- SUN token burn hits $8M milestone with $4M pending, boosting market confidence.
- SUN tokens embody transparency with a 100% on-chain redemption and burning course of.
- Solar opted for an easier burning methodology over LP tokens to keep away from neighborhood confusion.
Justin Solar on X has introduced that the continuing SUN token burn has reached a big milestone. The entire burn now stands at $8 million, with one other $4 million but to be accomplished. This replace demonstrates the continuing effort to cut back the whole provide of SUN tokens as a way to strengthen the token's market place.
The SUN token burn has seen regular and important exercise in current days. A complete of 279 million SUN tokens have already been burned, which equates to roughly $8 million. The most recent burn information present that round 3 million SUN tokens had been burned on September 4, 2024 at 08:26 SGT. Different burns on the identical day included a complete of greater than 3 million SUN tokens, reflecting a continued dedication to decreasing the general token provide.
As well as, roughly 9 million SUN tokens are set to be burned quickly, with an estimated worth of $269,000. The continued course of highlights the neighborhood's resolution to make use of a clear and verifiable token burning methodology.
This method was chosen over the extra advanced methodology of burning Liquidity Pool (LP) tokens generally utilized by different tokens comparable to Shiba Inu (SHIB). In keeping with Solar, whereas burning LP tokens might improve liquidity and appeal to bigger traders, its complexity usually causes confusion amongst neighborhood members.
Moreover, Coin Version lately famous that SunPump, a meme coin platform on the Tron community, applied a 100% on-chain buyback and burn course of for its SUN token efficient September third. This transition to a totally on-chain course of is designed to extend transparency and be certain that all burn information are verifiable on the blockchain.
Solar additional defined that including liquidity by way of LP tokens might enhance the depth of the market and appeal to bigger traders, often called “whales,” preferring tokens with excessive liquidity to keep away from slippage and volatility.
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