Lition Supply & Distribution Update
With some very much appreciated feedback from the Lition Community, we understand that there is a huge need for an updated and clear token supply and distribution schedule, and have written up this update.
Previous Distribution and Total Supply
Our originally intended way of token distribution is still outlined in our Whitepaper but never came into reality as Lition had to adapt for changes, already encountered even before our Token Generation Event. From then on, several changes were re-worked with the goal of improving the token dynamics around LIT such as extensions of lockup periods for investors/advisors and burns of inflationary tokens. The goal of this article is to revise those changes in a concise and precise manner and to give a transparent overview of the past, current and future situation to our community.
April 2019
After several considerations and discussions with the Lition community, we revised our original token distribution and unlock schedule before TGE to a more updated version given the market conditions back then.
Thus, the following changes were made:
With the latest revisions, we hence allocated tokens in the following distributions:
- 57M (39.3%) for Seed, Enterprise and Public Sale
- 7.4M (5.1%) for Advisors
- 54.1M (37.3%) for Ecosystem
- 12.2M (8.4%) for the Team
- 14.3M (9.86%) for the Community
June 2019
Based on community feedback that we were getting around that time, the team opted to push for an extension of lockup periods on all locked tokens, including: seed, enterprise, public, team, advisors, ecosystem and community. At the same time, the team decided to reallocate 0.4M of team tokens to advisors as a gesture for their significant contribution to our project.
Since then, LIT was distributed according to the schedule that was revised in this article. The result of it was the following new distribution schedule.
October 2019 & January 2020
As being considered unnecessary inflation, the two ecosystem unlocks that were scheduled for Oct 2019 and Jan 2020 were thus burnt, resulting in a circulating supply of 55.867M, and a total supply of 129.5M tokens (15,497,481 tokens burnt).
An excess of 1.88M LIT tokens was burned in the past for the ecosystem unlocks of Oct 19 and Jan 20. The originally intended burning amount for both should have been 13,525,000 LIT (54.1M x 0.25) but instead 15,497,481 LIT was burned. To bring everything back to balance, this excess is going to be deducted from the still upcoming token burns.
February 2020
In February 2020, we announced an additional two year lockup extension for the three remaining distributions (42.5%) of advisor and seed tokens which was stated to the community in this article. Hence, investors and advisors are now subject to the following lockup schedule for their remaining token allocation of 18.8M LIT:
- 30/06/2020: 4.7M LIT unlocking (25%)
- 31/12/2020: 4.7M LIT unlocking (25%)
- 30/06/2021: 4.7M LIT unlocking (25%)
- 31/12/2021: 4.7M LIT unlocking (25%)
In addition to this, we have announced a future burn of 29.5M LIT from the ecosystem and team tokens, due at each unlock. This has been outlined in detail to the community in this article.
April 2020
At the first unlock, we have burned 100% of the team (2.95M) and 70% of the ecosystem (4.13M) tokens that released in April, amounting to a burn of 7,098,972 LIT tokens in total. Thus, resulting in a remainder of 20.52M LIT to be burned in the future.
By doing so, the current circulating supply amounts to 59,424,500M and the total supply to 123,102,014M.
Proof-of-burn: Etherscan Transaction.
Future Distribution and Supply
Due to the extension of lockup for advisors and seed tokens, we dissolved the smart contract vault for lockups recently in February as we’ve extended the lockups for our investors as well as advisors. A new contract containing these tokens was recently announced to the community which is also the contract that manages the remaining ecosystem, community and team tokens. You can find the new contract under this link: Lition Vesting Contract
As part of our efforts to bring clarity in this situation, the following excel sheet will clearly lay out our distribution schedule over the next several distributions, as well as our expected circulating supply as well as total supply in consideration of the remaining token unlocks:
Closing
At Lition, we are fully dedicated to this project right from the beginning and we strive for the utmost transparency with our community. We are fully committed to Lition and making sure that the project is a success for both our users and our community who have placed their faith and trust in us.
We are looking to introduce several other measures to make sure that our token distribution, supply and release of tokens will fully be transparent and communicated to our community, and fully appreciate each and every one of your feedback in supporting us in this way.
Thank you for your support, and we look forward to many more amazing years with you.
