Liquidity providers on Lition (LIT) will receive a monthly reward of 100,000 LIT due to the launch of the platform’s liquidity reward program. The Ethereum-based Layer 2 blockchain platform, furthermore, disclosed that the liquidity program is live on Tomochain’s recently launched multichain AMM platform LuaSwap.
Interestingly, this is the first-ever liquidity mining reward program for Lition (LIT), and it takes place between January 27, 2021, and February 27, 2021.
1/ #Lition launches a liquidity mining program to reward $LIT/ $USDT (TRC21) to Liquidity Providers on @LuaSwap on #TomoChain’s network
100,000 $LIT will be distributed proportionally based on how much LPs contributed to the pool over 1 month.https://t.co/gTFjh97L47
— Lition Blockchain (@Lition_Block) January 27, 2021
Details of the Program
According to an official blog post, the liquidity reward program will involve LIT/USDT (TRC21) LPs on Tomochain’s LuaSwap. Participants will receive an estimated 100,000 LIT TRC21 tokens for the month. The liquidity reward program is a bid to encourage liquidity providers (LPs) on the platform. This, in turn, will increase their activity. Subsequently, increasing Lition’s LIT/USDT (TRC21) liquidity. Increased liquidity for LIT/USDT will also provide Lition’s LIT token with long-term value retention as well as general stability and efficiency for the token.
With LuaSwap, interested persons will be able to join or leave a liquidity pool without any meaningful price change. They will also still earn rewards for providing LuaSwap’s liquidity pools with liquidity.
Apart from the 0.35% trading fees set aside for LPs via LuaSwap, whitelisted LPs will also be allocated a share of the 100,000 LIT/TRC21 tokens. The tokens will be shared according to the activity and contributions to the pool by individual LPs.
Step-by-Step Guide on How To Take Part in the Lit Liquidity Reward Program on Luaswap
- First, users will need to convert their ERC20 tokens to TRC21 tokens on TomoChain. This will be done using TomoBridge. Find out more about how to convert ERC20 tokens to TRC21 tokens via TomoBridge here.
- Next is to provide at least 5,000 LIT TRC21 liquidity in the LIT/USDT TRC21 pool.
- Then, commence staking from January 27, 2021, (10:00 AM UTC) until Feb 27, 2021 (10:00 AM UTC).
- It is important for users to whitelist their wallets. Failure to do this will result in the loss of his/her allocation of the 100,000 LIT reward.
Rewards will be distributed to all whitelisted addresses that meet the eligibility requirements within seven working days after the reward period ends. The Layer 2 blockchain platform furthermore reserves the sole right to change or completely cancel the program and its rules.
Also, find out more about becoming an LP here.
Lition (LIT) Price
At the time of publication, LIT was trading at $0.084347, with a market cap of $7,408,612 and a 24-hour trading volume of $513,712.
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