Shiba

Burn

Bitcoin

Arthur

<ul>
 <li>Sun said that the new buyback and burn method, easier to verify, and avoids complications.</li>
 <li>Binance, a cryptocurrency exchange, follows a similar strategy to SunPump.</li>
</ul>
Tron founder <a href="https://thenewscrypto.com/are-justin-suns-wbtc-withdrawals-a-strategy-or-a-warning-sign/" target="_blank" rel="noopener noreferrer nofollow">Justin Sun</a> has stated that the SunPump meme token community has chosen to implement a 100% onchain buyback and burn operation. The decision was reached after a community debate that shifted focus away from burning liquidity pool (LP) tokens, as stated in Sun’s post on X.
The principle of burning LP tokens was first proposed since it was seen as a beneficial practice by other popular memecoins, such as Shiba Inu. According to Sun, LP token burning has many benefits. Including making the burned liquidity more “token liquidity depth” and “more regulator-friendly.”
<h3 class="wp-block-heading" id="h-put-into-effect-starting-today">Put into Effect Starting Today</h3>
Given the intricacies of LP token burning, Sun thinks a “better approach” might be offered. By implementing a buyback and burn mechanism that is 100% onchain. Sun said that the new buyback and burn method is “easier to verify and more “straightforward.” Also, avoids complications, and would be put into effect “starting today” on Sept. 3.
There will be no “need for any explanations” since all burn funds will be recorded onchain for immutable verification. Thanks to an onchain buyback and burn mechanism that is implemented immediately.
Moreover, <a href="http://binance.com" target="_blank" rel="noopener noreferrer nofollow">Binance</a>, a cryptocurrency exchange, follows a similar strategy to SunPump. By repurchasing and burning its BNB token with a percentage of its revenues. As of August 21st, <a href="https://thenewscrypto.com/sunpump-by-justin-sun-generates-over-1m-revenue-shortly-after-launch/" target="_blank" rel="noopener noreferrer nofollow">SunPump</a> had more daily revenue and activity than its <a href="http://solana.com" target="_blank" rel="noopener noreferrer nofollow">Solana</a>-based predecessor, Pump.fun.
According to Adam, a blockchain expert, SunPump ended the day with a bigger amount of newly minted tokens than Pump did for the same Pump.fun. In comparison to Pump.fun’s 6,701 token launches and $366,000 revenue, SunPump had 7,351 token launches and $585,000 in revenue over the 24 hours mentioned by Adam.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/fed-rate-cuts-may-not-boost-bitcoin-prices-as-per-arthur-hayes/" target="_blank" rel="noopener noreferrer nofollow">Fed Rate Cuts May Not Boost Bitcoin Prices as per Arthur Hayes</a>

Justin Sun Announces 100% Onchain Buyback and Burn for SunPump

Table of Contents

TheNewsCrypto

Other articles published on Sep 3, 2024

Bybit Powered by SATOS Launches Trading Competition with Exclusive Rewards for Dutch Traders (3 Sep)

Fake Ukrainian Cops Scam Entrepreneur of $250,000 in Crypto

Expert Says 95% of XRP Holders Will Be Left Behind. Here’s why

Sony Unveils Ethereum Layer-2 Blockchain 'Soneium' to Accelerate Web3 Adoption

Solana Memecoin Evil Kamala to Rally 15,000% Ahead of Exchange Listings, While BONK and Shiba Inu...

TON Price Crashed by 94% to $0.3 in Minutes on CMC

Join our free newsletter for daily crypto updates!