LITE is the price counterpart of the stablecoin LUSD, and simply put, the amount of LUSD that can be minted in a single LITE is directly determined by the Token's price. LITE is issued on the Binance Smart Chain, with a total of 100 million units issued.
1million LITE will be taken out after issuance and added to the initial liquidity pool, with a ratio of 1 million USDT:1million LITE, and the remaining 99 million locked into the "Treasury" contract, which will be managed by Fist community members. LITE is used as the initial token of the LUSD protocol to mint the decentralized stablecoin - LUSD and to balance the price fluctuations of LUSD. LITE minted LUSD stablecoin based on its own price. LITE uses a price minting mechanism that relies on algorithms to ensure flexibility of stablecoin is backed by LIT.
Official Website: https://liteusd.com/