100% On-Chain Buyback Implemented for SunPump

September 03, 2024 11:44 PM AEST | By Team Kalkine Media

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100% On-Chain Buyback Implemented for SunPump — Image source: Shutterstock

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Justin Sun, the founder of Tron, has announced a strategic shift for the SunPump meme token community, moving from burning liquidity pool (LP) tokens to adopting a fully transparent, on-chain buyback and burn process.

The decision, communicated through Sun's X account, follows extensive community discussion and reflects a departure from earlier plans to use LP token burning—a method previously employed by other meme tokens like {Shiba In} (SHIB) . While LP token burning was intended to enhance token liquidity depth and maintain regulatory friendliness, Sun identified significant complexities associated with this approach.

The new strategy involves implementing a 100% on-chain buyback and burn process, which began on September 3, 2024. This approach is designed to simplify operations and enhance transparency. By conducting buybacks and burns directly on the blockchain, the process ensures that all burned funds are immutably recorded, eliminating the need for additional explanations and making the activity easier to verify.

The revised process mirrors similar practices used by other entities, such as Binance, which utilizes a portion of its profits to conduct buybacks and burns for its BNB token.

In a recent performance comparison, SunPump outpaced its Solana-based predecessor, Pump.fun, in both daily revenue and token activity. According to blockchain researcher Adam, SunPump saw the launch of 7,351 new tokens and generated $585,000 in revenue over a 24-hour period, surpassing Pump.fun, which had 6,701 tokens launched and $366,000 in revenue.

This shift in strategy underscores SunPump's commitment to operational transparency and aligns with broader trends in the cryptocurrency space towards more verifiable and straightforward processes.

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