Total supply is 1 billion tokens.
10% of total supply - 100 million of LRX tokens will be distributed for all Aye voters in this referenda.
Bridging fees for the assets that have been moved from Ethereum to Polkadot are going to be distributed between all LRX holders.
LayerX is a trustless bridge based on vaults.
How LayerX Works:
Deposit: Users deposit their Ethereum-based ERC-20 tokens into the vaults secured by collatoral on LayerX parachain side.
Mint: Users receive equivalent tokens on the Polkadot LayerX parachain.
Use: Users can utilize these synthetic tokens within the Polkadot ecosystem via XCM that allows bridge to any parahcain that is connected to LayerX. This includes participating in DeFi applications, making transactions, or using them in any other services that accept these tokens.
Redeem: At any time Eth or ERC20 representive tokens on LayerX parachain can be burned and their original Eth/ERC20 tokens on Ethereum network will be unlocked from vault.
Security: LayerX ensures the security of the assets in the vaults through the collatoral locked on Polkadot parachain side and oracles. These technologies facilitate trustless and secure exchanges providing users with peace of mind.
Securing a Parachain Slot on Kusama
We're thrilled to announce that LayerX has successfully secured a parachain slot on the Kusama network!
The token distribution (100 million tokens as 10% from total supply) for voters on this referenda will be taking place once we secure the parachain on Polkadot in the middle of October.
