LIT Staking

LIT Staking Proposal.

Litizens, we are so excited to kick off the first ever vote in the LIT DAO community with an initiative that we think will bring key stability and baseline return to the Lit Community.

At the beginning of this journey we made a commitment that the benefits of being a Litizen wouldn’t just be indirect, but in fact direct to each of you. So far we have shown you this through creating projects, collaborations and invitations. Now we would like you to experience this though the LIT token.

LITDAO was generously given 50% of all the $LIT token supply. This means that each and every $LIT holder owns a share of that supply. This is a holding that over time, has the potential to grow in value.

The question we want to answer with this proposal is two fold. How do you, as $LIT holders and LITDAO members, benefit directly from that pool of value in the short term, without depleting it so much that you miss out on it’s longer term potential? How do you, as $LIT holders, stabilise the border token in the market, and put your share of that token to work?

The answer is single sided token staking, with the return of the staking coming from the pool of tokens held by the DAO.

DETAILS:

Token being staked: $LIT Staking Contract: Built out and audited by the LIT team and SyndciateDAO modelled from the Masterchef Staking contract (https://bscscan.com/address/0x73feaa1ee314f8c655e354234017be2193c9e24e#code) and then customised to the specifics of LIT’s stalking needs. Interface: Custom built dashboard built by SyndicateDAO

VOTE:

This voting proposal is to decide the final return amount and incentive structure of LIT Staking. To make this as simple as possible we have proposed two (2) options.

Terms of Voting Who can vote: This vote is open to all LIT holders. How to vote: One vote per wallet Time to vote: 3 days from proposal publish date Outcome: The option with the most votes against it will be voted in as the return structure of the staking.

Staking will commence within 4 days of the closing of the voting period.

Option 1: Simple Return/ Flat 12.5% p/a return Staking will return a flat ongoing rate of 12.5% annualised return calculated on a 30 day basis. If you exit staking mid way through a staking period you do not earn a return for that period.
Total possible yearly return is 12.50%

Option 2: Time Incentive/ 10.5% p/a return + 90 day bonus of 4.5% p/a Staking will return a flat ongoing rate of 10.50% annualised return calculated on a 30 day basis. Each quarter (90 days) a bonus will be distributed to any staking participants that have not unstaked during this period. This bonus amount will be 4.5% per annum calculated on a 90 day basis. Total possible yearly return is 15%