Recently, the TRON ecosystem's DeFi liquidity hub SUN.io has made a strong breakthrough with an astonishing product iteration speed, becoming the core focus of the DeFi track.
On November 1, on-chain data observation agency Lookonchain disclosed on social media X that in October, TRON showed strong performance in on-chain transactions, with both DEX and contract businesses experiencing explosive growth. The DEX trading volume reached as high as $3.044 billion, a staggering increase of 174% month-on-month, while contract trading volume also hit $2.44 billion. The number of active addresses and transaction counts on-chain saw significant growth, with the overall ecosystem's activity continuing to rise.
Behind this wave of growth, SUN.io is undoubtedly a key driving force. The development history of SUN.io can be described as a continuous evolution of progress: it started with basic DEX trading services—SunSwap, gradually expanding its business landscape by launching services specifically for stablecoin exchanges—SunCurve/PSM; subsequently, with its innovative Meme issuance tool—SunPump, it successfully sparked a wave of public participation in Meme asset issuance; until recently, its heavyweight contract product SunPerp successfully broke new ground, bringing new vitality to the market.
SUN.io relies on four core business segments: "DEX + Stablecoin + Meme + Contracts," forming a strong four-wheel drive system that comprehensively connects all aspects of DeFi trading. These four business segments can flexibly rotate, closely responding to market hotspots, continuously driving the platform's trading volume to rise, further enhancing the platform's overall competitiveness.
SUN.io: Four Major Products Covering the Entire DeFi Chain, Creating a Super Hub in the TRON Ecosystem
As the largest asset issuance and trading hub in the TRON ecosystem, SUN.io has successfully built a diversified product matrix covering the four core DeFi businesses of "DEX + Stablecoin + Meme + Contracts" through continuous product innovation, forming a full-chain DeFi circulation closed loop from asset issuance—trading matching—value appreciation—derivative trading.
Currently, SUN.io is driving this liquidity super hub's efficient operation through the collaboration of four core engine products: the asset trading DEX platform SunSwap, stablecoin trading products SunCurve and PSM, the Meme issuance tool SunPump, and the perpetual contract platform SunPerp.
SunSwap (Asset Exchange Center): As the benchmark DEX of the TRON ecosystem, SunSwap adopts the AMM model and constant product pricing mechanism derived from Uniswap, having formed a mature trading system through iterations from V1 to V3. The latest V3 version introduces a "dynamic fee mechanism," allowing liquidity providers (LPs) to provide funds within specific price ranges and set different fee rates to accommodate the trading needs of tokens with varying risk levels.
According to official data, on November 20, the value of locked crypto assets in SunSwap's liquidity pools exceeded $600 million, with the number of created liquidity pools surpassing 25,600, and the trading volume processed in the past seven days exceeding $900 million.
SunCurve and PSM (Focusing on Stablecoin Trading): SUN.io has built an efficient and reliable stablecoin trading system through the two tools SunCurve and PSM. The former, SunCurve, benchmarks "Curve," providing users with low-fee (0.04% per transaction) and low-slippage stablecoin exchange services, supporting efficient exchanges between stablecoins like USDD, USDT, TUSD, and USDC; the latter, PSM, is a 1:1 stablecoin exchange swap tool specifically designed for the stablecoin USDD, with advantages of "zero cost + strong anchoring," supporting a fixed 1:1 exchange ratio between USDD and other stablecoins like USDT, achieving zero slippage and zero fees throughout the exchange process, completely eliminating value loss during the exchange, making it the preferred platform for USDD circulation and exchange. According to the latest official data, the supply of USDD has surpassed $550 million.
SunPump (Meme Asset Issuance Platform): Launched in 2024, SunPump is the first Meme issuance platform within the TRON ecosystem, allowing users to create and issue their own exclusive Meme coins with just one click, significantly lowering the threshold for issuing innovative assets.
SunPump continues to release innovative vitality through ongoing feature iterations. The AI token issuance tool SunGenX, launched in March this year, supports "issue tokens with a tweet," allowing users to simply mention @AgentSunGenX on the X platform, and the AI tool will automatically deploy the Meme coin directly to the SunPump platform, greatly simplifying the issuance process; in October, coinciding with the Chinese concept Meme craze on the BSC chain, SunPump quickly responded with @AgentSunGenX, synchronously upgrading to support the creation of Chinese Memes, enabling Chinese creators to easily create tokens centered around Chinese narratives, enriching the diverse expression dimensions of Meme culture.
According to DUNE data, as of November 18, the number of Meme tokens created on the SunPump platform has exceeded 100,000, with 1,880 tokens successfully listed on SunSwap, and the platform's protocol has captured cumulative earnings of approximately 38.07 million TRX, making it a core hub for innovative asset incubation in the TRON ecosystem.
SunPerp (Perpetual Contracts): Launched in September this year, SUN.io's decentralized perpetual contract exchange (Perp DEX) is the first on-chain contract platform in the TRON ecosystem. It not only fills the gap in the ecosystem's derivative track but also redefines DeFi derivative trading with institutional-level service standards.
Relying on TRON's high TPS performance and SUN.io's product accumulation, combined with a zero gas fee policy, SunPerp has shown strong market appeal since its launch. According to official disclosures, as of November 20, the cumulative trading volume on the SunPerp platform has surpassed 7.6 billion USDT, with approximately 73 asset trading pairs and over 63,000 cumulative users, fully demonstrating its competitiveness in the Perp DEX track.
SUN.io's diversified layout of "full trading scene coverage + full-chain DeFi services" not only breaks its own product boundaries but also comprehensively enhances the value circulation efficiency of the TRON ecosystem. For users, they can complete the entire process of asset creation, stablecoin exchange, liquidity mining, and contract trading without switching platforms, achieving a dual leap in trading efficiency and user experience; for the ecosystem, the four major products form a strong synergy—SunSwap solidifies basic liquidity, SunCurve and PSM maintain value stability, SunPump stimulates innovative vitality, and SunPerp expands trading depth, collectively driving efficient capital flow.
Accumulated repurchase and destruction of SUN tokens nearing 650 million, ecosystem expansion driving steady value increase
As the core governance token of the SUN.io ecosystem, SUN is rapidly emerging as a force to be reckoned with in the global crypto asset space, thanks to the continuous expansion of product business and the deepening of the repurchase and destruction mechanism.
This year, SUN has achieved remarkable results in exchange layout and the promotion of deflationary mechanisms: the repurchase and destruction work is progressing in an orderly manner, and the deflationary effect is becoming increasingly significant; at the same time, the token has gained favor and support from several compliant and mainstream trading platforms such as Hashkey, Kraken, and Upbit, achieving a simultaneous enhancement of compliance and market liquidity.
As of now, the cumulative repurchase and destruction of SUN has approached 650 million tokens, significantly enhancing the deflationary effect. This continuous and robust repurchase and destruction mechanism not only effectively reduces the market circulation of SUN tokens but also provides solid support for its steady value increase. As the deflationary logic gradually becomes recognized and validated by the market, the value growth path of SUN is becoming increasingly clear.
The use cases of the SUN token have deeply integrated into the entire product matrix of SUN.io, widely covering core products such as SunSwap, SunCurve/PSM, SunPump, and SunPerp, with its functions spanning key ecological aspects such as liquidity mining rewards, governance voting, and transaction fee dividends. Currently, users can lock SUN to obtain VeSUN, which not only allows participation in platform governance voting but also enjoy dividend rights from 50% of the transaction fees in the stablecoin pool. Additionally, the new perpetual contract platform SunPerp under SUN.io officially opened SUN token deposit and withdrawal services on September 30, further broadening the token's application scenarios in derivative trading and risk management.
To continuously strengthen the value support of the SUN token, SUN.io has meticulously constructed a repurchase and destruction system based on "multi-product revenue co-construction" and is constantly expanding funding sources. According to the report released on November 3, "48th SUN Token Repurchase and Destruction," since December 15, 2021 (Singapore time), the SUN team has cumulatively repurchased and destroyed approximately 650 million SUN tokens. Among them, 362 million SUN tokens originated from the revenue repurchase and destruction of SunSwap V2, while 285 million came from the revenue repurchase and destruction of SunPump.
Currently, the funding sources for SUN's repurchase and destruction mechanism mainly rely on two products: the DEX product SunSwap V2 and the meme issuance platform SunPump. The former, the SunSwap protocol, supports using a portion of DEX trading fees (0.05% of each transaction fee) for the repurchase and destruction of SUN tokens; while all net income from the SunPump platform is invested in the repurchase and destruction of SUN tokens.
It is worth noting that the newly launched SunPerp product platform also has SUN as its only official token. TRON founder Justin Sun has publicly stated that 100% of the revenue generated by SunPerp will be used to repurchase SUN. This means that SunPerp will also join the powerful camp of SUN token repurchase and destruction, injecting new financial vitality into the SUN token. This is of great significance for SUN community users. Based on the current trading volume growth rate of SunPerp, the addition of this product is undoubtedly a "heavy bomb," which will further strengthen SUN's deflationary attributes.
According to TRONSCAN data, SUN currently has a market value of approximately $436 million, a maximum supply of 19.9 billion tokens, and a current circulation of about 19.1 billion tokens, essentially achieving full circulation, with the number of holding addresses reaching 81,500. The cumulative destruction of 650 million SUN accounts for over 3% of the total supply. Under the premise of a constant total supply, continuous repurchase and destruction continuously reduce the number of tokens in circulation, automatically entering a deflationary mode, enhancing its scarcity, and thus promoting value appreciation.
Thus, the SUN token has formed a virtuous interactive closed loop with the SUN.io ecosystem, establishing a clear and sustainable value growth logic of "ecosystem empowering tokens, tokens feeding back the ecosystem."
In terms of exchange expansion, the SUN token has received recognition and listings from multiple compliant and mainstream trading platforms globally this year, including well-known compliant exchanges such as Hashkey, the international mainstream platform Kraken, and South Korea's leading exchange Upbit. Specifically, in March, it was listed on the compliant exchange Hashkey Global, marking an important step in its compliance layout; in April, it was listed on the globally renowned compliant exchange Kraken, attracting global institutions and quality individual traders, significantly enhancing liquidity and international influence; in September, South Korea's largest crypto exchange Upbit listed trading pairs SUN/KRW (Korean Won) and SUN/USDT, with a maximum increase of 28% within 24 hours of its launch, igniting enthusiasm in the South Korean market. These initiatives not only greatly enhanced SUN's compliance recognition but also significantly boosted its market liquidity and global influence.
Currently, SUN has established a presence on dozens of mainstream centralized exchanges (CEX) worldwide, laying a solid foundation for its future widespread application and value growth.
SUN.io Continues to Lead: TVL Steadily Ranks Among the Top Five Global DEXs, Product Synergy Ignites New Growth Momentum
In the fiercely competitive DEX arena, SUN.io continuously solidifies its leading position in the global DeFi space, showcasing strong comprehensive strength and ecological resilience, thanks to its dual advantages of "multi-product synergy + consistently outstanding core data."
In key data dimensions, the SUN.io platform performs exceptionally well in both TVL and fee capture: TVL has long ranked among the top five in the entire DEX industry. According to the latest data from DeFiLlama, as of November 20, the total locked value (TVL) on the SUN.io platform was $670 million, consistently maintaining its position among the top five global DEXs, demonstrating a solid moat and broad market recognition built amid fierce market competition.
On the other hand, SUN.io also shows strong momentum and considerable potential in its fee capture capabilities. From 2025 to the present, the platform has cumulatively captured fees amounting to $22.7 million, a figure that currently only accounts for the user transaction fees contributed by the two major products, SunSwap and SunPump. It is worth noting that as the revenue from SunPerp gradually gets included in the statistical system, SUN.io's overall fee capture capability is expected to achieve a significant leap, with this product line likely becoming a new pivot driving continuous growth in ecological revenue.
Relying on a complete product matrix formed by SunSwap, SunCurve/PSM, SunPump, and SunPerp, SUN.io has achieved rotational growth and ecological synergy among multiple products, driving the platform's trading volume to steadily rise while frequently experiencing phase bursts.
From the changes in trading data, SUN.io has performed remarkably over the past year: the average monthly trading volume has consistently maintained above $3 billion, showing a clear upward trend. In April, the platform's trading volume surpassed $5 billion, further climbing to $5.5 billion in May, and maintaining a high level above $4 billion from July to August. Since the launch of the decentralized perpetual contract platform SunPerp in September, the overall trading volume of SUN.io has experienced explosive growth, with a total trading volume of $7.3 billion in the first 20 days of November alone, of which DEX contributed $2.1 billion, and contract trading volume reached $5.2 billion, showcasing strong growth momentum.
Behind this series of impressive achievements is the positive ecological cycle formed by the precise relay of SUN.io's various product lines, characterized by "continuous heat and unending growth":
April-May: SunPump successfully ignited a trading frenzy for Memes by building a complete support system for Meme projects. Starting in March, the platform successively partnered with exchanges such as HTX and Poloniex to open direct listing channels for quality Meme projects; in May, it further initiated a CEX alliance, collaborating with several well-known trading platforms like BingX to provide dual support for listing and marketing, constructing a complete growth chain from issuance to listing for Meme projects, significantly stimulating user enthusiasm for creating and trading Meme assets on SunPump.
July: The TRON ecosystem integrated with Binance's Alpha Zone and Binance Wallet, with two mainstream Meme coins from SunPump, SUNDOG and PePe, simultaneously launching in this zone and initiating trading incentive activities, driving the growth of trading volume in the SUN.io ecosystem. This move not only marked Binance's recognition of the potential of the SunPump platform project but also opened important channels for more Meme assets to enter the mainstream market.
September: With the official launch of SunPerp, SUN.io successfully expanded the derivative trading scene, forming a dual-driven product pattern of "spot + contracts." This new product quickly became a new pillar for the growth of trading volume on SUN.io, pushing the ecosystem into a more resilient and potential development stage.
The steady growth in trading volume and periodic bursts continuously validate the effectiveness of SUN.io's "product rotation and heat relay" strategy. Under the dual drive of multi-product synergy and periodic hotspots, SUN.io is continuously consolidating its leading position in the decentralized trading ecosystem, with growth certainty becoming increasingly prominent.
While continuously strengthening its product layout, SUN.io is also amplifying its ecological influence through efficient resource integration and systematic global expansion, becoming an indispensable core growth engine in the TRON ecosystem.
In addition to successfully integrating with Binance Wallet and the Alpha Zone, SUN.io is also actively expanding its asset-side layout. Leveraging TRON's strong network connectivity, SUN.io quickly responded and launched trading pairs such as TRUMP/USDT and USD1/USDT, USD1/TRX after the compliant stablecoin USD1 and Trump’s personal Meme token TRUMP were listed on the TRON network, further enriching trading scenarios and effectively enhancing asset liquidity.
In terms of global expansion, SUN.io's platform SunPump has participated in multiple global top industry summits this year in collaboration with core projects in the TRON ecosystem such as JustLend DAO, AINFT, and BitTorrent, with footprints across more than a dozen countries and regions in Asia, Europe, and the Middle East. From the Hong Kong Consensus Conference, CryptoFi Forum, to the Hong Kong Web3 Carnival, multiple summits in Dubai, and activities in Japan, Singapore, and Thailand in the second half of the year, SunPump has solidified its position as the preferred platform for creating and trading Meme coins by participating in various events, building partnerships, and promoting product upgrades, while also showcasing its technological accumulation and collaborative development achievements with TRON ecosystem partners, continuously enhancing the global influence of the TRON ecosystem.
It is noteworthy that SUN.io is brewing a series of important upgrades, which are expected to be gradually announced in the near future. With the implementation of these new initiatives, the liquidity of the TRON ecosystem is expected to undergo structural optimization, further activating the potential for trading scale expansion and user growth, injecting new momentum into the continuous prosperity of the entire ecosystem.
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