Justin Sun Burns $8 Million in Fee Revenue, $4 Million Remaining
CryptoNewsTerminal Staff03 Sep, 2024
Justin Sun Burns $8 Million in Fee Revenue, $4 Million Remaining
Justin Sun, the founder of Tron (TRX), recently announced on Twitter that he has burned $8 million worth of fee revenue generated from the "SunPump" mechanism. The announcement was made in a tweet, where Sun stated, "We have now burned $8 million of fee revenue from SunPump. $4 million left to burn." The SunPump mechanism is a fee-sharing system designed to encourage TRX holders to freeze their tokens for a specific period in exchange for rewards. The total fee revenue generated from the mechanism is used to fund ecosystem development and burn TRX tokens. Sun's decision to burn $8 million worth of fee revenue is seen as a positive step toward reducing the TRX supply and increasing its value. It also underscores Sun's commitment to the long-term growth of the Tron ecosystem. The remaining $4 million in fee revenue will likely be burned in the near future, further reducing the TRX supply and potentially boosting its price.
