TRON ecosystem has seen a great amount of development since the project’s mainnet was launched in mid-2018. Back in those days, Tron was the favorite of the crypto industry, attracting investors and traders with its potential, and developers with its speed which surpassed Ethereum. Back then, the project was one of the best Ethereum-like platforms that were better than Ethereum itself, so TRON had major potential.
Meanwhile, its dedication to revolutionizing the entertainment industry also attracted quite a few people who were interested in learning what Justin Sun and Tron had in mind. Thanks to its dedication to decentralization and focus on entertainment, the project saw a great many dApps developed. However, even so early on, it quickly became clear that the developers are mostly interested in gambling dApps, and the community was greatly interested in using such applications.
When DeFi came along, Tron’s developers jumped on the trend as well, creating all kinds of projects. Today, however, we wish to talk about a project that aims to be the first one-stop platform on TRON that would support a number of DeFi functionalities that users throughout the crypto industry have grown to love and prefer.
How Does Sun (SUN) Work?
The Sun token is the native cryptocurrency of SUN.io — a TRON-based platform that serves as the first one-stop platform where users can access a variety of DeFi features and functionalities in the same place. Things such as stablecoin swaps, token mining, and self-governance are all available, and by joining the project, users also get to stake their tokens, provide liquidity, and participate in the voting process to help make important decisions.
The project’s goal is to boost TRON adoption, but also the growth of TRON’s own DeFi ecosystem, which it does thanks to the community and open-source smart contracts that allowed it to establish ties with other DeFi protocols on the TRON public chain.
What Problems Does Sun (SUN) Solve?
Let’s talk about some of the solutions that Sun has to offer, which are primarily meant for the TRON ecosystem.
Fostering the growth of TRON’s DeFi ecosystem
Sun was founded to foster the growth of TRON’s DeFi ecosystem. Basically, the project managed to establish ties with a number of other DeFi projects developed on the TRON network, primarily through decentralized liquidity mining. In doing so, it started creating an organized network of projects that are connected to one another through Sun, which opens up the door to greater use cases for their cryptocurrencies. At the same time, it makes Tron-based DeFi more advanced and can lead to new products and better, innovative solutions.
Featuring the most popular functionalities
As mentioned, Sun is a one-stop platform for a number of the most popular functionalities that DeFi has to offer. Some of the things that it features include stablecoin swaps, token mining, and even self-governance. Plus, holding the token also opens the door to certain benefits and privileges that we will talk about as well soon.
Pushing TRON adoption
Finally, the project is making TRON look better, with multiple popular features available in one place. And, as mentioned, it connects other DeFi projects to itself, thus creating a DeFi network within TRON. This brings new benefits for users who choose to come to TRON in order to access DeFi, which, in turn, boosts TRON adoption. With adoption, developers have an incentive to develop new products and protocols on TRON, which in turn brings even more people, and so on.
Benefits of Sun (SUN)
We mentioned that there are certain benefits and privileges that you get to access by using Sun, and those include things such as:
Governance
The first thing to note is that the project offers its token holders the ability to participate in project’s governance. This means that, by holding the token, you are allowed to vote on various proposals that concern the project and influence its development and future. On the other hand, if you have an idea of how the project could be improved, you can propose your own idea and have the community vote on it. It is all fully decentralized and transparent, and without a centralized authority to make the decisions — it is up to the community to make those decisions.
Staking
Next, the project also allows users the ability to participate in staking. This is, of course, available throughout the crypto industry, as pretty much every blockchain has a number of staking protocols. The way it works is the same as always — users need to obtain a certain amount of SUN tokens, and lock them up. In doing so, they can start receiving rewards and set up passive income for themselves.
Liquidity providing
Lastly, we mentioned that the project managed to connect to a number of DeFi protocols through liquidity providing. It also allows its own users to become liquidity providers by locking up their own tokens in the project’s smart contract, thus ensuring that there is always enough liquidity for the orders to be completed instantly. In return, they receive rewards from the protocol which serve as an incentive and, once again, passive income.
Final Thought
Sun is a very important project for the TRON ecosystem as it essentially connects a number of different protocols and features and makes them available on one single platform. As such, it allows users to access them in one place, without having to jump from project to project, and it rewards them for engaging with the project by offering rewards and giving them the right to participate in the project’s governance. It is the first project of this kind on TRON, which also gives it the first-mover advantage, and we are interested to see how it will grow as TRON’s DeFi ecosystem continues its growth and development.
