Litentry Crowdloan Plan for Polkadot Parachain Auction

Litentry Polkadot Crowdloan

Basic rewards

  • Crowdloan start date: 5 November 2021
  • Slot leasing period (Parachain duration): 96 weeks
  • Target slot: #1 — #5
  • Crowdloan Hardcap: 8,000,000 DOT
  • Token Reward Pool: 20,000,000 LIT (20% of total supply)
  • Crowdloan campaign deadline: 17 December 2021
  • Minimum contribution: 5 DOT
  • For each 5 DOT locked, a participant will be rewarded with a minimum of 12.5 LIT. The final reward will be calculated as a % of each participant’s contribution to the crowdloan pool. (Your DOT Contribution/Total DOT Contributions) * 20 Million LIT
  • Reward distribution: LIT rewards will be distributed linearly in each block. The distribution will start once the Litentry parachain runs on Polkadot relay chain and will end when the parachain slot expires (after 96 weeks).

Early Bird Bonus (Up to +10%)

  • 10% additional bonus is valid until 18th November 2021
  • 5% additional bonus is valid between 19th and 25th November 2021

DID related Bonus (Up to +10%)

Failure compensation for DOTs contributor in Crowdloan:

  • If Litentry doesn’t win a slot in batch 1 auctions, Litentry will compensate the previous batch contributors in the new crowdloan campaign with extra LIT until it wins a slot in the auctions
  • The compensate ratio is DOT : LIT = 1 : 0.12
  • The expected compensation APY is 13%(Crowdloan periods about 5 weeks)
  • If a slot is successfully acquired, there will be no compensation anymore
  • The compensation will be distributed on Polkadot until Litentry wins a parachain slot

Litentry Token Economic

  • Litentry’s economic model and total supply are unchanged (100,000,000 LIT).
  • Litentry plans to burn a portion of ERC-20 LIT and issue the same number of native LIT on the Litentry parachain to keep the total supply unchanged.
  • Litentry will launch a token bridge between ERC-20 LIT and native LIT, ERC-20 LIT holders can decide whether to migrate tokens to Litentry parachain or not.
  • The migration ratios shall be ERC-20 LIT : native LIT = 1:1.

Litentry Crowdloan community call Q&A

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