Updates on Lition’s Outstanding Programs (Pre-Acquisition)
Dear Lition Community,
We would like to thank you for your support as we transition into our new role as the new Lition core team. Your continued encouragement and patience going forward will be imperative as we grow together.
Regarding the outstanding programs initiated and run by the former team, we would like to address the following.
Brand & Technology
Lition’s brand and technology will be an essential part of TomoChain’s enterprise venture moving forward. With Lition, the consolidated enterprise unit can tap into a deep repository of technical, product, legal & business acumen pan-Eurasia to achieve our goals. We’ll continue exploring the energy use case on Lition and also look forward to expanding that potential to the side of financial services.
The LIT token will remain as an ERC20 token on the Ethereum network to power the Lition side-chain as initially intended. TomoChain will continue to maintain Lition’s value & generate awareness of and use for the Lition brand and side-chain.
Lition Pool Staking & Validators
We’ll keep Lition Pool Staking as it was originally developed. The new team will maintain support across Lition’s socials & provide technical assistance to all Validators to ensure that their operations are uninterrupted.
Lock-up and bonus multipliers for the genesis phase remain unchanged until further notice.
Lition ERC20-BEP2 Bridge
The bridge will be maintained until further notice.
Lition Uniswap Liquidity Rewards Program
Rewards for October 2020 have been distributed to all eligible liquidity providers. The process is done following an agreement between the former team and a contractor (Report and tracking file)
As the liquidity hasn’t been bootstrapped to a meaningful level, we have decided to discontinue this rewards program and design a new campaign to launch in 1–2 months.
Token Burn Schedule
As we all understand, enterprise development is a time-consuming process that requires an incredible amount of patience. The acquisition of Lition was done viewing the industry and project from a multi-year product and business development perspective.
While the new team intends to generate revenue from Lition’s 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**. The treasury will be used to support Lition until commercially-viable high-transaction use-cases become available that purchase LIT to cover operational costs and ensure the chain is self-sustaining.
The former team planned to burn 75% of team tokens and 70% of ecosystem tokens. After thorough calculations and budgeting, assuming that we follow the token burn plan, the Lition project will exhaust almost all token funds by the end of 2021. This is without consideration for any marketing, market making, and paid listing activities.
Taking the aforementioned into account, we have decided to postpone all the token burn schedules to allow for more time to audit token transactions and brainstorm on viable financial solutions. Our next update on this topic will be released by January 15th, 2021.
** Key points to note:
— All costs related to Business Development activities, Pilot projects, legal work, and client management will NOT be expensed through the LIT treasury.
— To align with the long-term success of Lition, TomoChain Pte. Ltd. agreed to a 6 month locking period (until April 2021) of its LIT Treasury, as per the acquisition agreement. All operating expenses, including costs to maintain the Lition chain, in that period, will be advanced from TomoChain project’s budget.
If you have any other questions, please submit them under this thread.
We look forward to your continued support, as always!
Your New Team.
