Litentrys ERC20 token $LIT is listed on Binance Launchpool. Binance users can stake their $BNB, $DOT, and $BUSD tokens to farm $LIT over 30 days, starting from Jan 28th 2020, at 0:00 AM (UTC).
$LIT is the native utility token of Litentry, which is used in the DID aggregation protocol as a fee for credit/reputation computation, reward for indexed identity databases, stakes for being an identity registrar, or collaterals for DeFi lending services.
This step-by-step guide is for the Litentry community and Binance users to participate in LIT Binance Launchpool farming.
- Go to Binance Launchpool, log in to your account with your email/phone#, password, and 2FA details.
2. You’ll see the BNB pool, DOT pool, and BUSD pool. Select the corresponding pool for the token which you want to stake (we’re using BNB as an example here) and click on Stake Now
3. You’ll see the amount of BNB that you’ve staked, and the amount available for staking. Click on the Stake button to proceed.
4. If you don’t have any BNB, then you can click on Buy BNB to purchase tokens to stake.
5. After clicking on the Stake button, enter the amount of BNB you want to stake, and click Stake. You can just click on Max if you want to stake your entire BNB balance.
6. You’ll see the updated staking details. The $LIT rewards that you’ve received will appear here once farming begins, and you’ll be able to claim your $LIT tokens by clicking on the Claim Rewards button.
7. If you want to un-stake or change your staking pool, then just click on Redeem and follow the same steps for BNB staking.
That is it! You’ll wait for the farming process to complete once you finished staking. LIT rewards will update every one hour.
Litentry is a Decentralized Identity Aggregation protocol across multiple networks, it features a DID indexing mechanism and a Substrate-based credit computation network. The protocol provides a decentralized, interoperable identity aggregation service that mitigates the difficulty of resolving agnostic DID mechanisms. Litentry provides a secure vehicle through which users manage their identities and dApps obtain real-time credit/reputation of an identity owner across different blockchains.