Litecoin Whale Wallets Surge 7% as LitVM Brings Smart Contracts

The Litecoin network has seen a surge in whale wallets over the past five months, growing by 7%, according to Santiment data.

This growth can be attributed to LitVM, Litecoin's first official EVM-compatible ZK Layer-2 rollup that launched on May 31, 2023. LitVM brings smart contracts, DeFi functionality, and real-world asset tokenization to the Litecoin blockchain.

LitVM has a dual-token structure: $LITVM, the governance and utility token, and zkLTC, a trustlessly bridged version of LTC that functions as the native gas token. 51% of the $LITVM supply is reserved for the community, with a focus on existing LTC holders.

The Litecoin Foundation's backing of LitVM provides institutional credibility, which has contributed to its success. The project has also been selected for the CMC Labs incubator, providing resources and visibility to early-stage crypto projects.