Justin Sun Announces 100% Onchain Buyback and Burn for SunPump
- Sun said that the new buyback and burn method, easier to verify, and avoids complications.
- Binance, a cryptocurrency exchange, follows a similar strategy to SunPump.
Tron founder Justin Sun has stated that the SunPump meme token community has chosen to implement a 100% onchain buyback and burn operation. The decision was reached after a community debate that shifted focus away from burning liquidity pool (LP) tokens, as stated in Suns post on X.
The principle of burning LP tokens was first proposed since it was seen as a beneficial practice by other popular memecoins, such as Shiba Inu. According to Sun, LP token burning has many benefits. Including making the burned liquidity more token liquidity depth and more regulator-friendly.
Put into Effect Starting Today
Given the intricacies of LP token burning, Sun thinks a better approach might be offered. By implementing a buyback and burn mechanism that is 100% onchain. Sun said that the new buyback and burn method is easier to verify and more straightforward. Also, avoids complications, and would be put into effect starting today on Sept. 3.
There will be no need for any explanations since all burn funds will be recorded onchain for immutable verification. Thanks to an onchain buyback and burn mechanism that is implemented immediately.
Moreover, Binance, a cryptocurrency exchange, follows a similar strategy to SunPump. By repurchasing and burning its BNB token with a percentage of its revenues. As of August 21st, SunPump had more daily revenue and activity than its Solana-based predecessor, Pump.fun.
According to Adam, a blockchain expert, SunPump ended the day with a bigger amount of newly minted tokens than Pump did for the same Pump.fun. In comparison to Pump.funs 6,701 token launches and $366,000 revenue, SunPump had 7,351 token launches and $585,000 in revenue over the 24 hours mentioned by Adam.
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Read more: https://thenewscrypto.com/justin-sun-announces-100-onchain-buyback-and-burn-for-sunpump/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
