Litentry Will Bid in the Polkadot Batch 3 Auctions and Crowdloan Reward Schema
Litentry is participating in the Polkadot Batch 3 Slot Auctions and the Crowdloan will go live by April 5, 2022. Our team is excited to announce the reward schema to you.
- Visit: https://crowdloan.litentry.com/ (Website will be re-launched by April 5th)
- Crowdloan starts: 5 April 2022
- Bidding on slots: 14–20
- Onboarding of winning parachains: June 2022
- Crowdloan cap: 3,000,000 DOT
- Rewards: 12/8/4 LIT : 1 DOT (tier reward system)
- Rewards cap: 20,000,000 LIT (20% of total supply)
- Vesting period: LIT rewards will be distributed linearly in each block. The distribution will start once the Litentry parachain runs on the Polkadot relay chain and will end when the parachain slot expires (after 96 weeks).
- Crowdloan campaign deadline: 23 June 2022 (block #10,881,400)
Tier Reward System
All participants in the Litentry crowdloan will receive LIT as reward for their contributions. The amount of the rewards depends on the total amount of DOT Litentry has raised at the time of your contribution. In general, the earlier you contribute, the more rewards you will receive, as seen in the tier details below:
- Tier 1: Contribution for the first 500,000 DOT will receive 12 LIT per contributed DOT as rewards
- Tier 2: Contribution for the raised DOT between 500,000–1,500,000 DOT will receive 8 LIT per contributed DOT as rewards
- Tier 3: Contribution for the raised DOT between 1,500,000 -3,000,000 DOT will receive 4 LIT per contributed DOT as rewards
- The total reward for the 3 M DOT raised is 20 M LIT
There will be compensation for previous contributors and current contributors in case of failure. The compensation ratio is 0.12 LIT : 1 DOT.
Details of compensation will be provided soon.
Referral Bonus: 10%
Everyone is welcome to refer friends to contribute to the Litentry Crowdloan. Refer a friend and share a 10% referral bonus (Referrer gets 5%, the referee gets 5%). Get your referral code here.
Users can contribute to the Litentry Crowdloan through the below platforms:
- Litentry Crowdloan Webapp
- 0.02 BNC/DOT: Each DOT contributed to Litentry gets 0.02 BNC tokens as extra rewards.
- vsDOT and vsBond: once contributed, each of your DOT will be converted into 1 vsDOT and 1 vsBond that are tradable in the Bifrost SALP and redeemable back to DOT when the lock period ends.
- 0.02 BNC/DOT referral bonus: participate in the Bifrost Referral Program, each DOT contributed to Litentry gets 0.02 BNC as extra rewards.
- 4 PARA/DOT: Each DOT contributed to Litentry gets 4 PARA tokens as extra rewards.
- cDOT: once contributed, each of your DOT will be converted into 1 cDOT that can earn yield through staking or trading on the Parallel AMM and redeemable back to DOT when the lock period ends.
- 10% PARA Referral Bonus: participate in the Parallel Referral Program, each DOT contributed to Litentry gets 10% PARA as extra rewards.
- 10 EQ/DOT: Each DOT contributed to Litentry gets 10 EQ tokens as extra rewards.
- xDOT: once contributed, each of your DOT will be converted into 1 xDOT, which is a DOT wrapper on Equilibrium’s canary network on Kusama and redeemable back to DOT when the lock period ends.
- 0.5 EQ/DOT referral bonus: participate in the Equilibrium Referral Program, each DOT contributed to Litentry gets 0.5 EQ as extra rewards.
P.S. The Litentry crowdloan reward schema applies to contributions made through all the above channels. The partner bonus rules are subject to change by the third-party platforms.
Q: How do I claim my LIT rewards?
A: LIT rewards distribution will start once Litentry becomes a Polkadot parachain and balance transfer is enabled. Rewards will be sent linearly in each block. We’ll provide a detailed guide on how to claim your LIT rewards once we win the auction.
Q: What features will be onboarded to the Litentry Network on Polkadot?
A: There will be 5 pallets to be onboarded to the Litentry Network, namely the Identity Pallet, Token Transfer Pallet, NFT Pallet, Governance Pallet, and Drop3 Pallet. These pallets will support the functionality of dapps and use cases in the Litentry orbit, such as MyCryptoProfile, Drop3, PNS, Web3Go, and PolkaSignIn. See this article for more information.
Q: What is the difference between Litmus and Litentry?
A: The Litentry Mainnet will connect to the Polkadot ecosystem, while the Litmus Network will be a canary network that connects to Kusama. In short, the Litentry Network is a fully-equipped network that employs an independent LIT economic model with collator staking and supports all applications’ functions in the Litentry ecosystem. It is also a companion network to the Litmus Network. In the future, the two networks will co-exist and cooperate with projects in the corresponding ecosystem.
Got any questions for us? Drop in the comment box below! We’ll be addressing all your questions in an upcoming video.
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.