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SunPump Adopts Transparent On-Chain Buyback, Drops LP Burning

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Sep 04, 2024 pm 06:09 PM

Justin Sun SunPump On-Chain Buyback

The community has opted for a 100% on-chain buyback and burn, abandoning the earlier plan to burn liquidity pool (LP) tokens.

SunPump Adopts Transparent On-Chain Buyback, Drops LP Burning

The SunPump community has decided to implement a 100% on-chain buyback and burn, rather than burning liquidity pool (LP) tokens. This decision was made after considering the advantages and disadvantages of both approaches.

While burning LP tokens can increase “token liquidity depth” and keep the burned liquidity within the ecosystem, it is a more complex process that can be difficult to track and verify. This could lead to confusion or mistrust among the community.

A 100% on-chain buyback and burn, on the other hand, is a more straightforward and verifiable approach. By conducting the buybacks directly on-chain, all transactions will be permanently recorded on the blockchain, providing a clear and immutable audit trail.

The community opted for the 100% on-chain buyback and burn, emphasizing transparency and simplicity in the project's development. This decision marks a new chapter in the SunPump project, setting it apart from other meme coins that have adopted different burn strategies.

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