How Litentry’s innovative crowdsourcing program gives DOT holders the opportunity to maximize their rewards

The crypto space is becoming more and more interoperable, and developers seeking widespread adoption and success will need to embrace this trend. In ruling the blockchain, Polkadot and its unique approach to governance and interoperability are quickly becoming the center of projects that may lead the industry in the future.

Unlike Ethereum, Cardano, and other blockchains, Polkadot uses a unique mechanism that allows the community to choose projects that will occupy a limited place on the network. To participate in the auction, the project needs to raise enough funds.

After the process is complete, the winning project will be deployed via Parachain (the independent network that powers the agreement). This process has triggered fierce competition, with many projects such as Moonbeam, Bifrost, Astar Network and Litentry leading the way.

Most of these projects provide stable rewards to gain community support and win auctions. Astar has launched a 3-level reward level for its supporters, in which 5% of the native token ASTR is locked as part of the crowdfunding.

On the other hand, Moonbeam offers a part of the 30% Crowdloan pool, but investors must wait until the project deploys its compatibility with the Ethereum Virtual Machine (EVM). In addition, 70% of the rewards will be distributed during the 96-week lease period of the slot.

Among the above projects, Crowdloan, launched by the decentralized identity aggregation protocol Litentry, provides its supporters with a dynamic and multifunctional plan with adaptive rewards, bonuses, and other opportunities.

Most importantly, participants will be able to pledge their DOT without additional requirements or complexity. The Litentry network connects its parachain to the Polkadot relay chain. By doing so, it will provide users with more security and interoperability.

Already running on Ethereum and Binance Smart Chain, using its own native token, LIT, gives it an advantage over similar projects trying to gain a place on Polkadot. The recently launched Crowdloan strategy is an important step for the network.

The project has been listed on the leading cryptocurrency exchange Binance for a long time and has a strong liquidity foundation. Therefore, investors have an extra layer of security and can rely on the legitimacy of the project.

The project allocates 20% or 20,000,000 of the total supply of LIT to motivate users and reward their supporters for a superior position and a higher chance of gaining a position in the Polkadot auction. The plan will be from the first auction to the fifth auction and will remain active until Litentry gains a place on the Internet.

Litentry provides the best rewards for the Polkadot ecosystem

By allocating 20% ​​of the total supply of LIT tokens in the crowd lending program, Litentry provides DOT holders with one of the best low-risk/high-return strategies to diversify their investment portfolio. In this way, investors will have an additional opportunity to make a profit instead of staking their DOT.

In order to participate in the crowdfunding plan, investors need to lock up 5 DOTs for auction. This initial investment will receive a reward of at least 2.5 LIT.

Later, the final reward will be estimated based on the percentage of each user’s contribution to the crowd lending pool. In other words, a user’s DOT contribution will be divided by the total number of DOT contributions in the pool.

These rewards will be distributed when the Litentry parachain running on the Polkadot relay chain goes online. Duration of the Slot lease period: Within 96 weeks, each investor will receive a LIT reward linearly in each block.

Even if the project fails to gain a place, investors will still receive additional LIT token compensation in the new Crowdloan event until the goal of the plan is reached. During the 5-week crowd loan period, compensation will reach an estimated 13% APY.

For early supporters, if they support the event before November 18, they will receive a bonus of up to 10%, and if they participate in the event before November 25, they will receive a bonus of up to 5%. In addition, if users complete identity-based tasks and support Litentry, they can get additional rewards for the main use case of the network. Users can also get additional rewards through Litentry’s multiple partners, including SubDAO airdrops, Binance pre-heating promotions, and a new partnership with the Polkadot name system. This partner can earn users who have contributed more than 10 DOT through free .dot domain names. .

Although beneficial, Polkadot’s betting rewards are much lower than betting on the growth of its ecosystem. Projects such as the Litentry network with high interoperability and usage are expected to see increased demand as more and more people need an alternative to centralize data and identity systems.

Therefore, the crowd loan incentive program is an excellent opportunity for early investors to take full advantage of Litentry’s potential as a top project in one of the most promising ecosystems in the field. At the same time, these investors will maintain the ability to move between blockchains.

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