The most anticipated DeFi mining collaboration of the Tron ecosystem in 2020 has begun. The Tron Foundation first revealed this when it announced the staking of the HT and HT / TRX LP liquidity mining native token of Huobi Global on SUN.io.
Huobi revealed the opening of SUN deposits on 10 September 2020 by Huobi Inno Hub, shortly after which the trading and withdrawal of the coin was also initiated. It eventually launched a “Stake HT to Mine SUN” campaign aimed at releasing SUN tokens to reward HT users for participating in mining.
🚀 HT Pool total staked over 5.2M $HT(APY:36.9%)
🚀 HT/TRX LP Pool total staked over 48.29M LP(APY:169%)
— SUN.IO (@defi_sunio) September 23, 2020
On 22 September, the Tron Foundation announced the entry of Huobi Token [HT] in the Official SUN.IO Observation List. And the cryptocurrency exchange Huobi Global issued the HT TRC-20 on the TRON blockchain. Shortly after the review, SUN began HT staking and LP liquidity mining on sun.io
Along the same line, Tron Foundation had previously stated,
“The open-minded SUN mining pool community selects premium assets from across the globe to form mining pools. Candidates vary from TRC10/20 to non-TRC10/20 assets. The SUN community will cooperate with JUST team and major exchanges to implement cross-chain bridge, bringing forth the unprecedented unity among global crypto communities.”
The much-awaited launch of SUN community self-governance will enable the community to be fully governed by users who will vote with SUN for setting up new mining pools. The SUN token will then subsequently become a “transit center” within the DeFi space on Tron and will act as a cross-chain channel between TRON and external assets.
SUN- “a living demonstration in the coalescence of encryption with the artistic expression”
SUN is more than just TRON’s first ‘meme’ coin. It is a “social experiment” that is focused on the development of Tron’s DeFi ecosystem and is designed as the “quintessential Bitcoin equivalent” on Tron blockchain as it features no VC investments, PE investments, pre-mining nor reserve for the team, and boasts to be fully operated by the community through its open-source smart contract, thus inheriting Bitcoin’s trait of absolute fair distribution. SUN further improvises on how governance needs to be carried out in a bid to achieve a full-fledged self-governance of the SUN community.
A quick primer: SUN Genesis started mining on 2 September, and according to the Foundation’s open letter to the community, the blockchain-based company hopes that the coin will become a nexus for community-builders to collaborate on the Tron ecosystem. Besides, the SUN token also aims to drive the adoption of cryptocurrencies and will enable its holders to discuss, vote, and help implement unique proposals on the Tron ecosystem.
The letter by the foundation also read,
“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.”