How to Buy Litentry (LIT)
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FAQ
Is Litentry (LIT) a Good Investment?
Litentry (LIT) could present investment opportunities for those interested in the decentralized identity space and the Polkadot ecosystem. The project's focus on decentralized identity and collaboration with the Polkadot ecosystem could contribute to its long-term potential.
Rising interest and adoption of web3 technologies could spur higher demand for DID projects like Litentry. Such factors could drive the value of Litentry, supporting the LIT to USD price in the crypto market.
A favorable outlook among investors toward the overall crypto market could also boost the $LIT coin price. Increased buying activity promotes the risk-on sentiment among global investors, potentially driving uptrends in the price of Litentry crypto.
What Is Litentry Price Prediction?
While we cannot provide an accurate LIT price prediction over any timeframe, you could monitor the following factors to understand price action and volatility in the Litentry cryptocurrency:
Level of Adoption of Litentry’s Services
Adopting Litentry's decentralized cross-chain identity aggregator and its practical use cases in DeFi, on-chain governance, and specialized data services can affect the token's value. As the project gains real-world utility and more users participate, it may positively impact the token's price.
Investor Outlook Toward Web3
As more investors and users focus on web3 technology and projects in this space, there could be a higher demand for DID projects like Litentry. Increased interest in using dApps and web3 privacy initiatives could increase the Litentry value.
Crypto Market Sentiment
Market sentiment plays a significant role in cryptocurrency price movements. Positive news, partnerships, developments, or increased adoption can boost investor confidence and increase the Litentry price. Conversely, adverse events or a risk-off sentiment can result in price declines.
What Is LIT Token Used For?
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).
Who Are Litentry’s Partners and Investors?
Litentry has partnered with several established names in the crypto industry, including Phala Network, Moonbeam, Acala, SubWallet, Bifrost, Web3Go, Arweave, Automata, and Moonriver.
Litentry’s investors include Binance Labs, Signum Capital, PAKA, Hypersphere, NGC, SevenX Ventures, TRGC, and Digital Renaissance.
How to Transfer LIT From Ethereum to Litentry Parachain
You can use the token bridge to transfer your LIT tokens from the Ethereum network to the Litentry Network, a Polkadot parachain. Here’s how:
1. Open the Litentry web app and switch to the desired network (Ethereum) in the upper left corner of the app.
2. To use the app, connect using the Polkadot.{js} Extension. If you don't have the extension, install it on your browser and connect your Polkadot account to the app.
3. Choose the Polkadot account you want to connect to for the token transfer.
4. Once you have selected your account, navigate to the Token Bridge screen within the app.
5. Choose the Ethereum account from which you wish to transfer LIT and connect it to your Ethereum wallet. Your browser extension (e.g., MetaMask or Binance) will open and ask you to sign in to authorize the transfer.
6. You can now configure the transfer details. You can change the destination account on the Polkadot network, where you want to transfer the LIT tokens.
7. Choose the number of LIT tokens you wish to transfer. You will be prompted to authorize the transfer amount before proceeding.
8. Press the "Preview and Submit" button to review the transaction details in the Transaction Summary modal. Carefully review the information displayed.
9. After reviewing, press the "Transfer tokens" button to proceed with the transfer. Sign and approve the transaction and then wait for the transaction to be confirmed.
Litentry (LIT) Price Analysis
Live Price
The live price of LIT is 1 USD, representing a decrease of -7.13% in the past 7 days and -0.3% decrease in the past 24 hours.Historical Trends
The all-time high of LIT was 14.72 USD on 02-16, 2021, from which the coin is now down -93.16%.The all-time low of LIT was 0.3892 USD, from which the coin is now up 61.36%.