Litentry Rebranding: Introducing $HEI and Updated Smart Contracts
In a groundbreaking step toward the next phase of its development, Litentry is rebranding by transitioning from its current token name, $LIT, to a new name, Heima with token name $HEI. This rebranding reflects the project’s evolution from decentralized identity to chain abstraction, aligned with its mission to empower cross-chain exchanges and wallets.
Why Rebrand to HEI?
The decision to rebrand is anchored in Litentry’s commitment to advancing chain abstraction and enabling seamless interoperability across diverse blockchain ecosystems.
This rebranding has been approved through Litentry’s decentralized governance process, specifically Referendum #38: Referendum #38. The new name marks a fresh chapter, signifying both technological and community-driven progress.
Updated Tokenomics and Smart Contracts
With the rebranding comes a comprehensive upgrade to the project’s underlying tokenomics and infrastructure. The tokenomics changes will apply to the new $HEI token. Overall, the $HEI token will be fully unlocked after 20 months.
Specifically, the circulating supply of $HEI will increase from 66.45M to 100M over the 20 months. The updated release schedule accelerates the distribution of 29.3 million locked $HEI tokens. Below is the breakdown:
- Ecosystem Wallet: 22.1M vested over 20 months
- Foundation: 2.2M vested over 20 months
- Liquidity: 5M unlocked upon the token swap
The remaining 4.25M Team tokens will follow the original release schedule.
The current ERC-20 and BEP-20 smart contracts associated with the $LIT token will be replaced with updated contracts for $HEI. The new token contract does not specify the total supply information, following the burn/mint pattern. All $HEI tokens will be swapped from $LIT at a 1:1 ratio. The maximum supply of $HEI remains the same as $LIT.
These new contracts will enhance security, transparency, and interoperability between different networks, ensuring that HEI tokens remain versatile and aligned with industry standards. This upgrade lays a solid foundation for new utilities on the mainnet.
Old Token Contracts
The $LIT ERC-20 smart contract https://etherscan.io/address/0xb59490aB09A0f526Cc7305822aC65f2Ab12f9723
The $LIT BEP-20 smart contract https://bscscan.com/address/0xb59490aB09A0f526Cc7305822aC65f2Ab12f9723
New Token Contracts (include swap function)
The $HEI ERC-20 smart contract https://etherscan.io/address/0xf8f173e20e15f3b6cb686fb64724d370689de083
The $HEI BEP-20 smart contract https://bscscan.com/address/0xf8f173e20e15f3b6cb686fb64724d370689de083
the token burning address is 0x000000000000000000000000000000000000dEaD
New token contracts audit report by SlowMist: Audit Report
What Does This Mean for LIT Holders?
The rebranding to $HEI represents an exciting opportunity for current $LIT holders to be part of a transformative journey.
Currently, the $HEI token is not listed on any centralized exchanges, but we are collaborating with exchanges and will announce listing information in the future.
Migration Guide
Token holders will need to follow the migration process to exchange their $LIT tokens for $HEI. Below is the complete guide for Ethereum:
- Go to the swap dApp and connect with your Ethereum account on MetaMask.
2. Input the amount of $LIT you wish to swap. You can select the recipient address for the $HEI tokens. Note: The swap is one-directional and cannot be reverted back to $LIT.
3. Approve the transaction. Ensure you have sufficient gas fees in your wallet.
4. Once the approval transaction is completed, click the “Swap” button to initiate the transaction to swap $LIT for $HEI at a 1:1 ratio, the old $LIT token will be burned after the swap.
5. After the swap, click the small plus button to add the $HEI smart contract to MetaMask. This will ensure that the $HEI tokens are indexed and displayed in your wallet.
For $LIT on a Centralized Exchange (CEX):
We’re working closely with our partnered exchanges to enable the swap. If you hold $LIT on an exchange, please wait for their announcements and reach out to the exchange for details on the swap’s schedule and procedure.
Thank you for your unwavering support and affection, Stay tuned for further updates on the migration process, guides, and resources to ensure a smooth transition.
This is just the beginning of a revolution. Get ready to embrace the future with HEI and the Heima community!
