TomoChain Labs announces to Cease Support for the Lition Blockchain Project

Dear Lition Community,

We regret to inform you that TomoChain Lab has decided to cease our support for the Lition Blockchain project.

This decision has been taken cautiously due to various reasons, including the overall assessment of the acquired Lition blockchain project, external market circumstances, and the shifting priorities in the TomoChain Lab’s enterprise division. Please refer to this link for more information regarding the transition report.

The internal concerns arise from outstanding problems in the Lition blockchain project’s financing and technology aspects. Further details can be found in technical and financial reports. Unfortunately, we are unable to fix and operate the mainnet until some commercially-active use-cases pay enough LIT to cover all operational costs and ensure the chain is self-sustaining. Although the previous token burn plan has been canceled, the shortage of resources and low LIT treasury means that running the Lition Blockchain is unviable as a business.

After an assessment of the overall crypto market, TomoChain Lab also decided to focus on the public blockchain space and its ecosystem and will align the enterprise division accordingly.

Our last operational day will be Wednesday, 31st Mar 2021. We will, as at that date, close all TomoChain Lab run Lition website and social media channels including Telegram chat, Twitter, Medium, Website, Facebook. We shall be available up to the aforementioned date to attend to your requests if there are any. Please email us at admin@tomochain.com if you have any questions or concerns.

TomoChain Lab is willing to transfer the operation of the Lition Blockchain project, including our currently custodied Treasury and Technology, to the Community. Any community-driven committee or a reputable entity with experience in technology, marketing, business development, and enough resources to run the project is welcomed to submit a proposal.

We have taken all possible actions in our attempt to stabilize the situation but the only remaining viable solution is to shut down the business. All operating expenses since the acquisition up till now including costs of the Lition blockchain maintenance have been sourced from the TomoChain project’s budget.

Although it is the end of TomoChain Lab’s short journey with the Lition blockchain, we hope it’s not about the healthy relationship we wish to share with all the LIT holders. We would like to invite you to join the TomoChain community by offering to swap your LIT token with TOMO tokens.

We genuinely thank you for your support, and we appreciate your efforts to assist us in getting through the last 4 months. We look forward to welcoming you to the TomoChain blockchain project.

Thank you.