Singapore, Singapore, 28th January, 2022,
– SunSwap, the largest decentralized exchange (DEX) on TRON, is now officially integrated with SUN.io after a period of stable operation. The mining pool community has also completed its decentralization, and Governance Mining is open for applications on SUN.io’s website to welcome more projects to the SUN Governance Mining.
Created by SUN.io after it acquired JustSwap for an overall rebranding, SunSwap is the largest DEX on the TRON network. It then became TRON’s leapfrog innovation in the DeFi space by integrating the advantages of both JustSwap and SUN.io, featuring TRON-based on-chain token swap, liquidity mining, stablecoin swap and staking, and platform governance.
The up and running Governance Mining on SUN.io is well received by users, with a TVL of over $600 million to date. As TRON’s first platform that incorporates stablecoin swap, stake-to-mine feature, and self-governance, SUN.io always hopes to scale up cooperation with premium projects while improving the platform. This is why Governance Mining is now open for applications on the SUN.io website to invite community projects to the SUN.io ecosystem.
SunSwap V2.0 upgrade
Putting its mind to long-term value creation and better user experience, SunSwap makes sustained efforts to upgrade its products based on users’ needs. With features like one-click liquidity migration and improved user interfaces for the exchange, fund pool, and explorer modules, SunSwap V2.0 delivers a friendlier user experience. Users can also add liquidity to trading pairs of any two TRC20 tokens on SunSwap V2.0, which frees them from redundant swaps and enables them to trade the most popular tokens right away.
Upon the launch of SunSwap V2.0, its TVL has surged past $1.7 billion, with a staggering 34.1% APY offered by the NFT-TRX liquidity pool. By upgrading both its user experience and functionality, SunSwap is gaining incredible traction among users, which marks not only another milestone for SUN.io and the TRON blockchain, but is also epoch-making for DeFi and the wider blockchain industry.
SunSwap completes integration with SUN.io
Liquidity mining on SunSwap will end on January 28, 2022, at 20:59:59 (SGT), in parallel to which the reward distribution rules will be adjusted. Once concluded, SunSwap liquidity mining will no longer generate rewards. Previous rewards will be distributed according to the revised regulations, and users can still claim their rewards in SunSwap > Liquidity Pool as they used to. At the same time, the new pools will go live on SUN.io, marking the full integration of the two.
Upgraded two-token mining delivers decentralized community governance
The new pools launched on SUN.io will support two-token mining for selected LP tokens in SunSwap V1 and V2, enabling miners to earn dual rewards of SUN tokens and project tokens via Governance Mining. The new token SUN functions as the multi-purpose governance token for the platform (similar to CRV for Curve DAO and EPS for Ellipsis). It grants SUN holders various rights and benefits, including the right to vote, community governance, value capture, staking rewards, etc., in a bid to deliver truly decentralized community governance.
By staking LP tokens to participate in the new pools, users can earn mining rewards in addition to transaction fees.
How to mine on the SUN platform?
Users need to hold LP tokens to take part in liquidity mining, and mining pools only accept their respective LP tokens. For example, USDT-TRX LP mining pool only accepts USDT-TRX LP tokens.
LP token holders may visit the Liquidity Mining page on the SUN.io website, find the mining pool they want to participate in, enter the number of tokens they want to stake, and then wait to harvest their mining rewards when the staking begins.
Two-token mining rewards—the SUN token
In pools that support two-token mining, one of the reward tokens is SUN, which is given by the SUN platform to participants of Governance Mining. The amount of SUN rewards will be determined by the voting weights of the liquidity mining pools, which will be updated at 8:00 every Thursday (SGT). Users can lock SUN for veSUN and thus boost their SUN mining speed by up to 2.5x; they can also vote in liquidity pools with veSUN to decide how SUN rewards are allocated in different pools.
Two-token mining rewards—the project token
Unlike SUN rewards, rewards distributed in the project token are not affected by the voting weights of the liquidity mining pools, and the mining speed cannot be boosted by locking SUN. In pools that support two-token mining, rewards are distributed in the project token in addition to SUN: WTRX, the project token in the “stablecoin – TRX” liquidity pools, is provided by TRON DAO to incentivize users to co-build the TRON ecosystem. For other liquidity pools, the project token rewards are provided by project teams to boost users’ engagement in providing liquidity and staking LP tokens. Project teams reserve the right to update the rules of distributing project tokens, including how many tokens will be distributed each week, if any. Please pay attention to the latest announcement on the websites of SUN.io and project teams.
Participate in SUN Governance Mining
At present, the project teams’ pools supported in Governance Mining are SunSwap V2 liquidity pools. Once approved, eligible pools can be added to the list of liquidity pools in Governance Mining, and users can stake corresponding LP tokens for SUN rewards.
What is Governance Mining?
Governance Mining is a stake-to-mine project launched by SUN.io for community self-governance. It now supports LP tokens in stablecoin liquidity pools and SunSwap liquidity pools.
To participate in 3pool and USDC liquidity mining, users need to make deposits in the corresponding pool on SUN.io, provide liquidity to earn LP tokens, and then stake these tokens for mining. To participate in SunSwap liquidity mining, users must first add liquidity on sunswap.com to get LP tokens before staking these tokens on SUN.io for mining.
Governance Mining Phase II is now open. Users can choose a liquidity pool on the website to stake LP tokens in and boost the mining speed of the chosen pool with veSUN. They can claim SUN tokens earned from staking directly to their wallets. Also, users can vote with veSUN to decide the weight of a liquidity pool: the proportion of veSUN votes determines how much SUN will be allocated to a pool as rewards.
The SunSwap-SUN.io integration and new mining pools have diversified the use cases of SUN, giving play to community self-governance, further adding utility to the SUN token, and facilitating the growth of the SUN ecosystem. As an integral part of DeFi, and a key component of the TRON ecosystem, SUN will keep powering the entire DeFi space, providing its users with a solid platform that embraces complete autonomy across the board.
SUN.io is set to become a decentralized autonomous community with long-term vitality, and we will keep paying back to our community users with rewarding mining projects. Users are welcome to try out the brand-new mining pools on SUN.io, and our door is always open to high-quality project teams. We’ll continue to keep coming up with more exciting plans, so please stay tuned.
The upgraded SunSwap will incorporate TRON on-chain token swap, liquidity mining, stablecoin swap, staking and self-governance, benefiting the TRON DeFi ecosystem by giving total effort to the DEX system. Furthermore, as a native utility token on SunSwap, SUN will be used to govern the platform, reward liquidity providers, and buy back tokens with revenue on the platform, manifesting TRON’s original aspiration to extend benefits to the broader public.
- Alexis Schreiber
- [email protected]
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