The LightLink project has become one of the most wondered projects on Twitter and other social media accounts. In this article, we will answer the questions of what is LightLink, its project, its purpose, and whether there will be a testnet airdrop.
What is LightLink?
LightLink is a high-performance, secure and scalable network built on Ethereum. The network leverages the power of layer 2 scaling solutions to deliver fast and low-cost transactions.
Designed to onboard new users, LightLink supports both Enterprise mode and standard transactions, unlocking the power of gas-free execution with the option to pay fees in ETH or its native token LL.
These features, combined with LightLink’s highly composable structure, make the network suitable for a wide range of applications, including enterprise ecosystems, gaming and metadata array projects, ticketing and identity management.
Project and Purpose
LightLink’s unique structure and architecture make it suitable for a wide range of industries that are both untapped and/or underdeveloped. There are 4 key applications that LightLink focuses on developing and leveraging:
Enterprise-Size Protocols: Many businesses use proprietary, scalable blockchains for their protocols and therefore fail to reap the benefits of network effects. LightLink is a highly secure, cheap and efficient blockchain that can scale horizontally.
Gaming and Metaverse: With NFT-based gaming and metaverse projects often failing to succeed due to scalability limitations and frequent transaction downtime, LightLink focuses on continued uptime, security, and execution of all transactions. Layer 2 provides the foundations for ownable, unique digital assets that can be used and transferred at scale, allowing the existence of interoperable games and metadata.
Ticketing: Via LightLink, tickets can be represented as NFTs linked to individuals. This fixes many of the problems the ticketing industry faced due to NFTs being 1:1; This means no two wallets can hold the same NFTs. Additionally, the NFT may hash the ticket code during use. This means that tickets cannot be shared once the first person is allowed entry. LightLink’s efficiency facilitates growth on blockchain in this industry.
Identity: The LightLink network can be used for identity management, allowing users to create and manage their own digital identities in a decentralized manner at layer 2. This can be done using smart contracts and other blockchain technologies to securely store and verify credentials. Using LightLink’s scalable and interoperable infrastructure, users can easily access their digital identities and share them across protocols.
What is LL Token?
LL Token is the native cryptocurrency and governance protocol of the LightLink network. The Lightlink network will be secured through the Lightlink (LL) token, which will be used by Organizations wishing to use the Enterprise mode of operation. In the future, a DAO will be established that will give LL token holders the right to propose and vote on protocol governance.
LightLink (LL) Token Details (Tokenomics)
- 20% of LL tokens are allocated to a seed round to raise funds. These tokens will be subject to a 12-month cliff period for seed investors, after which 5% of their tokens will be released monthly over a 20-month period.
- 17% of LL tokens will be allocated to the Lightlink team, subject to an 18-month vesting period, and will be released over 20 months, similar to seed investors.
- 2.5% of LL tokens will be allocated to the public sale planned for the first quarter of 2023. These tokens will be available immediately upon release.
- 8% of LL tokens will be allocated to the Staking Reserve and will be released gradually over time. The official date of the staking application will be announced in the road map of the project.
- 10% of LL tokens will be designated for the Institutional Fee Reserve to provide liquidity to institutional customers and offset the cost of gas fees for transactions on institutional protocols.
- 28% of LL tokens will be allocated to Ecosystem Support, which will be used to provide grants and support to projects developing decentralized applications on LightLink, as well as encouraging growth within the community and attracting established protocols to the platform.
- 5.5% of LL tokens will be allocated to provide liquidity on various decentralized and centralized exchanges. These funds will be used to support market makers in reducing spreads and increasing liquidity for LL trading pairs.
- 9% of the tokens will be reserved for future use in the protocol, which may include activities such as ecosystem incentives.
LightLink (LL) Airdrop and Testnet
Almost the only way to create a community in the cryptocurrency market is through Airdrop. As such, LightLink announced in its token details that it would distribute 2.5% of the supply as an airdrop. Previously, in the case of Sei, making fun of the community caused Sei to be officially introduced as Scam. Although the amount of Airdrops that LightLink will distribute is not very large, it may be useful to think about the possibilities and participate in testnet activities.
It is very important that you complete Galxe missions to earn airdrops. But the recent Galxe hack is a reminder to think twice about platform access. Deadline for Galxe missions is October 10, 2023
The Bottom Line
As the LightLink L2 project, it seems to make a name for itself in the crypto ecosystem. It is likely that the LL Token will be available on the market after the testing phases. The project has business partners such as Microsoft and Amazon. Although L2 projects are starting to increase in the market, LightLink can open a new page with Ethereum scaling.