FAQs: How to Get Started?
Now that you’re equipped with the understanding of how Lithium works and its premises from our FAQ series; the best practices of using $LITH and Reputation Tokens; leading up to the reward mechanism and how illiquid asset pricing is made fully-transparent in our previous blogpost. Now you’re ready to get started!
Do you identify as a Price Seeker, with a pricing quest in mind? Or are you a Price Expert, eager to earn rewards by imparting your knowledge on an illiquid asset. Read on to find out how you can satisfy your curiosity on your desired asset pricing and how to make the most out of your skills like never before.
How do I become a Price Expert?
Price Experts offer answers to Pricing Quests posted by Price Seekers.As a price expert, you can stake your LITH Token and RP Token (Reputation Token) to signal confidence on your pricing estimates. The larger amount of RP Token (Reputation Token) stakes, the more market clearing power the pricing estimates will have as a result.Price Experts with higher RP Token (Reputation Token) will enjoy higher staking limits in addition to enhanced market influence.
How do I become a Price Seeker?
Anyone who has a price they want to enquire about can become a Price Seeker on Lithium. For example, you can post your Pricing Quests about an upcoming NFT project they’re excited about but not sure what price to expect it to be, along with a bounty offer. Interested in becoming a Price Seeker? Let us know how we can help.
Where can I get LITH Token (LITH)?
LITHis available on leading exchanges below:- KuCoin
- Huobi Global
- ZT Global
How do I claim my pre-staking rewards?
LITH rewards from the pre-staking program follow a linear vesting schedule that will accumulate every second from beginning April 1st, 2022 until October 15th, 2022. Users may choose to redeem rewards as many times as they like (in smaller amounts) or wait until October 15th, 2022, or anytime afterward to redeem their rewards in full amount.Please refer to the links below where you’ll find instructions and screenshots that show you how to claim your pre-staking rewards.- Reward Claiming
- Unstake / Redemption
How do I submit an answer?
To submit your Pricing Estimates, you'll need:1. A wallet (such as MetaMask), with LITH and MATIC tokens for gas deposited in it. These tokens will be used by you to participate and stake on Lithium as well as to pay gas fees2. Input bid and ask price estimates you believe the market is ready to buy and sell at3. Input LITH and RP Token (Reputation Token) stake4. Submit your Pricing Quests and wait for our protocol and Price Experts to work its magic5. Reward mechanism is in place for Price Experts who submit accurate price estimates from the bounties that Price Seekers put on when posting their Pricing Quests. There are base rewards and bonus rewards. The former offers a larger number of active Price Experts financial rewards while the latter offers a smaller number of active Price Experts a larger sum of financial rewards for their outstanding precision on price estimates. The accuracy of pricing estimates are measured by proximity to the respective mean bid and ask estimates and LITH stakedPlease refer to screenshot below for reference.
Will there be open testing activities in the future? Could there be some reward for participating in the test?
We are planning for a public testnet and mainnet beta over the next two quarters. We’d certainly love to have your feedback to help refine Lithium. Users participating in beta tests will be able to win reputation tokens and other rewards. Stay tuned for more updates!
Can I trade illiquid assets on Lithium?
Lithium is a collective intelligence platform to gauge market sentiment and pricing. Lithium itself is not an exchange or marketplace for trading of illiquid assets.Although Lithium is not an exchange, we have the edge over facilitating liquidity and financial innovation for illiquid assets by providing genuine and decentralized pricing information. We have a robust tokenomics design, liquid platform, and reward mechanism. All these pieces come together to create a go-to platform for illiquid pricing references so that all market participants can be equipped with reliable pricing information and make informed decisions in real-life and DeFi transactions.