What is Sun Token (SUN)
SUN token is a social experiment dedicated to the development of TRON’s DeFi ecosystem. Designed as the quintessential Bitcoin equivalent on TRON, SUN features zero VC investments, zero PE investments, no pre-mining or reserve for the team, and is fully operated by the community through its open-source smart contracts. SUN is a TRC20-based crypto asset with a total supply of 19900730.
SUN token is completely initiated, driven, and developed by the SUN community. All of the SUN’s functionalities will be implemented by open-source smart contracts and is wholly operated by the community.
The functionalities are developed based on community initiatives. All proposals and decision making are voted via SUN within the community, minority obeys the majority.
SUN will be deployed to the TRON Virtual Machine, becoming a nexus closely correlated with other existing DeFi projects.
We hope that it would be an utterly self-governed social experiment. The SUN the community would initiate more bold, radical, yet sincere and vigorous discussions, or even put them into practice.
We are uncertain about SUN’s future, yet we believe the SUN’s future is determined by SUN’s community itself. The SUN community belongs to the SUN’s beliefs, belongs to SUN’s miner, belongs to SUN’s HOLDER.
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There are no pre-mined, no reserves for the team, no venture capital (VC) or private investments. SUN could only be mined! We inherit Bitcoin’s trait of absolute fair distribution on SUN.
How to Participate in SUN Regular Mining
How to Participate in Sun Token LP mining?
You need TRX or LP Token on JustSwap to participate in mining. Select the corresponding mining pool and enter the amount of tokens you want to stake. You are ready to harvest SUN. Here are the detailed steps:
- Select the corresponding LP mining pool.
- Approval is needed when first staking LP Token. Click “Approve LP”. And click “Accept” in the TronLink popup window for your signature to complete LP Token approval;
- Once the token is approved, enter the amount of LP Tokens you want to stake, and click “Stake”. And click “Accept” in the TronLink popup window for your signature;
- Wait for 15 – 30 seconds after you submit your staking request. You can then view the number of LP Tokens you have staked and the SUN you can claim in the LP mining pool.
When will the mining start? How long does it last?
SUN token has 4 pools for this time period, namely SUN/TRX LP, JST/TRX LP, USDT/TRX LP, and TRX. Mining starts at 23:00 on September 16, 2020 (HKT), and will last for 14 days. A mining pool will generate the same amount of SUN every day. During this period, you can claim or unlock your asset at any time.
Phases of SUN Token Mining
Phase 1: Genesis Mining
According to the design of the smart contract code, the amount of tokens mined will not be decreased. Staked TRX can only be unlocked until Genesis Mining concludes. A one-off SUN reward will be distributed after the completion of Genesis Mining in 24 hours.
Phase 2: Regular Mining
According to the design of the smart contract code, staked TRX can be unlocked anytime during the Regular Mining period for SUN reward.
Phase 3: Ecosystem Convergence
Integrating to multiple DeFi projects within the TRON ecosystem.
Phase 4: Community Self-Governance
SUN holders will join in governing the SUN community. The more SUN they own, the greater power they have.
SUN Token Mining Rewards
Genesis Mining: Every week, 930,301 SUN will be mined. A total of 1,860,602 SUN can be mined in 2 weeks, equivalent to 9.34% of the total supply.
- 14-Day Regular Mining in TRX mining pool:
- Daily minable SUN in TRX mining pool: 10,000 SUN
- 14-Day Regular Mining in other mining pool:
- Daily minable SUN in SUN/TRX liquidity mining pool: 49,000 SUN
- Daily minable SUN in JST/TRX liquidity mining pool: 39,000 SUN
- Daily minable SUN in USDT/TRX liquidity mining pool: 29,000 SUN
During the Genesis Mining period, the mining reward will be distributed fairly according to the number of staked TRX over time. All mining rewards are calculated based on smart contract implementation.
Formula: Amount of genesis-mined SUN the user receives = the share of SUN the user is entitled to * total amount of genesis-mined SUN
- Total Minable SUN in Genesis Mining = 1860602
- The total amount of genesis-mined SUN = SUN total supply *genesis-mined percentage Share of SUN the user is entitled to = (amount of TRX the user staked * lock-up duration) / (∑amount of TRX staked by all users * lock-up duration)
For Example: Assume there are 1860602 SUN mined during the Genesis Mining, and there are 3 people participating: A, B & C.
- A staked 10000 TRX to the smart contract on DAY 1.
- B staked 20000 TRX to the smart contract on DAY 6.
- C staked 50000 TRX to the smart contract on DAY 9.
When the Genesis Mining ends, the mining rewards they receive are as follow:
- A staked period: 14 days
- B staked period: 9 days
- C staked period: 6 days
Mining Contribution weighted with time = 10000 * 14 + 20000 * 9 + 50000 * 6 = 620000
- A’s Mining Contribution Ratio = 10000 * 14 / 620000 = 22.58%
- B’s Mining Contribution Ratio = 20000 * 9 / 620000 = 29.03%
- C’s Mining Contribution Ratio = 50000 * 6 / 620000 = 48.39%
Finally, the amount of their SUN reward would be:
- A’s mining reward: 1860602 * 22.58% = 420123.93 SUN
- B’s mining reward: 1860602 * 29.03% = 540132.76 SUN
- C’s mining reward: 1860602 * 48.39% = 900345.31 SUN
During the Regular Mining in TRX mining pool: The quantity of SUN obtained by users participating in mining is determined by the number of staked TRX and its lockup duration.
Users can participate in staking TRX, release their staked TRX, and withdraw the SUN at any time. During the 14-Day Regular Mining period, there are 10,000 SUN mined every day.
Where Can I Buy SUN token
There is a lot of different trading platform that call themselves “Best” but then, when considering a trading platform to use, you want to take into consideration the following:
- Transaction Fees
- Payment Methods
- Uptime and Downtime
- 24/7 support
- Geographical restriction
With these factors in mind, I concluded with saying you can buy SUN token in the Kucoin Trading Platform.
The KuCoin App and Website offer you an easy and quick way to start trading.
Founded in Boston 1992, IDG Capital is the first firm to bring foreign venture capital into China.
As a long-term value investor, IDG Capital is the early investor of many well-known giants, such as Tencent, Meituan Dianping, Xiaomi Corporation, Pinduduo, iQiyi and also invested many excellent enterprises in the field of blockchain, such as Coinbase, Ripple, imToken, Liquid, and so on.
SUN Token – US Dollar Chart (SUN/USD)
Sun Token price today is $22.92 with a 24-hour trading volume of $135,046,223. SUN price is up 21.4% in the last 24 hours. It has a circulating supply of 0 coins and a max supply of 19.9 Million coins.
KuCoin is the current most active market trading it. In order to explore addresses and transactions, you may use block explorers such as tronscan.org. Additional information can be found at https://sun.io/.
From my observations, there is no actual usage of SUN token. But then, The smart contract of SUN has already been audited by professional security audit authorities.
The source code of the smart contract will be publicly disclosed when the
project launches, assuring that there will be no security risk involved in staking different assets to the smart contract.