SUN (SUN) is a cryptocurrency designed to further the development of decentralized finance (DeFi) on blockchain network TRON (TRX).
Described as “the quintessential Bitcoin equivalent on TRON,” SUN is a voluntary project which runs on TRON’s TRC-20 token standard. A dedicated community administers operations via smart contracts.
SUN’s genesis mining phase began at the start of September 2020, lasting for two weeks before the official launch. Participants can stake TRON’s TRX token or other TRC-20 tokens to earn rewards and governance rights for SUN.
SUN is closely associated with TRON, and conspicuously bears the surname of TRON’s founder, Justin Sun.
Sun is a well-known figure in the cryptocurrency community, infamous for his vocal promotion of TRON and discussing cryptocurrency with Warren Buffett at a lunch for which Sun paid $4.5 million.
Sun has publicly promoted SUN, and while the identities of its developers themselves have not been formally revealed, a dedicated community is tasked with its operations and growth.
True to the DeFi mantra, all activities and updates are executed on smart contracts in accordance with community governance procedures.
SUN’s whitepaper calls it a “social experiment,” and plans for the future state that the token “may also take part in decentralized lending, insurance, liquidity, stable coins, etc.”
SUN’s main purpose is to exist as support for the TRON protocol, which aims to create a decentralized internet ecosystem.
SUN specifically focuses on DeFi and aiding its uptake and infiltration on TRON’s blockchain. As such, its function mimics that of the native tokens of DeFi platforms, and rewards users for staking other coins and involving themselves in governance procedures.
Its appeal will, of course, be to existing TRON users and those familiar with DeFi staking and related activities.
Profitability appears to be a question mark as of September 2020, the month of SUN’s launch. According to the whitepaper, developers privilege “fair” token distribution and did not accept any funding, nor was any SUN reserved for them or TRON team members.
This is in contrast to TRON itself, which raised over $70 million in an initial coin offering (ICO) in 2017.
Still, it turned out that this currency doesn't have the best prospects. I once pinned my hopes on it. but now I don't see the point in it.