coindesk.com
Sun.io, the DeFi platform associated with Tron founder Justin Sun, has released a token generator dubbed SunPump.
The new platform will rival Solana's pump.fun token generator.
$10 million has been set aside to provide resources to newly issued tokens and a review process put in place to avoid rug pulls.
Sun.io, the decentralized finance (DeFi) protocol associated with Tron founder Justin Sun, has released SunPump, a platform that allows users to create memecoins on the Tron blockchain.
The platform will rival the popular Solana equivalent, pump.fun, where transaction fees surged to an all-time high this week with a total of $5.3 million in 24 hours.
Memecoins, despite often being issued as a joke, have become a key part of the recent crypto bull market. Several, including SHIBA, PEPE, WIF and FLOKI, have surpassed a $1 billion market cap. One of the key criticisms of platforms like pump.fun is that it creates a cheap way for bad actors to create a memecoin only to perform a rug pull once investors have added value.
"To address this, the Sun team is committed to enhancing our review processes, introducing community oversight, and promoting transparency to ensure the safety and trust of our users," Sun said in an interview. "SunPump conducts a thorough vetting of creators and projects before they are allowed to launch on the platform, helping to ensure that they meet specific standards of integrity."
When asked what sets the two projects apart, Sun said that due to a partnership with crypto exchange Poloniex, projects that maintain $1 million in daily trading volume for three days will be eligible to be listed on the platform.
Tron and SunPump are also putting $10 million together to create the Meme Ecosystem Boost Incentive Program, designed to provide resources for newly launched tokens.