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This page revisits the tokenomics of LIT
LIT token is the native cryptocurrency of the Litentry network and is issued by the Litentry Foundation. Litentry tokens LIT would be the driving force in the circulation in the DID ecosystem. LIT is currently issued as ERC-20 token and BEP-20 token. The Binance project research about Litentry describes the LIT tokenomics and allocation.
After Litentry launches a parachain(Litmus) on the Kusama network, Litmus will have LIT natively, alongside the rest on the Ethereum blockchain, which means partial LIT token migration will be executed.
We'd like to revisit the LIT tokenomics:
- Litentry's economic model and initial supply will be retained (100,000,000 LIT).
- Litentry plans to burn a portion of ERC-20 LIT and issue the same amount of native LIT on the parachain to keep the initial supply unchanged.
- Litentry will launch a token bridge between ERC-20 LIT and Litmus LIT, ERC-20 LIT holders can decide whether to migrate tokens to Litmus or not.
- The migration ratios shall be 1 ERC-20 LIT = 1 Litmus LIT.