Justin’s Open Letter to the Community on Sun Platform Upgrade
I am very delighted to share with you the latest progress on SUN.io platform and the SUN project, a social experiment dedicated to the development of TRON’s DeFi ecosystem. Recently, the SUN team has implemented SUN Redenomination and Upgrade Plan, which I feel exceptionally proud of, as it will not only revolutionize the stablecoin DeFi ecosystem but also bring unprecedented changes to the entire blockchain industry.
To accommodate the requirements of the SUN project and infrastructure upgrade, SUN implemented a token redenomination and platform upgrade plan on May 26, 2021, which can lower the entry barrier of holding SUN tokens and spur the growth of the SUN ecosystem.
While maintaining its current market cap, the old SUN tokens are redenominated and swapped with the new SUN tokens at a ratio of 1:1000. Following the redenomination, SUN.io will undergo a major upgrade and introduce a new service — decentralized stablecoin swap, growing to be TRON’s first one-stop platform that supports stablecoin swap, token mining and self-governance. The new SUN token after the denomination functions as the multi-purpose governance token for the platform and grants SUN holders various rights and benefits, including the right to vote, community governance, value capture and staking rewards, etc.
Implementing the SUN redenomination and upgrade plan is a key step to realize SUN self-governance and will surely go down in blockchain history as a milestone. Not only will it help restore SUN’s true value and boost the DeFi ecosystem, but it will also equip the upgraded SUN.io platform with many strengths:
1. SUN will witness a strong price momentum after its listing on a large number of leading digital asset exchanges. Among existing stablecoin DeFi platforms, the upgraded SUN.io will be benchmarked against Curve on Ethereum and Ellipsis on Binance Smart Chain (BSC). Both in terms of market cap and overall market liquidity, the value of SUN.io has been severely underestimated, especially given the fact that SUN has long been listed on many leading exchanges such as Huobi, OKEx, Binance and Bitfinex.
This upgrade will power SUN.io to become TRON’s first one-stop platform featuring stablecoin swap, token mining and self-governance and the only stablecoin mining platform that can rival Curve. I have good faith in SUN.
2. SUN.io is becoming one of the handful of critical go-to platforms in the crypto industry to mint stablecoin. Backed by TRON’s original stablecoin ecosystem, the upgraded SUN.io will be one of the few stablecoin-minting platforms that features security, reliability, hassle-free transactions, and excellent user experience. Different from other platforms that issue stablecoins through on-chain mapping, SUN.io, for the first time in the crypto sphere, delivers a truly zero-loss stablecoin mining scheme featuring USDJ, TUSD and USDT issued directly by their respective projects on TRON, instead of through cross-chain or mapped issuance, protecting users from associated risks and losses incurred from mapped issuance or fund transfers between chains.
The renovated SUN.io platform has many advantages like lower handling fees, low transaction slippage, and low impermanent loss while offering greater swap efficiency and security, thus becoming the go-to stablecoin swap platform for all users.
3. SUN’s market cap is severely underestimated. Standing at only $500 million, SUN is severely undervalued compared with CRV’s (Curve) $5.8 billion market cap. However, with its strenuous efforts in stablecoin ecosystem, and TRON’s strong-performing network featuring high-throughput, high-scalability, high-availability, and its strong ecosystem, it is not hard to imagine the enormous potential value of SUN tokens and a booming SUN ecosystem shortly.
4. Justin SUN offers long-term mining rewards that are worth 5 billion SUN tokens. To give back to community users for their continuous support, and to drive the growth of the TRON ecosystem, Justin Sun has decided to commit 5 billion SUN, an unprecedented amount of reward, to participants of Genesis Mining and Governance Mining, and veCRV holders through airdrops over a course of five years. Among the three categories, rewards for participants of Genesis Mining and Governance Mining in the first three months of the first year account for nearly 30% of the five-year total. In less than 30 minutes following the launch of Genesis Mining on June 2, 3pool LP mining pool saw its APY rocketing to as high as 3000%, while those of SUN-TRX LP (2nd) mining pool, SUN Stake mining pool and SUN Stake & Lock mining pool registered a 9500%, 100%, and 100% surge, respectively.
Such a long-term and large-scale giveaway is a strong manifestation of the SUN team’s effort to extend benefits to the wider public and TRON’s commitment to go all-in on expanding its stablecoin DeFi ecosystem. We’re making all these efforts so that our followers and users can benefit from a booming TRON ecosystem.
The blockchain industry will never stop evolving itself, so will not SUN.io. As a bellwether public chain in the industry, TRON has the responsibility to make more history with many other excellent projects. We aim to build TRON into a leading platform in the blockchain industry. To this end, we’re working tirelessly to provide better services for users, offer new products, and keep ourselves abreast of users’ demand and market direction. Let’s stay tuned for a splendid new SUN-Rise, and achieve more, together!
June 4, 2021