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:
- 568,750 LIT is transferred from the ethereum account that is controlled by the Litentry foundation to Litentry parachain via the token bridge:
- A referendum will be voted on to forcibly set the balance of token holding parachain account to 0.
We have 8 burning events in total and this is the first one.