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Justin Sun Introduces 100% On-Chain Buyback for SunPump
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The community has opted for a 100% on-chain buyback and burn, abandoning the earlier plan to burn liquidity pool (LP) tokens.
This decision marks a new chapter in the SunPump project, emphasizing transparency and simplicity.
SunPump Adopts Transparent On-Chain Buyback, Drops LP Burning
The move to adopt an on-chain buyback and burn process comes after a thorough community discussion, which ultimately concluded that this approach would be more effective and transparent. Initially, the community considered following in the footsteps of other prominent meme coins like Shiba Inu, which have utilized LP token burning as a method to enhance token value and liquidity.
The idea behind LP token burning is that it increases “token liquidity depth” while ensuring that the burned liquidity remains within the ecosystem, making it a potentially more regulator-friendly option.
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However, despite these advantages, Sun highlighted the complexities involved in LP token burning. These complexities include challenges in tracking and verifying the process, which could lead to confusion or mistrust among the community. Sun suggested that a 100% on-chain buyback and burn process could serve as a superior alternative.
Announced on September 3rd, the new buyback and burn process is designed to be straightforward and verifiable. By conducting the buybacks directly on-chain, all transactions will be permanently recorded on the blockchain, providing a clear and immutable audit trail.
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September 4, 2024 at 05:40AM
September 4, 2024 at 05:41AM
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