Introducing the Lition (LIT) Liquidity Rewards Program on LuaSwap (TomoChain network)
Lition’s LIT will be launching its first-ever liquidity mining program on LuaSwap (based on the TomoChain network), rewarding Liquidity Providers with 100,000 LIT over 1 month.
100,000 LIT TRC21 in Rewards for Liquidity Providers (January 27-February 27, 2021)
Lition is pleased to introduce a liquidity mining program to reward LIT/USDT (TRC21) Liquidity Providers (LPs) on LuaSwap (based on the TomoChain network). A total of 100,000 LIT TRC21 will be allocated for network participants. The reward period will last 1 month, starting from 27 Jan 2021.
By incentivizing Lition LPs with rewards, we aim to increase LIT/USDT liquidity and build long-term value and stability for the LIT token. Growing LuaSwap liquidity allows community members to enter and exit larger positions in LIT without significant price movement or slippage while being rewarded for increasing the depth of LuaSwap liquidity pool.
Lition Liquidity Mining Rewards Program
In addition to the 0.35% trading fees LPs will earn via LuaSwap, whitelisted LPs will also earn their share of the 100,000 LIT TRC21 tokens, distributed proportionally based on how much is contributed to the pool.
Guide on how to participate in the LIT Liquidity Rewards Program on LuaSwap on TomoChain network
- Step 1: Wrap your token from ERC20 on Ethereum to TRC21 on TomoChain via TomoBridge. (Tutorial)
- Step 2: Provide liquidity in the LIT/USDT TRC21 pool with a minimum of 5,000 LIT TRC21 (and the equivalent amount of USDT TRC21) (Tutorial)
- Step 3: Start staking from 27 Jan, 2021 (right after this announcement) to 10:00 AM UTC, 3 Feb 2021 and stake continuously till 10:00 AM UTC, Feb 27 2021
- Step 4: Whitelist your address here. *Note: If you do not whitelist your address, you will forfeit your share of the 100,000 LIT token rewards
That’s all you need to do!
Additional Information
- A tutorial on how to become an LP is available here
- We will conduct snapshots randomly to check your staking status. If anyone unstakes any time before 10:00 AM UTC, Feb 27, that LP will not be eligible to receive ANY rewards.
- We recommend reading this article if you would like further details on LuaSwap’s launching on TomoChain network.
- The available rewards are divided throughout the entire pool. If someone is providing liquidity and does not whitelist their address, their share of the rewards will be redistributed to the rest of the pool.
Disclaimers
- Please note that Lition has no control over transactions, lost funds, or impermanent loss on LuaSwap.
- Daily ROI is constantly changing as more people participate and new liquidity is added.
- The individual tokens you eventually withdraw from the pool can consist of a larger share of LIT than USDT or vice versa.
- Lition reserves the right to cancel or amend the Campaign or Campaign Rules at its sole discretion.
FAQ
Q: What is LuaSwap?
LuaSwap is the new swap protocol inspired by the previous AMM-based swap protocols such as Uniswap and SushiSwap. However, LuaSwap’s redesigned tokeneonomics and operation strategy addresses the short-comings of other swap systems. At the core, LuaSwap delivers a community-governed, multichain protocol via the LUA token. The focus is to support smaller pools of emerging tokens instead of fighting for liquidity within the top token pools.
LuaSwap now operates independently on both the TomoChain & Ethereum Blockchains, taking advantage of each chain’s capabilities. On the TomoChain blockchain, specifically, LuaSwap allows you to purchase tokens nearly instantly, at near-zero gas fees, and without network congestion.
Q: Fee structure on LuaSwap
The swap fee is set at 0.4%, of which 0.05% goes to LuaSafe stakers (more on LuaSafe be found at (link)), and the remaining 0.35% goes to LPs.
A withdrawal fee of 0.1% is applied when an LP chooses to remove liquidity and exit. This fee is used to encourage long-term LPs and to create a healthier liquidity environment for LuaSwap users.
Q: How is my pool share calculated?
100,000 LIT/ number of days in reward period = amount of LIT awarded each day. The more you stake and the larger share you have relative to others, the greater share of the rewards pool you receive.
Q: When will I receive my rewards?
Rewards will be distributed to all whitelisted addresses that meet the eligibility requirements within 7 working days after the reward period ends.
Join LuaSwap's Telegram for more help: https://t.me/LuaSwap
Website: https://luaswap.org/ | Twitter: https://twitter.com/luaswap
