Justin Sun Bets on Memecoins with Tron-Based Token Generator
Date: 2024-08-16 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Decentralized finance platform Sun.io, closely linked to Tron founder Justin Sun, has unveiled a new tool called SunPump aimed at creating memecoins on the Tron blockchain. The move is aimed at competing with popular Solana-based token generator pump.fun.
Performance fees on pump.fun hit a record $5.3 million in just 24 hours this week, according to recent data, highlighting the high interest in memecoins. Despite their humorous nature, memecoins have become an integral part of the recent cryptocurrency bull market. Tokens like SHIBA, PEPE, WIF, and FLOKI have already surpassed the $1 billion market cap mark.
However, with popularity comes problems. One of the main criticisms of platforms like pump.fun is the ability for unscrupulous developers to quickly create a memecoin to “scam” investors, after which they carry out a so-called rug pull.
Justin Sun, recognizing these risks, said in an interview that the Sun team takes the vetting process for new projects seriously. “We are focused on strengthening the vetting process, implementing public oversight, and increasing transparency to ensure the safety and trust of our users,” he said. SunPump thoroughly vets creators and projects before launching on the platform to ensure they meet the established standards of integrity.
Among the key differences between SunPump and other platforms, Sun highlighted its partnership with the cryptocurrency exchange Poloniex. As part of this partnership, projects that reach $1 million in daily trading volume over three days will be eligible to be listed on the platform.
In addition, Tron and SunPump are committing $10 million to create the Meme Ecosystem Boost Incentive program, which will provide resources for new tokens launched on the platform. This initiative aims to support the development of memecoins and further stimulate the growth of the market.
