$SUN Tron's First #DeFi #Meme Coin
Today is September 3rd, and 2020 got much more exciting, Tron's founder Justin Sun launched the genesis mining of his first #DeFi meme coin $SUN yesterday September 2nd, 2020. The Sun which he and the rest of Tron Foundation is dubbing as the Bitcoin of Tron is a social experiment which is focused on the DeFi potential of the TRON network.
<https://twitter.com/justinsuntron/status/1300449573274443776?s=20>
In fairness of Mr. Justin Sun, $SUN's design was quintessential to Bitcoin with due respect to the masterpiece of Satoshi Nakamoto giving birth to a wide-range of IT, E-commerce, and monetary evolution that is going on right now. Per their "Open Letter to the Community: about SUN Genesis Mining"
Designed as the quintessential Bitcoin equivalent on the TRON network, 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. We want to build SUN into a grand social experiment while paying tribute to the spirit of decentralization as advocated by Satoshi Nakamoto
Now What the hell is this $SUN?
I know right now you would probably be starting to ask yourselves "what the hell is this $SUN anyway?" "Is it some sort of $YFI copy pasterino scheme for Tron to ride the market of Ethereum?". Honestly my frens the answer is yet to be told and known. But judging on the Tron's Open letter (Medium link above), the idea suggests of a completely community-driven $SUN which is focused on the DeFi capabilities of the TRON Network. It will incorporate community-driven self-governance such as what is on MakerDao, Compound, AAVE, YFI, and so on.
$SUN will have a total supply of 19,900,730 which will be mined by the community, the rest of the information will probably be out when the first batch of $SUN tokens will be out this September 16, 2020.
Possible Impact to TRX price
Now because of this Genesis Mining being called out for TRX hodlers, you know what would probably happen this next 14 days. Yep, you had it right, because TRX tokens will be on hold for staking into the $SUN Genesis Mining, I'm guessing around 5-10 Billion TRX tokens, call me crazy but these numbers are just pretty low. You know what DeFi has done to the crypto markets.
This next 14 days will probably be aiding the TRX price a wild run. I am betting at around 0.4-0.6 usd per TRX. I don't know maybe because I'm thinking there would be lesser volume of TRX available to sell. lul
Genesis Mining
SUN Genesis mining formally kicked off on September 2, 2020. And on September 16th, the Tron community will all be celebrating the day as the official $SUN day, and of course the first set of mined $SUN will be distributed as well with a +10% reward for early adopters as Genesis Miners.
To participate the genesis mining of $SUN, I guess you still have a couple of hours as of this writing, you simply have to go to their official sites:
IMPORTANT!
Please do note that you need some TRX in a TronLink wallet to login to their sites in order to participate in the staking for the Genesis Mining. Assuming you have that, the site looks like this one below, please be mindful of all scam sites that is being made now to imitate the official site and check where you are sending your tokens.
Just input how many TRX you are willing to stake and you are done. You just have to wait on September 16-17, 2020 and you will get all your TRX back with the $SUN tokens.
Also please take note that this staking procedure is not your regular staking procedure you probably have done in your wallets, because in this Genesis Mining, your TRX will be sent to a smart contract and will be unmovable and unstakable throughout the 14-day lockup period up to September 16, 2020.
Do not try to send any TRX or any token directly to the SUN's smart contract if you have not successfully logged in to their official website on time. It will lead to the loss of all your sent TRX.
What do you think will be the future of TRON in the DeFi sector? Will it completely compete with the ones on Ethereum? Let me know on your thoughts below. Also good luck on this investment if you have decided to hop in!
