Greetings, Community!
We're excited to share an update regarding Litentry Burn Event #5 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 5th quarter.
Here are the key details:
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. Following this, you can verify the transaction on the Litentry Parachain side here.
Referendum to clear the blance of this account (a.k.a burn):
Additionally, a referendum will soon be conducted to zero out the balance of the token-holding parachain account. This marks our 5th burn event out of a total of 8 planned.
We appreciate your continued support.