Greetings, Community!
We're excited to share an update regarding Litentry's Identity Staking Inflation Model. In line with this model, the Litentry team is committed to burning a substantial amount of 377,800 LIT during the third quarter.
Here are the key details:
- Amount to be Burned: 377,800 LIT
- Parachain Account: 48W1VwWpMk9ZpA7HMRA15wyWygyGaLbA5VoJeczh67g7tdn9
For those who like visual confirmation, here's a Balance Wallet Proof: View Here.
Now, let's dive into the burning process:
Transfer from Ethereum to Litentry Parachain: To initiate the burn, 377,800 LIT will be transferred from the Ethereum account controlled by the Litentry Foundation to the Litentry Parachain. You can review the Ethereum transaction here: Etherscan Transaction.
Transaction on Parachain Side: Following this, you can verify the transaction on the Litentry Parachain side here: Parachain Transaction.
Additionally, a referendum will soon be conducted to zero out the balance of the token-holding parachain account. This marks our third burn event out of a total of 8 planned.
We appreciate your continued support
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