2nd Update on Lition’s Outstanding Programs (Pre-Acquisition)
Dear Lition Community,
The announcement of TomoChain’s acquisition of Lition has been a remarkable milestone in our space. It was a significant move that will help TomoChain’s enterprise venture become one of the premier technology solutions providers in the blockchain industry.
Following up on the Update on the outstanding programs initiated and run by the former team dated November 12th, 2020, we would like to announce the following.
Brand & Technology
The combination of Lition and TomoChain’s brand and technology creates the most comprehensive and flexible offering of on-demand enterprise solutions available today, giving our clients choice in how they develop, implement, and deploy business applications. Our goal is to blend the public blockchain and the private blockchain use-cases to provide the most exhaustive solutions, highly-tailored to government and enterprise needs.
Despite being in the transition phase, over the last month, Lition has captured the attention of reputable media, including Coindesk (Lition advised the German Government on blockchain legislation for electronic securities), Cointelegraph (Lition was mentioned as part of Salesforce’s move into Blockchain) and AltcoinBuzz (Lition was covered on the blockchain regulation side).
Regarding the ongoing potential deals, the transition work has focused on analyzing and assessing the technical and commercial viability of potential collaborations. We are pleased to inform TomoChain Pte. Ltd and Lition Energie GmbH are at the final phase of contract negotiations on the integration and management of Lition Energie transactions into the Lition Blockchain. We hope to deliver news on the completion of this deal to the community shortly.
Validators’ Onboarding Program
New validators are more than welcome to apply through the application form. The onboarding process remains mostly the same as it was before. There is, however, a minor change in the policy. As part of the onboarding process, the former team used to accommodate requests to unlock tokens from Lition Pool Staking (LPS). To ensure the network’s fairness, transparency, and security, we have decided to discontinue the unlocking of LPS stakes. If your tokens are currently locked, you will need to wait until your lockup period expires before you can vest them in the sidechain.
Support for existing validators can be officially requested on the official support telegram channel for Lition validators or TomoChain forum here.
Token Burn
As mentioned in our previous update, if we follow through with the token burn plan set by the former team (75% of team tokens and 70% of ecosystem tokens), the Lition project will exhaust almost all of its token funds by the end of 2021. This is without consideration for any marketing, liquidity provisions, and paid listing activities.
While we expect to generate some revenue from Lition Blockchain clients in the future, any spending to maintain the daily operation of Lition’s system will be sourced from the team, community, and ecosystem wallets.
To ensure the project’s sustainability, a decision has been made that all remaining token burn schedules have been canceled. The additional treasury will be used prudently and enable the Lition project to last over the long run, allowing the team to carry out more tasks, including community events, listing discussion, etc.
This fund is also under a 6 month lockup period (until April 2021), as per the acquisition agreement on LIT Treasury. All operating expenses, including costs to maintain the Lition chain, in that period, will continue to be advanced from TomoChain project’s budget.
Liquidity
We understand that liquidity remains a crucial concern for the community. Removing the token burn now allows us to initiate serious discussions for listings on credible centralized and order book-based decentralized exchanges.
AMM-based DEXs are also a feasible and straightforward approach to bootstrap liquidity. Apart from Uniswap, we intend to launch $LIT on more AMMs, starting with TomoChain’s own AMM, LuaSwap, a multichain swap protocol. LuaSwap operates independently on both the TomoChain & Ethereum Blockchains, taking advantage of each chain’s capabilities.
$LIT (TRC21) pairs will be added to LuaSwap once deployed on the TomoChain network (est. late January 2021). This will allow users to swap $LIT nearly instantly, with tiny gas fees and no network congestion. A reward program will be launched along with the listing. Further information on the program will be released in a separate announcement by the end of January.
If you have any other questions, please submit them under this thread.
We pledge our continued commitment to enabling Lition’s success and delivering the benefits we expect from this acquisition. We look forward to your continued support, as always!
Your Team.
