Litentry, a decentralized identity aggregation protocol, officially launched its Crowdloan Reward Program on November 4, 2021.
This represents a significant development in Litentry’s quest to win a slot ahead of the upcoming Polkadot parachain auction. Join the crowdloan on Binance now to enjoy 20% LIT (20,000,000 LIT) total supply with an extra $2.5M reward pool, and with approx. 2,760% APY (as of Nov 4).
An innovative crowdloan program
Crowdloan is a growing trend taken by projects to receive enough funding to participate in Polkadot’s parachain auction. Participants contribute by staking DOT into a crowdloan vault stored on the blockchain for a designated period.
Compared to other projects, Litentry has designed an innovative crowdloan system that incentivizes contributors. To this effect, Litentry has allocated 20,000,000 LIT tokens representing 20% of its token supply as basic rewards for the crowdloan campaign. Interested participants have until December 17, 2021, to lock their tokens in the crowdloan pool.
The pool has a hard cap of 8,000,000 DOT, which none of its slot 1 competitors have. This hard cap would make sure the DOT rewards each participant gets will not be diluted after the staking DOTs reaches a safe winning amount.
Contributors will need to stake a minimum of 5 DOT into the crowdloan staking pool to be eligible for rewards. The staking pool will be locked for 96 weeks, and rewards distribution will begin once the Litentry parachain connects to the Polkadot relay chain.
Litentry will be rewarding participants a minimum of 12.5 LIT tokens for every 5 DOT staked. Contributors can also get an additional 10% bonus by staking their tokens before the parachain auction or a 5% bonus during the first seven days of the parachain auction. Also, there will be an extra 10% identity-related bonus which will be announced soon. Giving supporters a total reward of 24% of LIT supply.
Participants can stake on Binance now to enjoy a Warm-Up promotion 1-week Warm-Up promotion will receive an extra pool of 500,000 LIT plus liquidity BDOT.
Litentry has also partnered with DeFi platforms Bitfrost and Parallel Finance to provide lending options for crowdloan contributors. Users can contribute to the Litentry crowdloan pool from both platforms and receive rewards in LIT tokens + liquidity DOT derivatives.
Polkadot Parachain auction is huge for the Litentry ecosystem
Litentry is a privacy-Preserved DID Aggregator that serves unique functions in the ecosystem & provides liquidity, interoperability, and consistency for the multi-chain identity data. Becoming a Parachain maximizes the efficiency of sharing identity data between Litentry and other Parachain projects.
With an aggregated cross-chain identity, blockchain projects will be able to offer dedicated graded identity services to power next-generated Web 3.0 services. For example, Litentry can be deployed and used to calculate an individual’s credit rating to facilitate analyzed DeFi services.
With all the on-chain activities data aggregated by Litentry on individual addresses, users can generate proof in a decentralized manner by submitting the addresses for activities like IDO/airdrop whitelisting.
The potentials of Litentry are endless and users can become part of this innovative protocol by staking their DOT in the crowdloan pool. In addition, the 96 weeks staking period also represents an excellent long-term investment for contributors who will generate value from their DOT tokens and receive LIT tokens as rewards for their stake.
Litentry is a decentralized identity aggregation protocol that functions across multiple networks. It features a DID indexing mechanism and a substrate-based credit computation network. Litentry also provides a decentralized, interoperable identity aggregation service that reduces the difficulty of resolving agnostic DID mechanisms.
Litentry has developed an innovative ecosystem through which users can manage their identities and dApps obtain real-time credit/reputation of an identity owner across multiple blockchains.
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