Token exchange protocol SUN.io has acquired JustSwap and renamed it SUNSwap.
SUNSwap will, according to the TRON Foundation which owns the exchange, incorporate TRON on-chain token swap, liquidity mining, stablecoin swap, staking and self-governance. In that way, the TRON DeFi ecosystem will give total effort to the DEX system.
Furthermore, as a native utility token on SUNSwap, SUN will be used to govern the platform, give rewards to liquidity providers, and buy back tokens with revenue on the platform.
Its CEO and founder Justin Sun tweeted:
(1/6) 📣 Time for the final reveal!
🌞 I’m thrilled to announce that https://t.co/rJYHv3rZ8m has acquired #JustSwap and was upgraded to the most prominent decentralized exchange in the #TRON ecosystem: #SUNSwap.https://t.co/Fhuo0tkuOx
— Justin Sun 🅣🌞 (@justinsuntron) October 20, 2021
More than 79,435 trading pairs have been listed on JustSwap since its inception on August 18, 2020.
It has hit a record high of more than $2.2bn 24-hour liquidity, and exceeded $830m trading volume.
Since its first genesis mining in September 2020, SUN.io, through its updates, has grown into a one-stop platform that incorporates stablecoin swap, token mining, and self-governance, reaching a record of more than $1.3 billion TVL (total value locked).
Due to TRON’s heavy investment in DeFi and TRON’s public chain technology, JustSwap and SUN.io have been growing and recorded a total of $70 million rewards distributed in TRX, WBTT, WIN, JST, and SUNOLD.
USDJ becoming the platform token of TRON’s protocol
The foundation explained SUN will be a symbol of the decentralised trading platform with SUNSwap (formerly JustSwap) integrating the trading of all TRC20 tokens backed by the AMM algorithm.
Sun.io will be integrating TRON’s existing stablecoin ecosystem which includes USDT, USDC, TUSD, and USDJ, realising one-click trading within TRON’s ecosystem.
Justin Sun commented that “in the future, TRON DeFi ecosystem will keep its rapid expansion momentum and form a complete industry chain including lending, staking, asset management, trading, liquidity, stablecoins, among others, with JST and SUN serving as fundamental tokens of the ecosystem”.
JST is the foundation of TRON’s JUST ecosystem, where USDJ was first brought to the limelight as the platform token.
Now it is integrated into the JustLend platform, becoming the platform token of TRON’s decentralised lending protocol, and the foundation of the entire decentralised financial ecosystem on TRON.
SUN.io’s acquisition of JustSwap signifies the in-depth integration of the advantages of the two platforms.
With the upgrade to SUNSwap will support direct transactions between TRC20 pairs and offer liquidity.
Additionally, the further integrated SUNSwap platform also supports more staking pools and shares SUN platform tokens as incentives, striving to become a decentralised exchange that incorporates mining, stablecoin swap, and multi-asset pool swap.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.