Tron's Justin Sun Creates DeFi Meme Coin, Names it After Himself

Justin Sun, the flamboyant CEO of the TRON blockchain and a relentless marketer, today announced his latest project: A DeFi meme coin named after his own sunny self.

Mining for $SUN, his new coin, will commence on September 2, and the coin will officially launch on SUNday September 16. Sigh.

(1/5) I am glad to announce that we have decided to launch $SUN 🌞 Genesis #Mining. ⛏️
#SUN🌞, manifesting total #community self-governance, is a living demonstration in the coalescence of encryption with artistic expression.https://t.co/F7HNajPfQc

— Justin Sun (@justinsuntron) August 31, 2020

$SUN will power SUN Finance, a DeFi (decentralized finance) smart contract for which details are scant. It looks like $SUN is another yield farming token—governance tokens issued as rewards for staking crypto in its smart contract—only this time on the TRON blockchain. Provide liquidity for various TRON tokens and you'll receive $SUN, which can be sold on secondary markets or used to vote on network governance proposals.

The vast majority of DeFi tokens live on Ethereum, and $SUN is likely Sun's effort to divert some of the DeFi crowd onto his own platform. According to DeFi Pulse, a metrics site that lists all of the major DeFi projects. Of the 38 projects listed on DeFi Pulse, which 37 are based on Ethereum, and the outlier is based on Bitcoin.

This story is breaking and will be updated.