Tron’s Justin Sun launches DeFi meme coin named after himself

Justin Sun, CEO of the TRON blockchain, has announced his latest project—$SUN—a decentralized finance (DeFi) meme coin named after himself.

Though the coin will officially launch on 16 September—which the flamboyant CEO has christened SUNday (even though it’s a Wednesday)—mining for $SUN will commence on 2 September.

Sun says this is “a genuine effort to allow a community to govern itself”. There are no investments from venture capitalists nor private sales, nor pre-mines nor reserves for the team. Instead, $SUN is “wholly operated by the community through its open-source smart contracts,” tweeted Sun.

$SUN will power SUN Finance, a DeFi smart contract. From the looks of it, $SUN is another yield farming token—governance tokens issued as rewards for staking crypto in its smart contract—only this time on the TRON blockchain.

Governance tokens are the hot new thing in crypto and largely responsible for the DeFi boom of 2020—an industry into which investors have poured over $9 billion, much of it in the past two months.

$SUN will provide liquidity for TRON tokens and can be sold on secondary markets or used to vote on network governance proposals.

Many DeFi meme coins have also spiked in popularity—$YAM, $TENDIES, $SUSHI for instance—and have risen by thousands of percentage points shortly after launch. $SUSHI, for instance, has risen 74% in the past 24 hours.

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