Justin Sun Commits 100% of SunPump Proceeds to Buybacks
SunPump, led by Justin Sun, has decided to forgo burning LP tokens in favor of a more transparent onchain buyback and burn procedure.
According to Tron founder Justin Sun, the SunPump meme token community has now chosen to execute a 100% onchain buyback and burn procedure.
Sun’s X post states that the decision was made in response to a community discussion that shifted away from earlier plans to burn liquidity pool (LP) tokens.
“Many community members don’t fully understand what LP token burning means, which can lead to misunderstandings.”
The original recommendation to burn LP tokens was motivated by the beneficial behaviors of other popular meme tokens, such as Shiba Inu SHIB$0.000014.
According to Sun, the benefits of LP token burning include improving “token liquidity depth” while maintaining the usability and “more regulator-friendliness” of the burned liquidity.
Sun thinks the new implementation of a 100% onchain buyback and burn procedure could give a “better approach” because of the difficulties of burning LP tokens.
Sun says the new buyback and burn procedure is “easier to verify,” more “straightforward,” and removes complexity. It will be put into effect “starting today” on September 3.
Through the direct implementation of a repurchase and burn process that is 100% onchain, all burned monies will be permanently verified onchain and won’t require “any explanations.”
Companies such as the cryptocurrency exchange Binance, which utilizes a percentage of profits to buy back and burn its BNB $534, demonstrate that this practice is not exclusive to SunPump.
SunPump overthrew its Solana-based predecessor, Pump, on August 21—enjoyable everyday income and activities.
Adam, a blockchain researcher, saw that SunPump’s daily total of newly minted tokens was greater than Pump’s equivalent figures. Enjoyable.
In contrast to Pump. Fun had 6,701 tokens created and $366,000 in income over the same 24-hour period, whereas SunPump saw 7,351 tokens launched and $585,000 in revenue.
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