Litentry Announces Participation in Polkadot Parallel Chain's First Slot Auction

TokenInsight news, Litentry, the Web3 cross-chain identity aggregation protocol, has announced that it will participate in the auction for the first slot in the Polka Parallel chain and has released a crowd-lending program. Litentry expects to participate in the Polka auction starting with the first slot and continue bidding for all of the first 5 slots until a slot is awarded. Litentry will provide 20% of the total $LIT supply (20 million $LITs) to reward backers. For every $5 DOT locked in, participants will receive a minimum of $12.5 $LIT in rewards. The final reward will be calculated as a percentage of each participant's contribution to the crowdsourced pool, i.e. (user $DOT contribution/total $DOT contribution) * 20 million $LIT. In addition, early bird rewards are available: an additional 10% for the support provided before the start of the parallel chain auction and an additional 5% within the first 7 days after the start of the parallel chain auction.