Based on Litenry parachain inflation and collator staking, Litentry team will continue to burn the equivalent amount of new issuance LITs from the inflation model quarterly for the next two years after collator staking is deployed.
The amount of LIT that should be burnt each quarter is：568,750 LIT
The parachain account that holds the to-be-burnt tokens is: 48W1VwWpMk9ZpA7HMRA15wyWygyGaLbA5VoJeczh67g7tdn9
The burning procedure is as follows:
We have 8 burning events in total and this is the first one.
Litentry team will burn a certain amount of LIT tokens every quarter for the next two years after collator staking is deployed. The amount of LIT that will be burnt each quarter is 568,750 LIT. The burning procedure involves transferring the LIT tokens from the Ethereum account to the Litentry parachain via the token bridge. A referendum will be voted on to forcibly set the balance of token holding parachain account to 0. This is the first of 8 burning events in total.