Platform for launching and trading memecoins, SunPump announced the transfer of the popular memecoin Dogwifhat (WIF) from the Solana (SOL) blockchain to the Tron Network (TRX). This transition utilized the Omnichain Fungible Token (OFT) technology from LayerZero, with deployment assistance from Ambient.
The OFT Standard enables the transfer of fungible tokens across different blockchains without the need for asset wrapping or intermediary chains.
The Tron ecosystem has been recently gaining attention as its memecoins gain traction. As one of the leading Layer 1 networks in the sector, Tron is adopting strategies from competitors like Solana, which has seen success in the memecoin space with projects such as BONK and Dogwifhat.
According to data from DeFiLlama, the TRX decentralized finance (DeFi) ecosystem has a Total Value Locked (TVL) of $8.079 billion, indicating substantial liquidity that is competitive with Solana’s TVL of $5.162 billion. This figure suggests that the Justin Sun-backed network has the capacity to support a sustainable season for memecoins.
Notably, several memecoins have already emerged within the Tron ecosystem and are achieving milestones. One such token, Sundog, is gaining recognition as a key player in the space, showing potential for growth similar to that of Dogwifhat.
Since its launch in August, the token has attracted notable attention on social media platform X as the network’s first popular memecoin. As of the writing time, its market capitalization has reached $319 million and continues to grow, according to data from DeFiLlama.
SunPump To Bolster Fair Memecoin Launches
The world of memecoins is often associated with fraud, as projects sometimes fail shortly after launch. The recently introduced SunPump platform is specifically tailored for fair memecoin launches on Tron. This initiative is Tron’s response to Solana’s PumpFun platform, with both aiming to combat fraud while promoting decentralized participation across their ecosystems.
Presently, Sun Pump’s novelty might be giving it an edge over Solana’s PumpFun in terms of user adoption. As SunPump has already surpassed PumpFun in earnings, its founder, cryptocurrency entrepreneur Justin Sun, anticipates that this new strategy could lead to a revenue peak of $4 billion.
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