In a crucial development for the promotion of the SUN ecosystem’s sustainable growth, SunPump has unveiled the commencement of a buyback & burn project for SUN.
As per SunPump, the platform is going to utilize its revenue to conduct this buyback & burn project, marking the program’s commitment to decreasing the token supply as well as increasing the SUN token’s value.
The platform took to its official social media account on X to provide details.
This is not the first time the team of SUN has begun such an endeavor.
Since the 15th of September in 2021, the platform has carried out several such phases.
Up till now, it has reportedly bought 431,146,104.55 SUN coins and subsequently burned them.
Out of the respective amount, it repurchased 270,131,034.39 SUN coins by utilizing SunSwap V2’s revenue.
Nonetheless, the latest phase recorded 161,015,070.16 SUN coins being discarded from the supply.
In this respect, it used SunPump’s revenue.
The procedure of this buyback as well as burn reportedly emerges as a chief strategy for the management of token inflation.
In addition to this, it also drives the value in the case of the present token holders. The SUN team keeps on creating scarcity by decreasing the overall supply.
This could potentially pave the way for an optimistic effect on the price of the token over time.
This plays a vital role in the SUN ecosystem’s sustainability in the long run.
Moreover, it also aligns with the wider goals of the project regarding the maintenance of a growing consumer base.
According to SunPump, it also offers incentives to the ecosystem participants and investors.
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