Lithium is a financial platform that provides accurate pricing information about private and pre-IPO companies by combining a decentralized price oracle system with cryptocurrency incentives. It's also the first platform to price illiquid assets regularly. LITH is the name and ticker symbol of the native ERC-20 token of the platform, primarily used to incentivize wisdom node answers and for staking.
Lithium acts as a platform for collective intelligence, where economic incentives are used to ensure truthful information is provided. It uses the immutability of Ethereum for the swift transfer of data.
In the Lithium ecosystem, key stakeholders include wisdom nodes or pricing providers representing experts, such as investors, analysts, and brokers with pricing knowledge. Another group of stakeholders is wisdom queriers or pricing seekers, such as finance platforms and crypto projects seeking accurate intelligence to make informed decisions.
Lithium's protocol ensures the privacy of the submitted data. Furthermore, it uses a "dominate truthful peer prediction" model to uphold the accuracy of its predictions. A Proof of Wisdom staking system also ensures that wisdom nodes have legitimate knowledge in their fields. Additionally, a multi-party computation (MPC) model is deployed to maintain the privacy of information providers.
LITH price and tokenomics
LITH has a maximum total supply of 10 billion tokens. On August 5, 2021, the tokens were first distributed via an IDO sale conducted on Polkastarter. The initial price was $0.006, and a cap of $250 per person was enforced.
As a pre-mined token, approximately 19 percent of the LITH supply was distributed in a seed sale and two strategic rounds. Additionally, 7.5 percent of tokens went to public sale, 0.8 percent to public liquidity, and 30 percent for staking rewards to keep the ecosystem dynamic.
About the founders
Lithium Finance was founded by David Lighton and Steve Derezinski. Lighton, an alumnus of John Hopkins University (Economics) and MIT (MBA), has extensive experience working in fintech.
In December 2021, Derezinski stepped down from his role as co-founder, and Kelvin Lam was appointed the CEO of Lithium Finance. Lam holds a Master's Degree in Business Administration from the University of Oxford and previously served as COO for Game Media Asia.
On June 2, 2021, Lithium raised $5 million with Pantera Capital and Hashed, leading the funding round. Other investors include Huobi Ventures, Alameda Research, Genesis Block, LongHash, Blockchain Fund, and NGC.
In July 2021, the company announced it raised an additional $2.6 million.
