- Litentry is changing its token rewards system.
- Fixed rewards for collator staking will end.
- Instead, 30% of network gas fees will be used as rewards.
- This change aims to make the network more sustainable and decentralized.
- Rewards will now depend on network activity, not fixed amounts.
- The goal is to give more control to the community over time.
- A community vote will decide on this proposal.

[Democracy] Public proposal #13: Update to the Litentry Token Economics

- SubSquare post talks about a problem faced by a user after upgrading to Polkadot.
- The user lost his staking reserve money due to an account reap triggered after finishing his vesting schedule and staking all his money.
- The post provides a link to the user's account and an extrinsic of balance non-return when withdrawing staking.
- The proposal aims to fix this issue and prevent other users from facing similar problems.
- As a solution, the proposal suggests adding 559 free LIT to the user's account.

User Staking amount balance recover - 4

Litentry is going to burn a lot of LIT tokens during the 7th quarter.
377,800 LIT tokens will be burned.
The tokens will be transferred from Ethereum to Litentry Parachain.
A referendum will be conducted to clear the balance of the token-holding parachain account.
This is the 7th burn event out of a total of 8 planned.

Litentry Token Burn Event #7

Litentry is making changes to its parachain staking rewards system. They will reduce the annual inflation rate for parachain staking from 1.5% to 1.0%. This change will take effect after the proposal is passed. The total estimated reduction will be approximately 500,000 LIT tokens annually. The reduction in the annual inflation rate will be reallocated as an extra staking reward for users possessing an IdentityHub score. This initiative is designed to reward and incentivize dedicated community members who actively participate and contribute to the ecosystem.

Litentry Announcement: Upcoming Changes for Parachain Staking Rewards partly-shifted to Identity hub staking

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.

Litentry Token Burn Event #6

User Staking amount balance recover - 3

User Staking amount balance recover - 2

User Staking amount balance recover - 1

Support for withdrawing bounty of Proposal #12

1. Someone tried to transfer their funds from ETH to Litentry (DOT) to stake their LIT coins.
2. They used an address with a Ledger hardware wallet attached for security reasons, but their funds got stuck in the account for three months.
3. They are proposing a motion to the council and the wider Litentry community to support the asset rescue effort to retrieve their LIT.
4. They provided proof of ownership of the Ethereum wallet and linked their wallets in the Identity Hub for transparency.
5. They are urging the community to support this motion to help retrieve their funds and make a positive impact together.

Support Token Rescue due to Ledger Incompatibility

- A person tried to transfer their funds from ETH to Litentry (DOT) using a portal but the funds got stuck in an account with a Ledger attached.
- The person is proposing a motion to the council and the Litentry community to support the asset rescue effort.
- The person has shared proof of ownership of the Ethereum wallet and linked their wallets in the Identity Hub.
- The locked LIT address and the address where the rescued assets will be sent have been provided.
- The community is urged to support this motion to help the user retrieve their LIT.

Recreated - Support Token Rescue due to Ledger Incompatibility

- Someone tried to transfer their funds from ETH to Litentry (DOT) using a Ledger hardware wallet for security reasons.
- However, their funds got stuck in the account with the Ledger attached for over two months.
- They are proposing a motion to the council and the Litentry community to support the asset rescue effort.
- They have provided proof of ownership of the Ethereum wallet and linked their wallets in the Identity Hub.
- They are urging the community to come together and support this motion to help retrieve their LIT.

Democracy Public Proposals