The cryptocurrency market continues to grow with new and innovative projects. One such project is TRON, which aims to build a decentralized internet and content sharing ecosystem. Central to the TRON ecosystem is its native cryptocurrency, SUN. This article will provide an in-depth examination of SUN — what it is, how it works, and its future outlook.
What is SUN Cryptocurrency?
SUN is the native crypto asset of the TRON blockchain. It provides the basic unit of account on the network. SUN was initially launched as TRX, but later rebranded to SUN.
SUN’s primary purposes are to:
- Pay transaction fees when using dApps and smart contracts on TRON.
- Reward TRON network validators who secure the blockchain.
- Facilitate governance of the TRON ecosystem by giving SUN holders voting rights.
Additionally, SUN aims to be a digital currency used for everyday transactions and payments. The TRON Foundation views SUN as a critical component in fulfilling TRON’s mission of creating a decentralized internet and content ecosystem.
Key Features of SUN
Here are some of the key features of the SUN cryptocurrency:
- Speed — TRON processes transactions quickly, at around 2,000 TPS. This enables fast SUN payments and settlements.
- Scalability — SUN runs on a scalable blockchain capable of handling large transaction volumes and supporting complex dApps.
- Smart Contracts — SUN supports Turing-complete smart contracts and decentralized applications on the TRON Virtual Machine.
- Consensus — TRON uses delegated Proof-of-Stake for consensus, with SUN holders electing Super Representatives to validate transactions.
- Supply — The total supply of SUN is 100 billion, with circling supply around 92 billion. The remaining tokens fund ecosystem development.
How to Acquire and Store SUN
There are a few ways to acquire and hold SUN cryptocurrency:
- Exchanges — SUN is traded on major exchanges like Binance, OKEx and Huobi. Users can purchase SUN with fiat or other crypto assets.
- Earning — SUN holders can earn interest by providing liquidity on JustLend or lending their tokens to receive interest payments.
- Staking — Users with a minimum of 1,000 SUN can participate in staking to earn rewards for validating transactions.
- Wallets — SUN is supported by TRON-compatible wallets like TronLink, Trust Wallet and Ledger hardware wallets.
Storing SUN in a secure crypto wallet is recommended over keeping it on an exchange account.
Real World Use Cases
SUN has a range of real-world applications on the TRON blockchain:
- Transactions — SUN facilitates fast, low-cost transactions between users and decentralized applications.
- dApps — SUN powers smart contracts and dApps on TRON, like decentralized exchanges, lending protocols and gambling apps.
- Micropayments — The speed and negligible fees of SUN transactions make micropayments viable for content creators.
- Decentralized Finance — SUN holders can participate in DeFi lending, liquidity pools, and staking to earn yields.
- Oracles — SUN rewards TRON oracles like JustLink for providing external data to smart contracts.
As the native asset, SUN will continue playing an integral role in the TRON ecosystem as further applications are developed.
Price History and Future Outlook
SUN launched in September 2017 valued around $0.0019. The token saw rapid gains in the crypto bull market of late 2017, reaching an all-time high price of $0.25 in January 2018. However, SUN’s price then entered a long-term decline that lasted until the next market rally in 2021.
In April 2021, SUN began surging to a new all-time high around $0.068. It has since pulled back significantly and trades between $0.01 and $0.02 as of September 2022. SUN’s market cap stands around $1.3 billion, making it a top 50 cryptocurrency.
Like most cryptocurrencies, SUN’s price has been strongly correlated with Bitcoin’s price swings. If the overall crypto market recovers from its slump, SUN could potentially see strong upside. However, competition from rival smart contract platforms like Ethereum is a downside risk.
SUN serves as the core cryptocurrency powering the decentralized TRON ecosystem. With its low fees, scalability and smart contract functionality, SUN aims to be the cryptocurrency of choice for digital payments and dApps.
While speculative in nature, SUN has strong long-term growth potential if TRON can deliver on its ambitious vision and continue attracting developers. As the broader crypto industry matures, keep an eye on SUN as a rising ecosystem token.