Nov 1, 2021
Litentry Crowdloan welcomes our new partner Parallel to provide contributors liquidity cDOT and PARA bonus
Litentry Crowdloan is partnering with Parallel, an auction loan platform, to provide our crowdloan contributors liquidity crowdloan DOT (cDOT) and PARA bonus.
- For each DOT contributed to Litentry through Parallel, users earn 4 PARA tokens.
- Users will gain cDOT-A derivatives through the auction loan and are not held up by the 2-year DOT locked up period. These are liquid assets that can be traded on the AMM market or collateralized in the lending market, when the Parallel parachain is launched.
- Early birds earn up to 10% extra LIT bonus: i)10% additional bonus when users contribute before crowdloan starts; ii) 5% additional bonus when users contribute within the first 7 days since crowdloan starts; iii) 2% additional bonus when Parallel users contribute after 7 day since crowdloan starts.
What is cDOT and how does it work?
cDOT is a native token on Parallel’s platform and it is redeemable for DOT at the end of Litentry parachain’s leasing period. When users contribute DOT to the Parallel auction loan platform, they get cDOT and it has utility.
Please note that users will be able to receive cDOT after Parallel’s parachain launches on Polkadot, which is expected to happen 2–3 weeks after they get a slot. After that, the cDOT is immediately transferrable and can be used for different types of DeFi applications on Parallel’s platform.
Use cases of cDOT
- Adding to the money market. By supplying cDOT to the Parallel money market, users are able to use it as collateral to borrow assets. Currently, Parallel only support borrowing DOT assets.
- Trading cDOT in the AMM market. For users that need early access to liquidity, they are able to sell for DOT and are not subject to the lock up period.
When are PARA tokens distributed?
For each DOT contributed to Litentry through Parallel, users earn 4 PARA tokens. All PARA token will be distributed linearly, starting once the Litentry parachain runs on Polkadot relay chain and will continue until the parachain slot expires.
PARA Token is the native token of Parallel Finance on Polkadot Deployment. To learn more about PARA, please read PARA token economy paper.
Thank you for reading. We’re working on bringing more extra bonus and rewards to you, and more details and information on the Litentry Crowdloan will be released shortly. If you have any questions, reach out at Discord.
You can contribute to Litentry through Parallel now: https://crowdloan.parallel.fi/#/auction/contribute/polkadot/2017
About Litentry
Litentry is a Decentralized Identity Aggregator that enables linking user identities across multiple networks. Featuring a DID indexing protocol and a Substrate-built distributed DID validation blockchain, Litentry 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 DID data of an identity owner across different blockchains.
