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Being a DeFi community governance token, the SUN token is a ‘meme’ coin designed with encryption and artistic expression in focus.
The Tron Foundation has announced the launch of its DeFi governance token dubbed SUN named after the foundation’s CEO Justin Sun. Per the foundation’s open letter to the community about the SUN Genesis Mining, the blockchain-based firm hopes that SUN will become a nexus for sincere community-builders to collaborate on the TRON ecosystem.
The SUN token is “Designed as the quintessential Bitcoin equivalent on the TRON network, SUN features zero venture capital (VC) investments, zero private equity investments, no pre-mining or reserves for the team, and is wholly operated by the community through its open-source smart contracts. We want to build SUN into a grand social experiment while paying tribute to the spirit of decentralization as advocated by Satoshi Nakamoto.” the official announcement reads.
With Decentralized Finance (DeFi) lending platforms making tremendous headway in reaching new customer milestones, the importance of their respective governance tokens has been prominent. The SUN token will be to the TRON DeFi ecosystem what such tokens as LEND, DAI, etc. are to the Aave and MakerDAO ecosystems.
SUN Token to Drive Greater Adoption of Cryptocurrencies
As a DeFi community governance token, the SUN token is a ‘meme’ coin designed with encryption and artistic expression in focus. The Tron foundation hopes that the coin will join in driving greater adoption of digital tokens in the crypto sphere.
“We respect and appreciate crypto culture featuring humor and self-mockery, which is a critical source of power that continuously drives the spirited adoption of cryptocurrency.” the firm noted
SUN as a community governance token will help holders to discuss, vote, and help implement unique proposals in the Tron ecosystem. Per the announcement, the SUN token genesis mining is initiated as a grand social experiment, where everyone participating in Genesis mining will become part of the community and help guide its future.
With no reserve mining by the developers, the foundation hopes to make transparency the bedrock of the new project.