Litentry Token Burn Event #3

#7·Litentry Token Burn Event #3

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1yr ago

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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

Edited

Litentry, a blockchain-based identity verification platform, has announced that they will be burning 377,800 LIT tokens during the third quarter of the year. This is in line with their Identity Staking Inflation Model.

The tokens will be transferred from the Ethereum account controlled by the Litentry Foundation to the Litentry Parachain.

A referendum will soon be conducted to zero out the balance of the token-holding parachain account.

This is the third burn event out of a total of 8 planned.

Litentry appreciates the continued support of its community.

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