Why Are We Airdropping Staked $LIT to IDHub Users?
We aim to ensure that wealth continuously flows into the hands of those who create value, and identity is the key to defining “those who create value.” Staking is the first scenario we want to explore. We believe that staking rewards should not only be influenced by the amount staked; users who benefit the project should also receive corresponding rewards. Therefore, we decided to airdrop staked $LIT to active users, allowing IDHub fans to experience the real value of identity through the additional APY growth that identity brings.
How to Obtain the Staked $LIT
Once your Season 2 score reaches 300 points, the first 5000 users to click the “Claim Now” button will receive 5 LIT, which will be automatically staked and start earning rewards immediately.
When Can You Withdraw the Staked $LIT?
You can withdraw the staked $LIT 7 days after the staking function based on identity reward distribution goes live. This is a new, challenging, but beneficial feature for users, and we are working hard to ensure a secure and feasible staking function based on identity reward distribution. If everything goes well, it will be launched during the Pre-Season following the end of Season 2. Please stay tuned for our product updates via Litentry’s X and Discord channels. We will notify you as soon as this feature is available!
How is the Yield of the Pledged $LIT Calculated?
The yield calculation for the pledged $LIT begins immediately from the start of the activity. Regardless of whether you have claimed it or not, you can see the yield changes based on the original staking logic in the IDHub interface. After integrating the identity score elements into the distribution method, it will automatically switch to the new staking distribution method. You can see this portion of the yield once the new staking feature is launched.
How Your Identity Score Will Affect Future Staking Rewards
The algorithm affecting staking rewards will be a brand new score system, distinct from the Season score but heavily influenced by it. Stay active, earn a higher Season score, and gain more staking rewards!
Where Is the Airdropped $LIT Staked?
Before the feature is available, this $LIT will be held in proxy by the IDHub official wallet and staked in the official $LIT pool on the Substrate chain. Once the withdrawal feature is available, you can claim this airdrop to your own wallet address. However, since the staked $LIT is issued on the Substrate chain, you will need to prepare a wallet that supports the Substrate chain to claim it.
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