Originally published on: September 03, 2024
The cryptocurrency community is buzzing with excitement as Justin Sun, the mastermind behind Tron, has revealed groundbreaking news for SunPump. The SunPump meme token is set to make waves with the implementation of a 100% onchain buyback and burn process.
In a recent announcement on X, Sun shared that this decision comes after a community-wide discussion that shifted away from the original plan to burn liquidity pool (LP) tokens. Inspired by the success of popular memecoins like Shiba Inu, the idea of burning LP tokens was initially considered advantageous.
However, Sun highlighted the complexities that come with LP token burning and proposed a more streamlined approach. The new 100% onchain buyback and burn process offers increased transparency, making it easier to verify and understand. This move eliminates unnecessary complexities and ensures all funds burned are recorded onchain for immutable verification.
Sun emphasized the simplicity and efficiency of this new process, which will be implemented immediately, starting September 3. The direct buyback and burn approach allow for a smoother operation without the need for convoluted explanations.
The onchain buyback and burn process is a tried-and-tested method used by industry giants like Binance to enhance token liquidity and value. SunPump’s innovative approach has already proven successful, with the token surpassing its Solana-based predecessor in daily revenue and activity.
Blockchain experts have noted the impressive growth of SunPump, showcasing higher token creation and revenue compared to its competitors. With 7,351 tokens launched and $585,000 in revenue in a single day, SunPump is setting a new standard in the world of cryptocurrency.
As Justin Sun continues to revolutionize the crypto space with SunPump, the future looks bright for this innovative meme token. Stay tuned for more updates on this exciting development.
