A big hype is happening around TRON‘s DeFi sector. As Twitter Whale Alert reported, over 2 billion TRX with a total value of $75.3 million were transferred lately. The exchange Poloniex has tweeted that big withdrawals are happening, users are participating in TRON’s yield farming.
So you guess it, it’s the DeFi power behind this hype.
Poloniex has close ties to the TRON ecosystem since Justin Sun, TRON CEO, became one of the owners. As reported by CNF, Sun has been raising expectations about the TRON DeFi sector as a way to compete with Ethereum. With its $9 billion in total value locked, the Ethereum DeFi has experienced a major boom in recent months and TRON wants a share of the market.
TRON made a publication saying that the yield farming product of the SUN genesis mining platform has received TRONs. Launched on September 2, 1.5 billion TRX were delegated to the SUN smart contract in just 15 minutes. Within the first day, 5 billion TRX were locked into the contract.
How to participate in the “SUN genesis mining”?
To obtain SUN users have to visit the official website with their TronLink wallet and stake their TRX in a smart contract on the official website.
If you are willing to participate, please don’t send your TRX into the SUN’s smart contract directly as you may lose the funds. After the genesis mining phase, users will receive a quantity of SUN provided at the time they have delegated TRX. During the Genesis Mining, 1,860,602 SUN tokens will be mined.
The token will have a total supply of only 20 million and, those who delegate the token early will receive greater rewards. About 30% of the SUN supply will be mined during the Genesis Mining phase. The remaining 70% will be obtained through “regular mining” via pools that allow the delegation of TRX and other tokens from the TRON ecosystem such as JST, BTT, WIN, among others.