Hello everyone, I am glad to take part in this season's first week academy. Prof @sapwood has done a great work delivering this lectures.
Features of Sun.io
Sun.io is a decentralized exchange that lets user stake their holdings in the liquidity pool, mine the tokens, and also swap stable coins for other tokens.
The platform was formerly known as the Justswap. Few months ago, the CEO of the Tron blockchain, Justin Sun announced the change of name of Justswap platform to Sunswap.
Users can decide to stake their tokens for some period of time and earn some great rewards depending on the duration they wish to stake their tokens in the pool.
The platform has some user friendly features which lets users access many great benefits incorporated on the platform. Below are the features of the Sun.io platform.
Swap Feature
The swap feature is a great feature in sunswap that lets users swiftly swap one TRC-20 to another without the presence of any middleman or order book. Just right next to the swap feature is the pool where TRC-20 holders can stake their holdings and become Liquidity providers. As Liquidity providers, they are entitled to participate in part of the fee charge in the platform.
LP Pool
This is another great feature of Sun.io where users can stake their holdings in the liquidity pool. Users who stake their tokens in this pool are referred to as Liquidity providers and they are rewarded with some Liquidity Pool (LP) tokens which they can decide to either stake it at a latter time or not. From the screenshot above, there was a current stake value of 8,449,063,809 Trx
Scan
This feature allows user search for the available trading pairs in the sunswap platform.
SUN Swap
This feature let's users swap the old token of the sun.io platform to the new token. That is, user can swap from SUNOLD to SUN. Users who had 1 SUNOLD, when they swap it to SUN will have 1000 SUN.
Burn SUN
This feature gives a statistical rundown of the tokens bought and burned.
WTRX Feature
This is another feature that let's users exchange their TRC-10 token to wrapped token TRC-20 token. For example, exchanging wrapped Trx to Trx and vice versa.
WBTT Feature
This feature let's users exchange their TRC-20 wrapped BTT to TRC-10 BTT and vice versa.
Stake
This feature incorperates the staking farm where users can stake their holdings which will be is locked up for a particular duration and then after the duration is over, they can unstake their asset with some good rewards.
Take for example a SUN token holder staked some SUN tokens in the staking pool, he will receive some veSUN tokens which he can use as his voting rights, can use to increase his mining speed and also entitled to some TUSD rewards too.
Also, there is liquidity pool in the stake feature where liquidity providers can participate in and also earn some LP tokens. The Liquidity Pool here is has three different pools which are the 3pool, USDC Liquidity Pool and the SUN-TRX Liquidity Pool. Each of these pools have their different APY.
Governance Feature
This feature let's token holders to exercise their franchise to ascertain the weight of the Liquidity Pools
Airdrop Feature
This feature gives details of the airdrop which will specifically be allotted to veCRV holders according how much of the veCRV tokens they hold.
Century Mining Feature
This feature gives information about the previous and recent mining pools
The Different LP Pools, Different LP Tokens and their Fee Percentage Within 24 Hours To Buy Back and Burn SUN
From the Sunswap.com, there are 9 different LP Pools available and they are USDT-TRX LP, WBTT-TRX LP, NFT-TRX LP, USDJ-TRX LP, TUSD-TRX LP, USDC-TRX LP, BTC-TRX LP, ETH-TRX LP and WIN-TRX LP. Amongst these 9 pools, the NFT-TRX LP has the highest percentage rate of APY which is 38.04% and the BTC-TRX LP has the least percentage rate which is 3.7%.
The Different LP Tokens
As at the time of creating this post, the different LP tokens pairs available in the V1.0 of the sunswap is 17,553 with 16 new pairs added over the last 24 hours. But in the V1.5, the available LP pairs is 126 with 2 new pairs added in the last 24 hours.
Fee used to buy Back and Burn SUN
In the las 24 hours, the fees generated by SUN token is $2.2154.
1/6 × 2.2154 = $0.3692.
Staking SUN to Obtain veSUN
To stake SUN to obtain veSUN, I will be using my Tron link wallet.
On the home page of the tron link wallet, I clicked on Discover.
Then I select SUN.
Since my wallet is already connected, I select stake
Then I clicked on Lock SUN to veSUN
Then I typed in the amount of SUN I want to stake which is 15.
Then I approved the transaction by supplying my password.
The transaction consumed 345 Bandwidth and 1,027 Energy. Unfortunately, the transaction couldn't pull through because I didn't have enough enough tron to be burned for more energy accommodation.
What is veSUN
Vote Escrow SUN (veSUN) is the voting rights of sun.io users to take part in the governance and also used to speed up the rate of mining.
The veSUN can be obtained when SUN holders lock their asset for some time. It is important to know that every SUN holder doesn't get the same amount veSUN as reward when it is distributed. Instead, each SUN holder that staked his SUN receives veSUN based on the amount of SUN staked and also based on the period the SUN token is to be locked.
Currently, 4 years is the maximum number of years SUN can be locked and 6 months is the minimum.
To the determine the amount veSUN expected after a particular period, the formula used is
Amount of veSUN = Amount of locked SUN x (Expiry date - Current date)/4 years.
3-in-1 Packed Benefits of Holding veSUN
Below are 3-in-1 benefits holding veSUN
veSUN holders have the full right to vote and decide how the weight of liquidity pool should because the veSUN is the voting right to be involved in the decision making of the sun.io governance.
veSUN holders can increase their mining speed rate upto 2.5 times of the standard mining speed.
The obtainable is determined amount of veSUN is determined by how much of SUN was locked and when some good number of veSUN is obtained, the more influential the veSUN holder will become in the mining pool.
- Holding veSUN makes the holder eligible benefitting 50% of the trading fees generated from stablecoin pools. The stablecoin involved here is the TUSD.
As at when I made this post, the APY for TUSD was 9.48%.
Stablecoin Swap Facility In Sun.io
The stable coin swap facility in sun.io is simply a swap function that allows users swap their TRC-20 stablecoins.
This swapping is done in a complete decentralized manner with a considerable low fee charge.
Sun.io makes this swapping go very swift in 2 pools which are the 3pool LP and the USDC LP.
The available stable coins which can be swapped are in sun.io are USDT, USDC, USDJ and TUSD.
Conclusion
Sun.io is a decentralized exchange that offers it's users great rewards when they stake their holdings.
The veSUN allows users to participate in the voting and also help them increase their mining rate to 2.5 times.
Thank you Prof @sapwood for this great lecture.
N/B: All images used in this post are screenshots from sun.io, and tron link pro wallet.
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