TRON founder Justin Sun Announces Launch of Sun Genesis Mining

Piyasi Mitra
Piyasi Mitra is a journalist, features writer and copy editor who has worked with The Times of India and the ABP Group, and is currently exploring content creation in the digital space.
  • The SUN Genesis mining will officially kick-start on September 2, 2020
  • The total supply of SUN will be 19,900,730
  • SUN, being completely community-driven, focuses on the DeFi aspect of TRON.

On August 31, Justin SUN officially announced on twitter TRON Foundation’s decision to launch SUN Genesis Mining.

TRON Foundation is dedicated to building the infrastructure for a truly decentralized internet. In an open letter to the crypto community, the team has informed that SUN, which is the quintessential Bitcoin equivalent on the TRON network, features no venture capital investments, zero private equity investments, no pre-mining or reserves for the team, and is entirely operated by the TRON community by virtue of its open-source smart contracts.

The makers have expressed their intent to build SUN into ‘a grand social experiment’ as an ode to Satoshi Nakamoto’s spirit of decentralization.

Spirit of Self-Governance

SUN, which is designed on the foundations of community self-governance, is not merely TRON’s first ‘meme’ coin, yet a living demonstration in the coalescence of encryption with artistic expression. With this, the makers have also an extended heartiest appreciation for the crypto culture depicting humour and self-mockery, which they believe drives the spirited adoption of cryptocurrency.

While the makers have acknowledged the emergence of self-governance communities on Ethereum such as MakerDAO, Compound, AAVE, YFI, etc, they also aspire to use SUN to boost robust growth of TRON’s DeFi self-governance community and ultimately evolve into a lasting, decentralized and self-governed space.

Describing SUN as an experiment based on community governance, the TRON Foundation hopes that it will encourage the SUN community to welcome novel proposals. They have also urged everyone to come forward for Genesis mining to shape the future of the Blockchain industry as a whole.

The open letter further emphasises that community has been at the core of the cryptocurrency sector, and believes SUN will become a nexus for community stakeholders to join hands on the TRON ecosystem.

All About The SUN Genesis Mining

The SUN Genesis mining will officially kick-start on September 2, and September 6, which marks the official launch of SUN, will be celebrated as ‘SUN Day.’ The total supply of SUN will be 19,900,730.

To participate in the initial mining of SUN, one needs to stake TRX into the smart contract address of the Genesis mining pool in the official website sun.market. In 14 days, the smart contract will refund all assets back to investors’ accounts at zero handling charges.

At the initial stage, Genesis mining will offer 10% more SUN tokens for mining than during regular mining periods.

Regular mining of SUN will add TRX, BTT, JST, WIN, and TRON ecosystem stablecoins such as USDT, USDJ, etc. Post the official mining, SUN will distribute part of the mining rewards to JustSwap’s TRX, BTT, JST, WIN, etc. liquidity providers. SUN will also continue to increase the liquidity mining pools of other tokens in the TRON ecosystem.

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