Litentry Price

What Is Litentry (LIT)?

Litentry (LIT) is a privacy-focused, decentralized identity (DID) aggregator that links and manages DIDs across different blockchain platforms while ensuring that users’ data is kept protected. 

Litentry is a key web3 project that helps solve the issue of managing user identities in a cross-chain environment through an incognito on-chain process.

Litentry also has a parachain that shares its name on the Polkadot (DOT) blockchain. The Litentry parachain uses an identity indexing service developed using Substrate, Polkadot’s software development kit (SDK). This indexing service is the main engine that helps Litentry authenticate and keep track of user identities in a multi-chain environment.

LIT is Litentry’s native utility token. It is available in two token standards — Ethereum’s ERC-20 and BNB Chain’s BEP-20.

Litentry Price (LIT)

Litentry (LIT) started trading in February 2019. In its first month on the market, the token rose from a price of around $3 to its all-time-high of $13.31. After some initial turbulence, it rose back to the $12–$13 level in April 2021, which is the last time LIT traded at those levels.

By June 2021, the token’s price had declined nearly to $2. It spent the rest of the year trading between $2 and $6, and by May 2022, the LIT token had slowly declined to the 50-cent level. Litentry (LIT) has largely remained sub-$1 since then.

What Is LIT Used For?

LIT is used to pay for the platform’s DID verification services. Additionally, setting up indexed DID database records can earn users rewards paid in LIT. You can also use LIT for staking, as well as collateral for DeFi lending and borrowing services.

Litentry (LIT) Tokenomics

LIT has a total supply of 100 million. The token’s rules don’t specify any supply capping. Out of the 100 million LIT total supply, the tokens are allocated as follows:

• Parachain auction on Polkadot (to lease the connection), and for ecosystem development — 45%

• Litentry Foundation — 17% 

• Litentry core team — 15%

• Strategic sale — 11.89% 

• Seed sale — 8.11%

• Binance Launchpool — 3%

According to the token’s release schedule, all of the above allocations (except for the parachain auction and ecosystem development) will be complete by November 2025. At that point, nearly 60% of the token’s total supply will have been released. Funds allocated to the parachain auction and ecosystem development will continue to be released beyond the year 2025.

Who Is the Founder of Litentry?

Litentry was founded by Berlin-based technology entrepreneur Hanwen Cheng, who is managing the project under the rather unconventional title of Chief Brewing Officer.

How to Store Litentry (LIT)

Since LIT is available in the two token standards with the widest support in the industry (ERC-20 and BEP-20), it can be stored using a variety of popular noncustodial wallets, including Atomic Wallet, MetaMask, Trust Wallet, imToken and Binance Chain Wallet. MetaMask is the most integrated option that includes bridging of LIT tokens.

If you prefer to use a hardware wallet, the optimal choice would be one of the models offered by Ledger. Popular hardware wallet manufacturer Trezor doesn’t natively support the BEP-20 standard. However, you may still use the ERC-20 version of LIT on Trezor.

Where to Buy Litentry (LIT)

You can buy LIT from any top crypto exchange, including Bybit. On Bybit, you can trade LIT as a USDT perpetual (LITUSDT) in the derivatives market.