Binance announce the 16th project to be added on the Launchpool. The new project is called Litentry (LIT) and is a decentralized identity aggregation protocol across multiple networks, featuring a Decentralized Identity (DID) indexing mechanism and a Substrate-based credit computation network. The Litentry network will support DID aggregation protocol and a decentralized mobile application. The Litentry mobile app will serve as a secure vehicle for users to collect their decentralized identities, and than to store and manage them in one place. The Substrate framework will enable DID aggregation, verification, and credit calculation, therefore simplifying agnostic DID mechanisms by integrating DID standards into a modularized identity service.
A decentralized Identifier is a type of identifier that enables verifiable, decentralized digital identity. It can identifies any subject, such as persons, organizations, data model or abstract entity. The Litentry aims to enable DID aggregation, verification, and credit calculation on the blockchain. LIT is the native token that will be used for payments, rewards, staking and collateral. Will have utility for fees payment, reward distribution to third parties, lending and borrowing services. Litentry (LIT) will be available as BEP-20 and ERC-20, with a 100,000,000 LIT total token supply. LIT token holders will be able to participate in on-chain governance.
The farming started on the 29th of January, and will end on the 27th of February. Litentry (LIT) will be listed into the Innovation Zone on the 4th of February, with Bitcoin, Binance USD and Tether pairing.
Supported Pools: Farming will be available for Binance Coin (BNB), Polkadot (DOT) and Binance USD (BUSD) holders. Binance Coin will have the biggest share of LIT, sharing 1,800,000 tokens (60% of the Launchpool allocation)
LIT Farming Distribution: The daily reward will be at the highest rate until the listing into the Innovation Zone. After that, will drop from 250,000 tokens per day, to only 75,000 tokens. The last part of the farming, between 12th of February and 27th of February, will distribute only 56,250 tokens per day. The reward will be allocated based on the hourly snapshot, and will accumulate until claimed. The staked assets and any unclaimed rewards will be automatically transferred into the spot wallets at the end of each farming period.
Diving in the LIT Pools was my choice, even if the the BTCST was still available for farming. My decision to move to LIT farming was made because the Bitcoin Standard Hashrate Token (BTCST) distribution passed the period of highest farming and less tokens are rewarded.
I moved 27.7 Binance Coin and 140 Binance USD from BTCST farming into the LIT pools. Any staked assets can be checked in the "earning" section of the wallet.
In the first 24 hours I farmed 0.40 LIT and I forecast to farm a bit over 2 tokens until the 4th of February, when the reward rate will be reduced.
I Will wait until listing day to see how the price will surge and than I will decide if I hold or sell! 🤔 Until than, I will let the LIT light up in the lounge!
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