Sun Token

Sun Token

SUN
$0.01273377
-1.85%
$0.01270248

24H Price

$0.01317227


About Sun Token

The Sun Token price is $0.01273377, a change of -1.85% over the past 24 hours as of 12:14 a.m. The recent price action in Sun Token left the tokens market capitalization at $125.07M. So far this year, Sun Token has a change of 52.97%. Sun Token is classified as a DeFi under CoinDesks Digital Asset Classification Standard (DACS).

SUN is the native protocol of Sun Token, the native token of a TRON-based decentralized exchange and yield farm. Its name comes from the blockchain’s creator, billionaire Justin Sun, who also founded TRON and is the CEO of BitTorrent.

Launched on September 16, 2020, SUN switched to a new smart contract (migrated the token to new code) in May 2021. In both iterations, it is a TRC-20 token, meaning it is based on the TRON blockchain.

The new SUN contract started trading in June 2021 at $0.026 but sank as low as $0.016 in July. It recovered to highs of $0.05 in October 2021 but fell shortly thereafter, landing at $0.007 by June 2022.

The old SUN tokens were launched without venture capital or private equity investments, and Sun did not pre-mine or pre-reserve any coins for himself. The protocol, however, allowed for a two-week period of public mining before it launched.

When the SUN protocol was upgraded in May 2021, old SUN tokens were redenominated at a ratio of 1:1000. Mining continues to be the method by which users earn new SUN.

The upgrade, called SUN v2, introduced a deflationary mechanism called buyback-and-burn, whereby the protocol uses 0.05% of its monthly transaction fees, employs it to buy SUN, then permanently removes this SUN by sending it to a cryptocurrency wallet that nobody controls.

What is Sun token?

Sun launched as a meme DeFi (decentralized) token – or, in the words of TRON, “a living demonstration in the coalescence of encryption with artistic expression.”

The token supports the SUN ecosystem. It includes SunSwap, a platform for TRON TRC-20 token swaps, and a host of related yield farms.

SunSwap is an automated market maker, a protocol that facilitates token swaps by drawing on vast reserves of tokens, known as liquidity pools, that other users have provided to the protocol.

Those who provide funds to liquidity pools can earn extra tokens, just like on Uniswap, the automated market maker native to Ethereum. Indeed, SunSwap uses the same bonding curve algorithm as Uniswap to price the tokens in its liquidity pools: x*y=k.

SUN can also be staked for veSUN, the staking token for SunSwap’s yield farms. Staked veSUN tokens entitle liquidity providers to extra rewards, such as transaction fees from the protocol’s stablecoin liquidity pools and increased incentives for liquidity pool mining. Plus, veSUN can be used as a governance token to vote on the weights of liquidity pools.

Key events and governance

In October 2021, SUN completed its acquisition of JustSwap, a TRON-based decentralized lending protocol also launched by TRON founder Justin Sun.

SunSwap’s total value locked (TVL), a metric that describes the value of the crypto locked in its smart contracts, peaked at $2.2 billion on April 7, 2021. By the following June, it had fallen to $816 million. SUN-owned JustLend is the largest DeFi protocol on TRON, with a TVL of $2.42 billion as of June 2022.

Justin Sun launched an algorithmic stablecoin, USDD, three days before the collapse of Terra, a stablecoin protocol built on Cosmos. In June 2022, it slipped from its $1 peg, trading at 99 cents in June and July.

Read less...
Sponsor LogoBuy crypto on a secure, trusted platform.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don’t invest unless you’re prepared to lose all the money you invest.

Latest About Sun Token

(Jon Tyson/Unsplash)
Donald Trump-Themed Meme Coins Breed Crypto Millionaires as MAGA Token Surged

Analysis by Nansen shows that early TRUMP holders made an ROI of over 1,600% from the PoliFi token.

(Jon Tyson/Unsplash)
Binance invested an undisclosed amount in decentralized exchange Aevo. (Nikhilesh De/CoinDesk)
Crypto Derivatives DEX Aevo's Token Jumps 10% as Binance Labs Discloses Investment

The token's price is still down nearly 70% since March.

Binance invested an undisclosed amount in decentralized exchange Aevo. (Nikhilesh De/CoinDesk)
(Alpha Rad/Unsplash)
Gaming Token Gala Stabilizes as Company Says Security Incident 'Contained'

Someone minted 5 billion GALA tokens and then sold them on decentralized exchange Uniswap.

(Alpha Rad/Unsplash)
ZkSync's token airdrop is one of the most highly anticipated of the year. (ian dooley/Unsplash)
ZkSync, Ethereum Layer-2 Network, Hints at Airdrop By End of June

ZkSync wrote on X that "handing over governance" is expected by the end of June.

ZkSync's token airdrop is one of the most highly anticipated of the year. (ian dooley/Unsplash)

The latest price moves and insights with Helene Braun, Octavio Marenzi, CEO and Founder at Opimas, and Kyle Bligen, Director of Financial Policy at the Chamber of Progress. Read more...

CoinDesk Indices

View All
Top Indices including Sun Token
Logo
Index nameTickerWeight24H

Bitcoin Calculator

Last Updated on 05/23/24 12:14 AM

CoinDesk’s Bitcoin and Cryptocurrency Calculator determines the exchange rates between major fiat currencies and cryptocurrencies – including BTC, BCH, ETH and XRP to USD, EUR, GBP, IDR and NGN – with up to six decimal places of accuracy. Conversion rates are based on CoinDesk’s Bitcoin Price Index and the price indices of other digital assets. World currency prices are based on rates obtained via Open Exchange Rates.