Sun.io: Sunswap, Integrated stablecoin swap, Staking, Mining, veSUN, etc.- Steemit Crypto Academy- S5W1- Homework Post for @sapwood
Hello Everyone,
Prof. @sapwood went into detail this week on Sun.io and Sunswap. There are multiple usages in this Defi platform. With this homework I look forward to gaining some valuable knowledge about the given topic. Let's move on to the homework.
Discuss the various features of Sun.io, a comprehensive DeFi facility of Tron family?
Sun.io is a one-stop comprehensive DeFi-platform of the Tron network that lets individual traders to execute stablecoin swap, stake and provide more diverse mining channels which earn profits from the liquidity of the Sun.io community.
The platform offers range of features as bellow,
- SunSwap
I have used https://sun.io/#/home to visit the website. The homepage has the option to connect to the wallet and once clicked it will give an option to select the "Tron wallet". Then log into the wallet and give the authorization to connect. It's a very simple process.
Sun.io Home page
Once logged in, you can see this type of a page with different features available such as, Swap, LP Pools, Scan, SUN Swap, Burn SUN, WTRX, and WBTT.
Sun.io Sunswap
- Swap & Pool
Swap has two options, by default the visitor is on "Swap" section. There I can select the currency I want to swap and enter the amount I wish to swap. I can see the estimation and If I satisfied with the conversion I can go ahead and click "Swap".
The next option is to add liquidity. I can switch to the "Pool" tab and choose add or remove tabs to perform the action. Right below, I can check my current liquidity status as well.
Sun.io Swap & Pool
- Liquidity Providers Pools
Users can create LP pools of any pair given (USDT-TRX, WBTT-TRX, NFT-TRX) and receive LP tokens. The profit is distributed among pool members based on the number of SUN tokens they own in proportion to all pool members’ net contribution in SUN tokens to the pool. Users can use LP pools for trading assets, managing risk, arbitraging instruments, etc., without any external brokerage fees.
Sun.io LP Pools
- Scan
Scan feature allow us to see all the updated activities on the Sun.io and Sunswap platforms. The details include number of pairs available, liquidity, trading volume on each token pair in the last 24 hours, 7 days. If we wish to search for a trading pair we can do that on the search section as well.
Sun.io Scan
- SUN Swap
SUN Swap feature allows users to swap between SUNOLD & SUN tokens. SUNOLD is the coin which had been using in the platform. The feature safeguard SUNOLD holders to swap to new SUN tokens. The exchange rates o the tokens are 1 SUNOLD = 1,000 SUN
Sun.io SUN Swap
- Burn SUN
Burn refers to permeant removal from the circulating supply. This process will allow the tokens demand to go higher. Here in this "Burn Sun" feature we can see Total bought SUN, Bought SUN not Burned, and Total Burned stats.
Sun.io SUN Swap
- WTRX
When we click this feature we will be directed to a new link. Therefor, if we want to perform a swap here we have to log again.
W stand for wrapped tokens, hence, WTRX is same as TRX but since it is wrapped it can be used on another blockchain.
Sun.io WTRX Exchange
- WBTT
Same as WTRX, WBTT is the wrapped token for BitTorrent token (BTT). The difference between two is that BTT is a TRC10 token and WBTT is a TRC20 token.
Sun.io WBTT Exchange
- Stake
The staking has two phases, Genesis Mining and Governance Mining. The second phase was introduced very recently (September 15, 2021). The staking allows users to lock the SUN token, the period of locking lasts from 26 weeks to 4 years.
When stake users will be rewarded with TUSD rewards, Vote to decide the weights of liquidity pools. For more reference you can refer this: Mining Rules of SUN Platform
Sun.io Stake
- Governance
SUN token grants rights to the token holders to vote & propose important matters. In this feature we can investigate Weights of Liquidity Pools. Currently, SUN-TRX LP has 48.63%.
As mentioned in previous feature "Stake" users can lock their governance token for votes (veSUN token) and decide the weight of a liquidity mining pool. The next voting is due as this moment: 4D 04H:46M:38S
Sun.io Governance
- Airdrop
Users who locked their veCRV token over 52 weeks will receive SUN airdrops every week. 1% of total SUN supply will be distributed among the veCRV holders. The time for these airdrops remains until June 1, 2022.
Sun.io Airdrop
Visit Sunswap and scan the different LP pools? How many different LP tokens are available in Sunswap? Based on the available data in Sun scan, how much fee did it generate in the last 24 hrs? What percentage of that fee is being utilized to buy back and burn SUN?
The Different LP Pools.
To find the different LP pools we can simply head over to homepage and click SunSwap and then LP pools.
There we will get 09 options of LP pools.
| USDT-TRX LP | WBTT-TRX LP | NFT-TRX LP |
|---|---|---|
| USDJ-TRX LP | TUSD-TRX LP | USDC-TRX LP |
| BTC-TRX LP | ETH-TRX LP | WIN-TRX LP |
09 Different LP Pools
Scanning The Different LP Pools
To scan I have to visit to Sun Scan page,
As explained earlier, we can simply enter the trading pair we like to investigate in search bar. I will go one by one searching through..
- 01st Pair: USDT-TRX
USDT-TRX Scan Result for sunswap
(7d) | ||||
|---|---|---|---|---|
Amount being utilized to buy back and burn SUN: $6,789.90
percentage from the total fee: 16.67%
- 02nd Pair: WBTT-TRX
WBTT-TRX Scan Result for sunswap
(7d) | ||||
|---|---|---|---|---|
Amount being utilized to buy back and burn SUN: 249.09
percentage from the total fee: 16.67%
- 03rd Pair: NFT-TRX
NFT-TRX Scan Result for sunswap
(7d) | ||||
|---|---|---|---|---|
Amount being utilized to buy back and burn SUN: $3,203.76
percentage from the total fee: 16.67%
- 04th Pair: USDJ-TRX
USDJ-TRX Scan Result for sunswap
(7d) | ||||
|---|---|---|---|---|
Amount being utilized to buy back and burn SUN: $1,349.21
percentage of from the total fee: 16.67%
- 05th Pair: TUSD-TRX
TUSD-TRX Scan Result for sunswap
(7d) | ||||
|---|---|---|---|---|
Amount being utilized to buy back and burn SUN: $819.64
percentage of from the total fee: 16.67%
- 06th Pair: USDC-TRX
USDC-TRX Scan Result for sunswap
(7d) | ||||
|---|---|---|---|---|
Amount being utilized to buy back and burn SUN: $598.78
percentage of from the total fee: 16.67%
- 07th Pair: BTC-TRX
BTC-TRX Scan Result for sunswap
(7d) | ||||
|---|---|---|---|---|
Amount being utilized to buy back and burn SUN: $1,135.55
percentage of from the total fee: 16.67%
- 08th Pair: ETH-TRX
ETH-TRX Scan Result for sunswap
(7d) | ||||
|---|---|---|---|---|
Amount being utilized to buy back and burn SUN: $238.85
percentage of from the total fee: 16.67%
- 09th Pair: WIN-TRX
WIN-TRX Scan Result for sunswap
(7d) | ||||
|---|---|---|---|---|
Amount being utilized to buy back and burn SUN: $2,333.36
percentage of from the total fee: 16.67%
Deposit either 3 Pool LP or USDC LP or SUN-TRX LP in Sun.io. Stake them to maximize the mining rewards? Demonstrate the entire process with a real transaction? (Screenshot required)? Include the resource consumption statement, take the help of Block Explorer?
From the given 03 pools I have selected SUN-TRX LP to stake.
From the homepage we can connect to the Tron wallet, Once login to the tron wallet simply click the connect button on SunSwap and you can see you wallet balance in the left upper corner.
Sunswap just after connecting to the wallet
Since, I do not have any SUN coins I should swap some TRX first. I'm going to swap 20 TRX in this step. In the process I have to confirm my transaction with the wallet.
TRX swap to SUN
Then, I have switch to the Pool tab in order to add liquidity. There I have input my value as 15 TRX, and chose SUN as other input. To confirm, I have clicked "Supply"
Inputs to the pool
To approve the transaction from the wallet I have to confirm a few pop-ups and when it is done I got this message.
Liquidity added successfully
Then I go back to sun.io homepage and clicked "Stake" to see the Liquidity Pools. From the 03 options I have selected the coin I haveSUN-TRX LP. I clicked "Stake"
Staking in Liquidity Pool
Then I selected the max amount I had for SUN-TRX LP Token and to confirm clicked "Deposit". Once again there were a few pop-ups to confirm the transaction with the wallet.
Confirming the deposit
After given the permission to proceed I was able to see the staked amount.
Staked amount
Resource consumption statement,
Hash: 5dc5df8f7c0dd413055fb8a696259e8b3b6320960c81945b28b7c3003cfff522
Consume Energy: 65,636
Resource consumption statement
What is veSUN? What is the 3-in-1 benefit of holding veSUN tokens?
- What is veSUN?
The ve part represent the Vote Escrowed meaning to the veSUN token. The token holders gets voting rights when they hold this token, hence this can be identified as the Governance token of the platform. This token is distributed as a reward for locking the SUN token. A user must commit at least 06 month to 04 years locking their SUN token in the platform in order to receive veSUN tokens.
The percentage of coin distribution is solely depend on an equation corelated to the time period which users are willing to lock their coins.
The equation as follows,
- The 3-in-1 benefit of holding veSUN tokens.
01> Users able to earn TUSD as rewards.
02> Users receive Voting rights to determine the weights of liquidity pools
03> Users can accelerate or speed up the liquidity mining pool
What is stablecoin swap facility in Sun.io? How many different stablecoins are supported in the SUN platform? What is its use in the context of staking & mining?
- Stablecoin swap facility in Sun.io?
The 3pool and USDC stablecoin swap pools allows users to swap between TRC 20 tokens such as USDT, USDJ, USDC, and TUSD. The handling fee is extremely low compared to the other services, It will cost only 0.04% for a transaction.
Stablecoin swap facility in Sun.io
- Staking & mining stablecoin,
The reward APY for stablecoin is quite high compares to the other coins.
Staking & mining stablecoin
Conclusion
Booming crypto economy has made DeFi products getting popular day by day. Many products are built on the Ethereum blockchain but it has a scalability issues. As a solution, Tron ecosystem has introduced the Sun.io first integrated platform Powered by Tron’s decentralized platform.
Though the platform is young to the crypto world, it has shown how useful it is in the contest of scalability. Soon many will adapt the tron ecosystem due to the fact that this platform is indeed a one-stop comprehensive DeFi-platform.
Thank you prof. @sapwood for sharing this valuable lesson with us.
#club75 😀
Hail #club75 😀
Very Good Post. Wishing you more success by taking the Crypto Academy course.