It was just today that Tron creator Justin Sun said on X that SunPump had destroyed $8 million worth of SUN coins, with another $4 million still waiting to be burned. In the near future, he said, $SUN and $TRX holders would have exclusive access to the token.
Prior to discussing the SunPump's revenue buyback and destruction on September 3, Justin Sun had spoken previously. He elaborated by saying that members of the community have previously proposed strategies such as SHIB's, burning Liquidity Provider (LP) tokens, and the popular memecoin.
Burning LP tokens has several benefits, including making it more regulator-compliant, increasing the depth of token liquidity, and enabling the burnt liquidity to still be used. One drawback is that it could be "complex," which is a synonym for confusing.
According to Sun, after much deliberation, the community has decided to immediately execute a repurchase and burn mechanism that is entirely on-chain. All fund burn records will be on-chain using this technique, thus it's easy to verify and there's no need for explanations. "In my personal opinion, this seems like the better course of action, and it will be put into action today," Sun tweeted earlier.
Some X users praised the move, while others pointed out how liquidity may be neglected if buyback and burn were the primary priorities. Adding additional liquidity, according to Chains Card Chairman Ben Todar, may aid in pricing stability, yield possibilities, network robustness, whale attraction, and defense against market manipulation.
The market value of $SUN has fallen 9.37% in the last 24 hours, with selling pressure being a contributing cause to the constant decline. The price is now trading at $0.02875.
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