The LIT token is used for various purposes within the Litentry ecosystem, including:
Verifiable Identity
Litentry allows users to generate and manage a verifiable identity using privacy-preserving computation. This identity can be used in various applications, including NFTs, dApps, and other platforms, enhancing security and privacy.
Reputation-based Benefits
The protocol facilitates reputation metrics and status transportation across web2 and web3 platforms. It enables audience selection for quality airdrops based on contributors' crypto experience and project participation, thereby providing reputation-based benefits.
Under-collateralized Lending
Litentry can be utilized to assess credit scores and eligibility for under-collateralized lending. The protocol's identity data computation helps reduce collateral risks, contributing to a more secure lending ecosystem.
DeFi Participation
Litentry holders can participate in decentralized finance (DeFi) activities using LIT tokens as collateral for borrowing other crypto assets or minting the EQD stablecoin on Equilibrium's platform. Furthermore, users can earn passive staking income by depositing LIT tokens into Equilibrium's lending pool.
Secure Identity Data Management
Litentry follows a self-sovereign identity framework, giving users complete control over their data. The Trusted Execution Environment (TEE) protects sensitive relationships between accounts and data management and sharing are initiated and authorized by the user. This ensures user data is stored, processed, and protected in a secure environment.
Customized Data Services
The protocol and interface, Identity Hub, can be adopted in various custom data services beyond DeFi, such as on-chain reputation and governance, catering to a wide range of potential use cases.
Trade or HODL LIT
Trade Litentry coin against other crypto assets on the KuCoin Spot Market to profit from changing market conditions and volatility. Buy or sell LIT or hold the token long-term if you believe in the future potential of the Litentry network. Remember to make any investment decision in the crypto market only after you do your own research (DYOR).
