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.