Key Points
- When Pump.fun is selling, SunPump is buying back, says Justin Sun.
- Today, SunPump began implementing a 100% on-chain buyback and burn process.
Earlier today, Tron’s founder, Justin Sun, said that when the Solana-based memecoin generator, Pump.fun is selling, SunPump is buying back.
“This about what that means,’ he said in a recent post via X, regarding SunPump’s new implementation.
On August 21, SunPump Tron-based memecoin generator, flipped its Solana-based Pump.fun rival in daily revenue by over $200,000, despite being launched just recently, on August 9.
SunPump Implements a 100% On-Chain Buyback and Burn Process
This morning, Justin Sun, addressed the issue of revenue buyback and burning for SunPump memecoin generator.
He said via a post on X, that the community previously suggested burning liquidity LP tokens as this approach is used by mainstream meme tokens such as SHIB.
Tron’s founder also highlighted the downside of this approach which is the complexity of explaining it. He said that there are a lot of community members who don’t fully understand what LP token burning means.
He highlighted that following a recent discussion, the community agreed that a better approach would be directly implementing a 100% on-chain buyback and burn process.
This approach comes with a few advantages, according to Sun.
5 Key Implementation Benefits
Implementing a 100% on-chain buyback and burn process has the following benefits, as noted by Sun via his X post:
- Easier verification due to complete fund burn records on-chain
- A more straightforward approach easier to understand
- LP tokens burning is Increasing token liquidity depth
- The burned liquidity can still be utilized
- A more regulator-friendly approach
Sun also said that he believes that this may be the better approach, and highlighted that it would be implemented starting today.
Tron’s founder also shared a post, saying that SunPump’s real-time burn progress can be accessed on the official website. The website is entirely real-time, with blockchain records providing real-time proof.
SUN Buyback and Burn: Real-Time Data
SunSwap.com reveals, among others, SUN Buyback and Burn data, stating that the process is used to empower the community.
At the moment, the on-chain data reveals that an estimated amount of over 9.4 million SUN worth almost $283,000 remains to be burned, while the total burned amount is currently a little over 268 million SUN worth around $8 million.
Burning records are also revealed in real time via the official website.
Buyback and Burn Rules
The website also reveals the buyback and burn rules as follows:
- Buyback: The smart contract will regularly swap 0.05% of the value of each transaction on SunSwap V2 for SUN and deposit SUN tokens (to be burned) into a designated address.
- Burning: The SUN tokens in the designated address will be burned every four weeks, by depositing them into the TRON blackhole address.
A few hours ago, Sun highlighted via another post on X that the revenue buyback and burning for SunPump, has already started today, and is set to be completed in a few days.
