What is the total circulation of Litentry LIT coins?

Litentry (LIT), a Polkadot-based decentralized identity platform, allows users to manage their digital identities across multiple platforms and applications securely and efficiently.

Dec 26, 2024 at 11:12 am

Key Points:

• What is Litentry?
• Litentry's Tokenomics and Token Distribution
• Current and Future Litentry Price Predictions
• How to Buy Litentry (LIT)
• Storing Litentry (LIT)
• Staking and Earning Rewards with Litentry (LIT)
• Risks and Considerations When Investing in Litentry (LIT)

What is Litentry?

Litentry is a decentralized identity aggregation platform built on the Polkadot blockchain. It aims to provide a secure and efficient solution for users to manage their digital identities across multiple platforms and applications. Litentry's technology allows users to create a portable and verifiable identity that can be easily used in various decentralized applications (dApps), reducing the need for multiple login credentials and enhancing privacy and data protection.

Litentry's Tokenomics and Token Distribution

LIT is the native token of the Litentry ecosystem and serves several key functions:

• Identity Verification: Users pay transaction fees in LIT to verify their identities on the Litentry platform.
• Staking Rewards: LIT holders can stake their tokens to earn rewards and contribute to the security and stability of the network.
• Governance: LIT holders have voting rights in the Litentry governance system, allowing them to participate in decision-making and shape the future of the project.

The total circulation of Litentry (LIT) coins is capped at 100 million, with approximately 42.9 million LIT in circulation as of March 2023. The token distribution breakdown is as follows:

• Seed Sale: 10%
• Private Sale: 15%
• Public Sale: 15%
• Team and Advisors: 15%
• Foundation and Ecosystem: 25%
• Liquidity and Staking Rewards: 15%

Current and Future Litentry Price Predictions

The price of Litentry (LIT) has been volatile since its launch in 2020, but it has generally trended upward over time. As of March 2023, LIT is trading around $3.50, with a market capitalization of approximately $150 million.

Future price predictions for LIT can vary widely depending on market conditions and the overall adoption of Litentry's technology. Some analysts believe that LIT could reach $10 by the end of 2023, while others predict a price target of $20 or more in the longer term. It is essential to remember that all price predictions are speculative, and investors should conduct their own research and due diligence before making any investment decisions.

How to Buy Litentry (LIT)

Litentry (LIT) is available for purchase on several popular cryptocurrency exchanges, including:

• Binance
• KuCoin
• Gate.io
• Huobi
• OKX

To buy LIT, you can follow these steps:

1. Create an account on one of the supported exchanges.
2. Fund your account with a supported fiat currency or cryptocurrency.
3. Navigate to the LIT trading pair (e.g., LIT/USDT).
4. Select a market or limit order type.
5. Enter the desired amount of LIT you wish to purchase.
6. Review and confirm the transaction.

Once your order is filled, your LIT tokens will be credited to your exchange wallet.

Storing Litentry (LIT)

Litentry (LIT) can be stored in various cryptocurrency wallets, both hardware wallets and software wallets. Some recommended wallet options include:

• Hardware Wallets: Ledger Nano X, Trezor Model T
• Software Wallets: MetaMask, Trust Wallet, Ledger Live

To store LIT in a hardware wallet, you can follow these steps:

1. Connect your hardware wallet to your computer.
2. Open the wallet software and create or recover a wallet.
3. Find the Polkadot (DOT) app and install it on your wallet.
4. Add the LIT token to your wallet by entering the contract address.
5. Transfer LIT tokens from your exchange wallet to your hardware wallet address.

To store LIT in a software wallet, you can follow these steps:

1. Install the software wallet on your computer or mobile device.
2. Create or import a wallet and back up your recovery phrase.
3. Add the Litentry network to your wallet by entering the RPC URL.
4. Import your private keys or connect your hardware wallet to add your LIT tokens.

Staking and Earning Rewards with Litentry (LIT)

LIT holders can stake their tokens to earn rewards and contribute to the security of the Litentry network. To stake LIT, you can follow these steps:

1. Choose a staking provider, such as Staked, Lido, or Binance.
2. Transfer your LIT tokens to the staking provider's wallet address.
3. Select the desired staking pool and the amount of LIT you wish to stake.
4. Review and confirm the staking transaction.

Once your LIT tokens are staked, you will begin earning rewards in the form of additional LIT tokens. The staking rewards you earn will vary depending on the staking provider you choose and the amount of LIT you stake.

Risks and Considerations When Investing in Litentry (LIT)

As with all cryptocurrency investments, there are certain risks and considerations to be aware of when investing in Litentry (LIT):

• Market Volatility: The cryptocurrency market can be volatile, and the price of LIT can fluctuate significantly. Investments can lose value, and investors should only invest what they can afford to lose.
• Technological Risks: The Litentry platform and technology are still under development, and there is a risk of potential vulnerabilities or bugs that could impact its security and functionality.
• Competition: Litentry faces competition from other decentralized identity platforms and solutions, which could impact its market share and growth prospects.
• Regulatory Uncertainty: The regulatory landscape for cryptocurrencies, including Litentry, is evolving, and changes in regulations could affect the project's legality and operations.

FAQs

What is the use case for Litentry?
Litentry provides a secure and efficient way to manage digital identities across multiple platforms and applications, enhancing privacy and data protection.

What are the benefits of staking LIT?
Staking LIT contributes to the security of the network and allows holders to earn rewards in the form of additional LIT tokens.

Is Litentry a good investment?
The potential return on investment for Litentry (LIT) will vary depending on market conditions and the project's adoption. Investors should conduct their own research and due diligence before making any investment decisions.

How can I buy Litentry (LIT)?
Litentry (LIT) can be purchased on cryptocurrency exchanges like Binance, KuCoin, and Gate.io.

Where can I store Litentry (LIT)?
Litentry (LIT) can be stored in hardware wallets like Ledger Nano X and software wallets like MetaMask.