Greetings, Community!
We're excited to share an update regarding Litentry Burn Event #6 from the Inflation Model. In line with this model, the Litentry team is committed to burning a substantial amount of 377,800 LIT during the 6th quarter.
Here are the key details:
Amount to be burned: 377,800 LIT
Parachain account: 48W1VwWpMk9ZpA7HMRA15wyWygyGaLbA5VoJeczh67g7tdn9
Now, let's dive into the burning process:
Transfer from Ethereum to Litentry Parachain:
To initiate the burn, 377,800 LIT has been transferred from the Ethereum account controlled by the Litentry Foundation to the Litentry Parachain. You can review the Ethereum transaction here.
https://etherscan.io/tx/0x0b12285059c397e3f6ffe6c776788b7ec56d7086926377c13acc79e79bda230f
Following this, you can verify the transaction on the Litentry Parachain side here.
https://litentry.statescan.io/#/extrinsics/5104604-3
Referendum to clear the balance of this account (a.k.a burn):
Additionally, this referendum will soon be conducted to zero out the balance of the token-holding parachain account. This marks our 6th burn event out of a total of 8 planned.
We appreciate your continued support.
Litentry, a blockchain-based identity verification platform, has announced its 6th quarter burn event from the inflation model. They will burn 377,800 LIT tokens. The tokens will be transferred from the Ethereum account controlled by the Litentry Foundation to the Litentry Parachain. A referendum will be conducted to clear the balance of the token-holding parachain account. This is the 6th burn event out of a total of 8 planned. Litentry team appreciates the community's continued support.