Binance has just updated with a new project in their Launchpool - Litentry (LIT) which is a decentralized cross-chain indentity aggregator built on Substrate. As of now, Binance users can stake their BNB, BUSD & DOT into the different pools to farm for LIT token for 30 days starting 29/01/2021 9:00 AM (UTC). The launchpool token rewards is only 3,000,000 (3%) where 60% (1,800,000) of it is for users who stake in BNB, 10% (300,000 LIT) for users who stake in BUSD and 30% (900,000 LIT) for users who stake with DOT. Litentry (LIT) will be listed in into the innovation zone on 04 February 2021 6 AM (UTC) and will open trading with LTC/BTC, LIT/BUSD & LIT/USDT pairs.
Staking with BNB will get more rewards, so if you don’t have any BNB, then you can click on Buy BNB to purchase tokens to stake.
LIT Launchpool Details:
Token Name: Litentry (LIT)
Total Token Supply: 100,000,000 LIT
Launchpool token rewards: 3,000,000 LIT (3.00% of Total Supply)
Initial Circulating Supply: 18,000,000 LIT
Smart Contract Addresses: LIT (ERC-20) , LIT (BEP-20)
Staking Terms: No upper limit. No KYC required
From the whitepaper, Litentry is a decentralized identity aggregation protocol across multiple network, featuring a Decentralized Identity (DID) indexing mechanism and a Substrate-based credit computation network. The objective of Litentry is to enable DID aggregation, verification and credit calculation.
LIT is the native utility token of Litentry with the following use cases:
Payment: fees are paid in LIT each time a user requests a real-time credit computation via the network.
Reward: third-parties that set up indexed identity databases will receive rewards in LIT.
Staking: stake a certain amount of LIT to become an identity registrar.
Collateral: used as collateral for DeFi lending & borrowing services.
Litentry has launched the Spark Community Partnership Program and the Ambassador Program to cooperate with and gain support from global communities. The project currently has communities in China, Japan, Vietnam, Nigeria, South Africa, Russia, and Germany, as well as ambassadors accoss 10 countries.