Decentralized identity solution, Litentry (LIT) announced its intention to distribute staked LIT tokens to users of its IdentityHub through an airdrop.
The initial 5,000 users who attain a score of 300 points in the Second Season of IdentityGala will be eligible to receive 5 LIT tokens upon claiming. These tokens will be automatically staked to accrue rewards. The staked LIT tokens will become available for withdrawal seven days following the launch of the staking feature, in accordance with identity reward distribution. This functionality will be introduced after the conclusion of the second season event.
The yield calculation for staked LIT commences promptly at the start of the activity, irrespective of whether the tokens have been claimed. Changes in yield are determined by the original staking logic embedded in the IdentityHub interface.
Prior to the availability of the new feature, LIT tokens will be held in proxy by the IdentityHub official wallet and staked within the official LIT pool on the Substrate chain. Once the withdrawal functionality is accessible, users can claim their tokens to wallet addresses supported by the Substrate chain.
Litentry Unveils Second Season Of IdentityGala, Offers 50,000 USDT Prize Pool
Litentry operates as a decentralized cross-chain identity aggregator, facilitating users in linking their identities within a privacy-conscious framework. Its objective is to empower users with complete control over their personal data, allowing them to derive social and economic benefits from it. The protocol’s versatility extends to applications in on-chain reputation, governance, decentralized finance (DeFi), and tailored data services.
The IdentityHub serves as the interface to the Litentry protocol and is the front-end offering provided by the platform. It operates as a decentralized Web3 personal data management tool, specifically designed to allow users to aggregate and oversee their data across various blockchains and decentralized storage systems. Additionally, it facilitates data access to third-party decentralized applications (dApps).
Recently, Litentry announced the start of the second season of IdentityGala in partnership with zkPass, SecondLive, NFPrompt, and Magicraft. This event, which commenced on June 3rd and lasts for the next two weeks, aims to improve user experience. It provides participants with the chance to compete for a share of the 50,000 USDT prize pool, introduces ID Coins for exclusive rewards, and incorporates the new staked LIT airdrop feature.
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