Important Announcement: Lition to Burn 7.7 Million Tokens
We are committed to supporting and strengthening the long-term value and usage of the Lition token. Therefore, we’re happy to announce that the team has decided to move forward with a token burn.
As stated in our new token unlock schedule, there is a dilution of 11 million LIT tokens scheduled for October. Of those 11 million, only 3.3 million will be distributed to investors and advisers. The remaining 7.7 million tokens being unlocked are team-controlled ecosystem and community tokens. Additional details about the lockup periods can be found here.
The original plan was to leave these ecosystem and community tokens untouched so that they did not flow into circulation. However, after a careful review, we’ve determined that these tokens are no longer necessary as we’ve managed to stay well under budget through our testnet stage from April until now.
As a result, it has been decided that for the long-term benefit of the LIT economy, these 7.7 million ecosystem and community tokens will be burned and permanently removed from circulation. Economic principles have proven this to be an effective method to decrease the total supply and keep token values at a healthy level. Lition is still well funded and we’re very confident in the sustainability of our project well into the future.
We remain humbled by the incredible support from our community and we look forward to continuing down this path together.
Update: October 16, 2019
Token Burn Completed.
About Lition
Lition’s new blockchain infrastructure which is co-innovated with SAP the world leading business software company addresses key commercial and business issues that have prevented blockchain networks from reaching widespread mainstream adoption so far. With scalable public-private blockchain and ‘deletable’ data features, the Lition network allows businesses and large enterprises to bring innovative blockchain applications to the mass-market that are legally compliant.
