SUN Genesis Mining is the DeFi project of TRON Foundation’s Justin Sun and it will be drawing an end on September 16th which is called the “Sun Day”, once it ends and after a few hours, the SUN Token Official Mining will launch at 11:00 PM on the same date. Let’s get to know more about the SUN Token Official Mining.
(1/5) $SUN 🌞Official Mining will start on Sept 16th at 23:00 (HKT)
$SUN 🌞will cooperate with https://t.co/U1JohRAqO4 to open the 14-day LP mining for $SUN/ $TRX LP, $JST/ $TRX LP, $USDT/ $TRX LPhttps://t.co/RQqlp1HbIp
— Justin Sun🌞 (@justinsuntron) September 13, 2020
What is SUN Token Official Mining?
Following the end SUN Genesis Mining, the SUN Token Official Mining will kick-off on September 16th at 11:00 PM and the SUN team will be partnering up with Justswap.org to launch a 14-day liquidity mining for SUN/TRX LP, JST/TRX LP, and USDT/TRX LP.
Once the SUN Token Official Mining starts, fewer SUN will be mined and daily SUN output across mining pools will drop by 10% from Genesis mining (down from 132000 to 117000 per day) and it is known to generate a positive impact on SUN token.
The SUN LP Mining will push higher the demand for SUN/JST/TRX, which will help boost the three markets, and due to its current small circulation, the SUN will benefit the most.
Lastly, for TRX staking as SUN currently trades at $20 with a 100% APR, LP mining pools are expected to lock up almost at $870 Million which is three times higher than the total amount of TRX staked during Genesis mining (8,711,688,582.305 TRX) that lasted for 14-days.
What is LP Liquidity Mining?
The liquidity mining refers to the process where user deposit or lend tokens assets as per the requirement in a mining-featured DeFi product to provide liquidity to the fund pool in order to earn revenue and The revenue earned may be in the form of the project’s in-house token or the right of governance it represents.
In liquidity mining, miners are serving both as an LP (liquidity provider) and an Oracle.
What is SUN?
SUN is a social experiment and it focuses on the DeFi potential of TRON. It is designed as the quintessential Bitcoin equivalent on the TRON network.
(1/5) I am glad to announce that we have decided to launch $SUN 🌞 Genesis #Mining. ⛏️
#SUN🌞, manifesting total #community self-governance, is a living demonstration in the coalescence of encryption with artistic expression.https://t.co/F7HNajPfQc
— Justin Sun🌞 (@justinsuntron) August 31, 2020
SUN has no VC investments, no PE investments, no pre-mining or reserves for the team, and is wholly operated by the SUN community through its open-source smart contracts.
The SUN Genesis mining started last September 2nd and it will last for 14-days and it is ending on the 16th at 9:00 PM.
What a great time to be a part of the TRON family and with the addition of SUN Token Mining, it definitely made its mark now on the DeFi network, and it surely bigger in the next following months.
For more news and updates, see Tron Spark.