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TRON: Poloniex registers DeFi hype, already 5 billion TRX locked up in SUN contract

  • According to Poloniex, a large number of TRX is currently withdrawn to participate in TRON’s yield farming, while the exchange has transferred 1.5 billion TRX from cold wallet to hot wallet.
  • Within the first 24 hours 5 billion TRX were locked into the SUN genesis mining contract.

Whale Alert has reported on numerous transactions that indicate a potential hype around TRON‘s DeFi sector. As Twitter Whale Alert reported, over 2 billion TRX with a total value of $75.3 million were transferred in the last twenty hours. The exchange Poloniex has tweeted that it is monitoring larger amounts of withdrawals so that, as the exchange claims, users can participate in TRON’s yield farming.

Furthermore, in a commentary Poloniex explained that they themselves have made larger amounts of TRX transfers from the cold wallet to the hot wallet and that there will probably be more TRX transfers soon as the Tron based DeFi grows rapidly. In total Whale Alert registered 4 different transactions ranging from 180 thousand to 490 thousand TRX from Poloniex. In that sense, the exchange tweeted the following:

A large number of #TRX is being withdrawn to participate in #TRON yield farming, and we are preparing 1.5 billion TRX from cold wallet to hot wallet. Please note this is an internal transaction between exchange wallets. We can expect more as the TRON DeFi continues to grow.

The exchange has close ties to the TRON ecosystem since Justin Sun, TRON CEO, became one of the owners. As reported by CNF, Sun has been raising expectations about the TRON DeFi sector as a way to compete with Ethereum. With its $9 billion in total value locked, the Ethereum DeFi has experienced a major boom in recent months and TRON wants a share of the market.

According to a TRON publication, the yield farming product of the SUN genesis mining platform has received “an overwhelming response”. Launched on September 2, 1.5 billion TRX were delegated to the SUN smart contract in just 15 minutes, according to TRON. Within the first 24 hours 5 billion TRX were locked into the contract.

How to participate in the “SUN genesis mining”?

To obtain SUN users have to visit the official website with their TronLink wallet and stake (lock) their TRX in a smart contract on the official website. In other words, to begin yield farming, then have to send funds to the address mentioned on the official websites. In that regard, users should consider the following, according to a guide by TRON:

Therefore, please make sure you are visiting the correct websites listed above. SUN token can only be released after September 16, 2020, after you have unlocked your stake. Do not fall for any SUN token that is available in the market currently as there’s no way to obtain the official SUN token at this moment.

It is important to note that user should not send their TRX into the SUN’s smart contract directly as you may lose the funds that way. After the genesis mining phase, users will receive a quantity of SUN provided at the time they have delegated TRX and the delegated quantity. In the current period, known as Genesis Mining, 1,860,602 SUN tokens can be mined.

However, the token will have a total supply of 19,900,730. Therefore, those who delegate the token early will receive greater rewards. About 30% of the SUN supply will be mined during the Genesis Mining phase. The remaining 70% will be obtained through “regular mining” via pools that allow the delegation of TRX and other tokens from the TRON ecosystem such as JST, BTT, WIN, among others.

About Author

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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