Lien
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Lien

LIEN Token Metrics

Introduction to the LIEN token

The Lien token (LIEN) is a utility token that rewards the token holders with a rebate on the Lien protocol and FairSwap usage fees

The Lien protocol charges a fee when users mint the iDOL stable coin (0.2%) and when they exchange assets using FairSwap (0.3% — variable).

Fees are collected in ETH or iDOL and are then distributed proportionally to holders of the Lien token as discounts/rebates every 28 days.

100% of Lien Protocol fees and 20% of FairSwap fees collected are attributed to Lien Token holders (80% goes to the liquidity providers).

Overview of the Lien System

How to receive fees

  1. Hold LIEN tokens during the snapshot
  2. A snapshot is taken every 28 days starting from August 8, UTC 13:31:50 (the fees will become redeemable immediately after the snapshot)
  3. Connect your wallet to the Lien app using the address that held LIEN tokens during the snapshot
  4. Redeem fees from balance screen

Let’s use a real life example. The next snapshot will be taken on September 5, 2020 UTC 13:41:50. Fees that were collected during the period leading up to this snapshot will be pooled and allocated to LIEN token holders included in the snapshot. The distributed fees are redeemable immediately after the snapshot is taken.

Fees that are left unredeemed for 48 weeks will be forfeited and included in the next fee allocation pool.

LIEN specification

Initial Circulating Supply: 200,000 LIEN (20% of total supply)

Total Supply: 1,000,000 LIEN (Capped)

Token Type: ERC20 on Ethereum

Contract Address: 0xaB37e1358b639Fd877f015027Bb62d3ddAa7557E

Initial Token Distribution

Frequently Asked Questions

Q: What is the total supply of LIEN and is the supply capped?
A: The total supply of LIEN is 1,000,000 and yes, the supply is capped.

Q: When is the snapshot to determine the fee allocation for a certain period taken?
A: Every 28 days starting from August 8, UTC 13:31:50

Q: I sold my LIEN tokens before the snapshot date. Will I be eligible for the distribution of fees?
A: No. In order to be eligible for fee distributions, you will need to hold LIEN tokens when the snapshot is taken.

Q: Is there a time limit as to when I can redeem the fees that were allocated to me?
A: You have 48 weeks to redeem the fees that were allocated to you. If the fees are not redeemed within 48 weeks, they will be forfeited and included in the next fee allocation pool.

Q: What is the utility of the LIEN token?
A: The Lien token (LIEN) is a utility token that the holders can use to receive discounts on the protocol fees that are required when using the Lien protocol and trading on FairSwap.

Q: Can I expect the price of the LIEN token to increase in the future?
A: No. Users of the Lien token should not expect the price of the Lien token to go up. The token is not meant to be an investment or speculative vehicle.

Q: Was there a presale of LIEN tokens?
A: 10% of the total LIEN token supply was sold at approximately 50 USD per token to early contributors in order to provide initial liquidity on FairSwap to ensure smooth trading from day one.

Disclaimer

  • This article does not constitute an offer to sell the LIEN token in an illegal jurisdiction.
  • All or part of this article is not legal, financial, tax or other professional advice, and should not be considered as such. Before deciding to buy or sell the LIEN token, you should seek independent expert advice. You are responsible for evaluations and decision-making made during the LIEN token purchase or sale process.
  • The LIEN platform is fully functional in its current state and holders of the LIEN token should not expect it to be further developed by the current community.
  • The purchaser of the LIEN tokens should not expect the current community nor anyone else to build or grow the value of the network or the LIEN token.
  • The LIEN token is not intended to constitute securities of any form, units in a business trust, units in a collective investment scheme or any other form of investment in any jurisdiction.
  • Holders of the LIEN token should not expect the proceeds from the sale of the LIEN tokens to be used to further develop the network or the LIEN token.
  • The purchaser of the LIEN token should not expect future functionality of the network or the LIEN token.
  • The purchaser of the LIEN token should not expect potential profitability of the operations of the network, or the potential appreciation in the value of the LIEN token.
  • The purchaser of the LIEN token should not expect the availability of a market for the trading of the LIEN token.
  • To the maximum permitted by law, we are not responsible for any liability arising from the adverse effects or consequences of the LIEN token.
  • This article describes our current schedule for the LIEN platform. While we aim to realize this schedule, please recognize that it is dependent on quite a number of factors. We do not guarantee, represent or warrant any of the schedules in this article.

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