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014.
You probably have guessed that the “Sun” comes from the last name of TRON’s founder – Justin Sun. Another fun fact is the total supply of the SUN token – 19,900,730 is actually the birthdate of Justin Sun – July 30th, 1990.
Sun as a social experiment
SUN – Sun.Market is a social experiment centred around community governance. The reason why it is referred to a community token is that you cannot buy SUN directly when the project launched on September 2. In fact, SUN features zero venture capital (VC) investments, zero private equity investments, no pre-mining or reserves for the team, and is wholly operated by the community through its open-source smart contracts.
Justin hopes that such a radical experiment of social self-governance will encourage the SUN community to propose, discuss, vote, and even implement many more bold and revolutionary proposals. In a genuine effort to allow a community to govern itself, everyone participating in Genesis mining will become part of the community and help guide its future.
This is actually an exciting adventure, we hope to extend this to having an actual community-driven space where community members have controls over a SunMarket subreddit, community mods, or having other community discussion space if possible. If you have any feedback or interested to help out, do reach out to us!
How does SUN genesis mining works?
On September 2, 2020, you will need to stake your TRX into the smart contract address of the Genesis mining pool listed on the official website sun.market to take part in the initial mining of SUN. In 14 days, the smart contract will refund all assets back to users’ accounts, charging no handling fees.
To blockchain beginners, staking tokens simply mean that you lock your token/coin and will not have access to it during the staking period. Therefore, once you stake your TRX into the smart contract, you will not have access to it for 14 days. Since SUN mining smart contract is open-source, developers and professionals will be able to check out if the smart contract functions as how it was meant to be.
On September 16, the rewards for Genesis mining will be distributed to your TRON account and the regular SUN mining, known as the SUN day, will be officially launched on this date. Genesis mining (Sept 2 – 16, 2020) will offer 10% more SUN tokens for mining than during regular mining periods. The actual amount of SUN that will be mined per TRX has yet to be announced.
It is important to take extra cautious that scammers may be targeting gullible users at this stage and offer fake SUN tokens for a low price. Note that it is possible to have tokens with the same name on the TRON blockchain so make sure to wait for the actual smart contract address listed on here or on Sun.Market to ensure you are staking your TRX in the correct smart contract.
[Update]: SUN official mining contract is https://tronscan.org/#/contract/TEWQKz9Rzn4rtNPgcChKW4C7vC5BayJFrT/code
Important: Do not send tokens directly to the address. You will need to use TronLink Wallet to participate in the stake mining. Please check the official website https://sun.io or https://sun.market for instruction on how to stake your TRX.
This sure is an exciting adventure, let’s stay tuned and see how hot this can get!