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<img src="https://i.imgur.com/XwAEhh8.jpg" alt="" width="800" height="327" />
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<img src="https://i.imgur.com/TL46Q5F.jpg" alt="" width="800" height="443" />
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.
<img src="https://i.imgur.com/gWGdQVh.jpg" alt="" width="800" height="424" />
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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.
<img src="https://i.imgur.com/krQTzLx.jpg" alt="" width="800" height="343" />
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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.
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<img src="https://i.imgur.com/gQaU9Bt.jpg" alt="" width="800" height="346" />
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Propose and approve a spend of treasury funds.

- `origin`: Must be `SpendOrigin` with the `Success` value being at least `amount`.
- `amount`: The amount to be transferred from the treasury to the `beneficiary`.
- `beneficiary`: The destination account for the transfer.

NOTE: For record-keeping purposes, the proposer is deemed to be equivalent to the
beneficiary.

- There is a voting happening where people can vote and get tokens.
- The tokens can be used in a special system called LayerX.
- LayerX allows people to deposit tokens, get new tokens, use them in different ways, and redeem them.
- LayerX is secure and uses technology to keep the tokens safe.
- LayerX has secured a spot on the Kusama network and will distribute tokens to voters once they secure a spot on Polkadot.

#107 LayerX - rollout parachain as Trustless Bridge between Polkadot and Ethereum.

No Active Proposals