Cryptocurrency exchange Binance has announced a new project, Litentry (LIT), on their Launchpool platform.
Let us see what cryptocurrencies users can stake to earn LIT and what is Litentry?
What is Litentry (LIT)?
A network support cross-chain aggregated identities. Build on Substrate, Ready for Polkadot.
Litentry allows identities to be aggregated in a decentralized way. The Cross-chain Litentry project aims to become the Parachain of the Polkadot Network. It processes service requests from Litentry users through decentralized identifiers, which it says is a security-oriented project.
Litentry promises network users decentralization and transparency throughout the process. According to the project developers, the underlying factor of the Litentry network is privacy. The Litentry project underlines the sensitivity of blockchain users not to violate their anonymity.
LIT is the ERC-20 and BEP-20-based cryptocurrency of Litentry protocol. The maximum supply for LIT is set at 100 million, with 18 million LIT in circulation.
LIT is the 16th propject on Binance launch pool. The announcement said that Binance users can stake Binance Coin (BNB), Binance USD (BUSD) and Polkadot (DOT) tokens in separate pools for 30 days to receive LIT tokens.
LIT Staking will start on 29 January 2021.
Binance announced it will list LIT in the Innovation Zone on February 4, 2021, with LIT/BTC, LIT/BUSD and LIT/USDT trading pairs.
- Stake BNB: 1,800,000 LIT in rewards (60%)
- Stake BUSD: 300,000 LIT in rewards (10%)
- Stake DOT: 900,000 LIT in rewards (30%)
- Farming Period: 2021-01-29 0:00 AM (UTC) to 2021-02-27 23:59 (UTC).