According to ChainCatcher, the leveraged strategy protocol Stella has released a rebranding proposal, which aims to expand the scope of dApps to leveraged infrastructure protocols and change its name to LitLayer. This transformation will involve rebranding, new product directions, and token economics changes.
According to the introduction, LitLayer is a full-chain leverage infrastructure protocol with an intent-based architecture. LitLayer will become a full-chain infrastructure that can quickly and seamlessly create leveraged trading applications on any chain. For on-chain traders, the LitLayer infrastructure will enable traders to take advantage of the massive liquidity of centralized exchanges while maintaining self-custody.
LitLayer is still under development, but has received integration requests from more than 10 protocols on more than 6 public chains, including some mainstream spot DEX (TVL over $100 million) and perp DEX. If the community approves the transition, LitLayer is expected to be launched in September 2024.
As part of the rebranding, there will be a 1:1 migration from the current ALPHA token to the LTLY token. LTLY holders can earn infrastructure fees and participate in governance through the staking model. The maximum supply of LTLY tokens is 3 billion, which are distributed as follows:
Migration from ALPHA tokens: 1,000,000,000 LTLY tokens
Strategic partners: 525,000,000 LTLY tokens
Ecosystem and community incentives: 725,000,000 LTLY tokens
Airdrop: 300,000,000 LTLY tokens
Marketing/Security: 450,000,000 LTLY tokens
