Place/Date: - June 10th, 2021 at 10:34 am UTC · 3 min read
On June 2, the widely anticipated SUN.io Genesis Mining kicked off, attracting a huge number of users with its ultra-high mining rewards!
In less than 30 minutes following its launch, 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.
To add to the hype, it is noticed that a substantial amount of fund was transferred from FTX’s hot wallet that ends with “AtW6” (complete address: TYDzsYUEpvnYmQk4zGP9sWWcTEd2MiAtW6) to an unknown address ending with 5NdQ just three days ago, totaling 100,000,000 USDT according to the blockchain explorer TRONSCAN. Meanwhile, another address also saw an influx of 1,500,000 TUSD.
According to the analysis by seasoned blockchain data engineers, 5Not address is a hot wallet address of Poloniex, and only Poloniex has enabled the transfer of TUSD under the TRC20 protocol. It is therefore apparent that the fund eventually flowed to StableSwap’s 3Pool on Sun.io for mining.
Such an unusual amount flowing out of FTX exchange points to the probability that FTX’s CEO Sam Bankman-Fried could be behind. It’s reasonable to deduce that FTX owner Sam Bankman-Fried has now become a major player in the 3pool LP mining pool.
SUN.io is TRON’s first one-stop platform that incorporates stablecoin swap, token mining and self-governance. The 3pool swap pool it launches enables the swap between USDT, USDJ, and TUSD. SUN platform has also won TRON Founder Justin Sun’s endorsement for its lower handling fee, slippage and impermanent loss coupled with greater swap efficiency and security.
SUN offers two LP mining pools for its Genesis Mining, namely 3pool LP pool and SUN-TRX LP pool, which account for 80% and 20% of the total SUN rewards allocated for this mining round. It can be seen that 3pool LP takes up the lion’s share of the rewards, delivering a truly profitable stablecoin mining mode featuring zero risks and high returns.
The entry of the whale user again speaks to the wide recognition of SUN.io Genesis Mining.
In addition to offering Genesis Mining and Governance Mining on SUN.io, the platform will also airdrop SUN rewards to veCRV holders to honor its collaboration with Curve Finance. This time, Justin himself is committing 1 billion RMB worth of tokens to give back to the community, making SUN.io the go-to mining platform for all.
SUN token is an important experiment and complement to a diverse TRON ecosystem, and a critical cornerstone of a growing TRON DeFi. To accommodate the requirements of SUN project and infrastructure upgrading, on May 26, 2021, SUN implemented the SUN token redenomination and SUN platform upgrade plan. SUN.io is now TRON’s first one-stop platform that incorporates stablecoin swap, token mining and self-governance.
At present, the total value of stablecoins (USDT, TUSD, USDJ) locked on SUN.io has surpassed $400 million. Daily trading volume has reached $17,461,655.11.
Supported by TRON, the most active and used underlying infrastructure in the industry, we are confident that Justin Sun’s moves will maintain the momentum of SUN value, power more use cases, and will be conducive to the growth of the entire SUN ecosystem.
We believe that FTX Exchange CEO’s participation in 3pool mining on Sun.io is just the beginning of a splendid journey, where the real SUN carnival will kick off when more and more people realize the whopping yield of Sun.io Genesis Mining. It is only by then that the true value of Justin SUN’s ecosystem will begin to be discovered.