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Source: Business Wire
- The TRON Foundation has formed a strategic partnership with Band Protocol to integrate its distributed Oracle technology.
- Justin Sun has announced the launch of SUN, the first meme coin in the Tron network, which can be mined using “SUN genesis mining” starting September 2nd.
After TRON founder Justin Sun made a critical announcement yesterday, a few hours ago it became known that TRON has entered into a strategic partnership with Band Protocol, one of Chainlink’s biggest challengers in the field of distributed Oracle technology. The goal of the partnership is to bring the oracles of the Bandwidth Protocol into the TRON ecosystem. Additionally, a TRC20-based BAND token is being researched for use as a collateral asset in TRON’s DeFi.
As part of the strategic partnership, the TRON Foundation is already working closely with Band Protocol to promote integration into the TRON ecosystem. The first integration of the dApp Band Protocol is with JUST, TRON’s stablecoin protocol, to guarantee over $ 30 million in warranties.
From the first day of the integration, the Oracle network will offer a range of price quotes including BTC / USD, ETH / USD, BNB / USD, BUSD / USD, BAND / USD, XAU / USD, XAG / USD, EUR / USD , CNY / USD, JPY / USD, GBP / USD and KRW / USD. The cryptocurrency price feeds are automatically updated once every 5 minutes, while the commodity and forex feeds are updated once every hour.
Justin Sun commented on the new partnership as follows:
We are excited to enhance TRON with the most valuable Oracle product on the market. This integration marks a new era of high-quality partners, protocols and services migrating to the TRON blockchain. The future of blockchain technology is bright as we kick off a series of TRON DeFi partnerships to come. The TRON ecosystem is growing faster than ever, and having Band Protocol protecting our best applications helps us accelerate DeFi and DApp adoption around the world.
TRON Launches DeFi Meme Coin “SUN”
The real “big” announcement, however, was another yesterday. Via Twitter Justin Sun announced his DeFi meme coin, SUN. As Sun wrote via Medium, SUN has no venture capital or private equity investments, no pre-mining or reserves for the team and is fully community-run through its open source smart contract.
(1/5) I am pleased to announce that we have decided to launch it $ SUN 🌞 Genesis #Extraction. ⛏️
#SUN🌞, which manifests itself total #Community self-government is a living demonstration of the fusion of cryptography and artistic expression. http://t.co/F7HNajPfQc– Justin Sun (@justinsuntron) August 31, 2020
In other words, SUN is a governance token, similar to YAM or SUSHI, which will serve the governance of the project and will also provide liquidity by allowing TRX holders to stake their tokens to obtain SUN, which can be sold in secondary markets. or used to vote on proposals to improve the network. In this sense, Sun said it hopes to replicate the success of similar Ethereum-based projects:
We understand that a number of self-governing communities such as MakerDAO, Compound, AAVE, YFI, etc. They emerged on Ethereum. We hope to use SUN to promote the vigorous development and possibilities of TRON’s DeFi self-government community.
While TRON will celebrate the official launch of SUN on September 16th, TRX owners can start mining SUN genesis as early as September 2nd. TRX owners should visit the official sun.market website and place their TRX on the smart contract address of the genesis mining pool. Within 14 days, the smart contract will refund all credits on user accounts without any fees. The total amount of SUN will be 19,900,730.
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