Lition to Burn an Additional 7.7 Million Tokens
As part of our dedication to ensuring that the value and utility of the Lition token is sustainable and optimal, we are pleased to inform our community that the team has approved a second token burn.
Based on our token unlock schedule, a new batch of 13.25 million LIT tokens will be unlocked this month. 5.55 million tokens are intended for distribution to private investors and advisors while the remaining 7.7 million tokens are part of the team’ ecosystem and community tokens.
After careful review of our activities last year, it was evident that the team has been prudent with funds. Therefore, we have not had as much need for the ecosystem and community tokens as originally thought. Given the direction we intend to take this year, it is clear that we will be able to maintain our current spending pace with the existing financial reserves of the project with no need to refer to more funds.
As a result, we have decided to carry out another token burn of these ecosystem and community tokens. This means that only the investors and advisor tokens will be added to the circulating supply. We also have an arrangement with some of the parties to ensure these are taken out of circulation via OTC. This has helped in the past and we will continue to explore these deal whenever possible.
Our goal is to continue running the project at a sustainable level with minimal financial footprints so we are able to achieve our long term objective of building Lition into the go-to solution for businesses that want to bring innovative and legally compliant blockchain applications to the mass-market. We thank you for your unwavering support and cannot wait to share our 2020 plans with the community.
