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In the letter
- Justin Sun is launching a token in his name.
- It’s a DeFi meme coin.
- Through $ SUN, Sun could hope to demonstrate that it is able to participate in a community-led cryptographic project.
Justin Sun, the exuberant CEO of the TRON blockchain and relentless marketer, today announced his latest project: a DeFi meme coin named after his solar self.
The extraction of $ SUN, its new coin, will begin on September 2 and the coin will officially launch on September 16, which Sun has dubbed SUNday. (September 16 is, in fact, a Wednesday. Sigh).
$ SUN will power SUN Finance, a DeFi (decentralized finance) smart contract whose details are scarce. It appears that $ SUN is another yield farming token: governance tokens issued as a reward for staking cryptocurrencies in its smart contract, only this time on the TRON blockchain.
Governance tokens are the hot news in cryptocurrencies and largely responsible for the huge DeFi boom of 2020, an industry in which investors have invested over $ 9 billion, much of it in the past couple of months.
Beginning in late June, several non-custodian financial platforms have begun to reward loyal depositors with governance tokens, which they can use to vote on network upgrade proposals or sell on secondary markets.
$ SUN will work very similarly to previous liquidity mining coins – you provide liquidity for various TRON tokens and you will receive $ SUN, which can be sold on secondary markets or used to vote on network governance proposals.
Many DeFi meme coins have also increased in popularity and Sun clearly wants to. $ YAM, $ TENDIES, $ SUSHI and others are up by thousands of percentage points shortly after launch. $ SUSHI, for example, is up 74% in the past 24 hours.
One more thing: the vast majority of DeFi tokens live on Ethereum, and $ SUN is likely Sun’s effort to divert some of the DeFi crowd to its platform, which is a direct competitor. At present, the DeFi community is firmly rooted in Ethereum. Of the 38 projects listed on DeFi Pulse, a metrics site that lists all major DeFi projects, 37 are Ethereum-based and the only outlier is Bitcoin-based.
Although exactly what can be done with a $ SUN is still unclear, what Sun is has it was made clear that this is “a genuine effort to allow a community to govern itself”. There are no venture capitalist investments, no private sales, no pre-mines, no reserves for the team. Instead, $ SUN is “entirely community-run through its open source smart contracts,” Sun tweeted.
Some context: In the first half of this year, Sun angered thousands of people shortly after purchasing the social media platform that runs on the STEEM blockchain, Steemit. Distrusting of their new leader, the STEEM community temporarily blocked Sun’s access to an entire set of pre-mined tokens, which it could use to exert influence on the network.
Angered, Sun used his influence and wealth to force a hard fork on the blockchain, undermining democratically elected community leaders, whom he called “hackers.” Sun sufferers quickly defected to HIVE, a fork of the STEEM blockchain that hosts a nearly identical social media platform.
Hence Sun’s recalcitrance in its marketing for $ SUN. “I hope the whole crypto community can judge it #success, not by its price, but rather by the indomitable spirit that underlies the $ SUN “: his community! “
Through $ SUN, Sun also intends to show the world that it is capable of participating in a community-driven blockchain project. “I will also participate in community discussion and governance to contribute my fair share to the growth of the SUN community,” he wrote.
“With SUN, we hope to further develop community self-government for DeFi on TRON,” the project website states. Of course, since the token is in his name, Sun’s influence on the project will never completely disappear.
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