Dear Lympo Community,
As promised last week, we’ve published the Lympo Q&A video on Friday 16th of April, where our CEO Ada Jonuse addressed the questions that many of our community members submitted via the form we released earlier. If you haven’t seen it yet, here’s the link to the video.
After releasing the video, many of you asked for the text version of the Q&A. This makes it easier for the community to quickly look up an answer to a specific question, instead of having to go through the entire video.
You can find all 24 questions that Ada has addressed below:
Since Lympo acquired by Animoca Brands, is Ada still acting CEO?
Yes, Ada is still the CEO of Lympo, which was announced with the news of Lympo’s acquisition by Animoca Brands in December 2020. Ada will see to it that Lympo launches a very successful NFT product, and she’s been focusing on this new roadmap ever since the acquisition.
Could you explain how the LMT price discovery mechanism on PancakeSwap will work and what LMT start price you expect at the listing time?
We are in daily contact with the Binance team, and we’re working on the final details of the price discovery mechanism for LMT. As soon as those details are confirmed, they will be communicated by both the Binance team as well as our team, and you’ll know in detail how and when this price mechanism will take place. Unfortunately, you’ll have to wait a little longer until we can officially announce these details.
When exactly will the IFO on PancakeSwap take place?
As explained in the previous question, we’re constantly and intensely working with the Binance team to finalize the details around the price discovery mechanism. We will share them as soon as they can be made publicly available.
Will Lympo focus solely on the sports industry for its NFT platform, or will you also use other IP from the Animoca ecosystem — such as Anime and cartoons — in the future?
Lympo’s overall focus is — and will remain — sports, but sports doesn’t just mean athletes and sports teams. We’re also looking at areas like esports, as well as custom sports characters that are drawn by our talented designers. For that, we’re interested in partners with a bigger variety of sports-related IP’s, while keeping in mind that this can be a much bigger category.
Many other projects have already launched NFT’s, including in the sports industry. What’s Lympo plan to stay competitive?
First of all, we only focus on IP rights-protected NFT’s when we work with athletes and sports teams, as we believe that adds more value to every digital collectable. The second important point is that, in comparison to other NFT’s that are only there to be collected and exchanged, Lympo NFT’s will work like assets within the broader Lympo ecosystem. That means, you’re not only going to possess NFT’s, but you’ll be able to use them in the activities that will be related to the content development stage that’s planned in the future. As explained in our whitepaper, one of the examples of our future content development is to develop various games in which you’ll be able to use your NFT’s, for which you’ll then be rewarded by actually utilizing your NFT’s rather than merely possessing them.
And of course, we are working with great partners like Binance Smart Chain and Animoca Brands (the new owner of the Lympo company), and we believe that leveraging these partnerships and having access to the very successful projects within their network is also going to make Lympo very valuable. Furthermore, one of the things that we will be doing in the future is leverage the social media follower base of the sports athletes that we have recruited as a marketing channel. Today, we already have a following of over 20 million on social media if we look at the sports athletes that have agreed to work with us, and we believe this will be really important in the future.
Which of Animoca’s partnerships is Lympo going to leverage first?
Right now, we’re at the very beginning of our project, as we’re laying the foundations of the Lympo NFT ecosystem. That means that our focus right now is to build a solid first version of our product. Talking about the Animoca Brands partnerships and the bigger network of companies that are working together with Animoca Brands, we have already leveraged one of their partnerships as we’re already working with Binance Smart Chain. But we’re looking forward to work with other NFT ecosystem players (e.g. OpenSea), while we will obviously target the IP assets that are related to sports partners that Animoca Brands already has. We hope that these players join our ecosystem in the future as well.
Will Animoca Brands use Lympo for the partnership with SuperFarm through the use of Lympo’s Exclusive NFT Pool?
At the moment, we have no working relationship with SuperFarm. But keeping in mind that Animoca Brands has a working relationship with them, we cannot exclude that we might work with them in the future.
What will happen with Lympo’s current smartphone app? Will you have another Lympo app used to trade the NFT’s?
Next to games, one of the ways that we think about content development to utilize NFT’s is the development of an app — or various apps — however for now we’re looking for partners to scope out this future vision together with. It’s too early to say what this will look like. As a reminder, we’re at the very beginning of this ecosystem and our goal right now is to release the first NFT’s to allow our users to start minting them. Regarding the old Lympo App, it’s still functional and we’re thinking about various possibilities with regard to how we can connect it to the broader Lympo NFT ecosystem once it’s up and running.
How will you reward the current Lympo app users?
The Lympo app continues to function as is, and at the moment we’re discussing the various ways to integrate it into the Lympo ecosystem. But it’s too early for any specific details at the moment.
Can I still transfer the LYM tokens I’ve earned in the Lympo app to my ERC-20 wallet? If yes, what’s the easiest way to do so?
Currently, we don’t offer any options to transfer the in-app LYM to actual LYM tokens on the blockchain.
Do the LYMUS tokens have any utility, and when will all LYMUS holders receive their LMT airdrop?
As communicated previously, all LYMUS holders will receive LMT’s according to the vesting schedule that will be decided upon after the price discovery mechanism. We will communicate all the details once they are available to make public, which will be after the LMT price discovery has taken place. Secondly, all LYMUS holders will receive access to the exclusive NFT pool for life. And finally, depending on each LYMUS holder’s level (e.g. Gold, Silver or Bronze), various NFT rewards will be issued. You’ll hear more about these rewards once they are ready, and they’ll reach every LYMUS holder in time.
When do you plan to list LMT on a DEX, and on which exchange it will list?
Right after the price discovery stage, we will open a deep LYM-LMT pool on Uniswap.
When can we purchase LMT again since the private offering is over?
As said before, we will open a deep LYM-LMT pool on Uniswap right after the price discovery stage, and this will serve as the primary place to buy LMT via LYM tokens.
How long will it take, and how many LMT will be required to mint NFTs?
It’s not possible to give an exact number right now, but what’s important to know is that we realize the difference between the amount of LMT is held by all individual LMT holders. So here, our task is to design a model where everyone can get a certain kind of reward — regardless of whether you hold only a small amount or a huge amount of LMT. All the formulas for this mechanism are going to be made public once this design stage is finalized because we want to make sure that everyone can participate in the NFT ecosystem, no matter the amount of LMT tokens you hold. With regard to the time it takes to mint one NFT, it shouldn’t take more than a few days to mint a very basic NFT, while obviously the rarer the card you want to mint, the more time it will take. It’s important to add that the formulas we are going to use will be evolving over time. So we will be monitoring what’s going on in the pools to make sure that it makes sense for all those that are interested to join that particular pool and mint NFT’s.
When can we stake LMT tokens to mint Lympo NFT’s?
We’re doing everything we can to get this done as soon as possible. We want to build a high-quality product, and we hope that the first LMT holders will be able to join the first pool as early as April, so they can start minting NFT’s very soon.
When and where can we sell these NFT’s in the future?
As soon as you possess an NFT, you will be able to sell it on OpenSea or any other marketplace that supports NFT’s.
How can we buy NFT’s, trade or use them in the Lympo ecosystem? Will Lympo build a native app or a platform where people can acquire these NFT’s?
In the future, we foresee that there will be 4 ways to acquire Lympo NFT’s. Firstly, for those that possess LMT utility tokens, you’ll be able to stake them and mint NFT’s from one of our pools. Secondly, we will organize occasional auctions for very special kinds of NFT’s, so those who are interested in those NFT’s will be able to get their hands on those NFT’s via an auction mechanism. A third way to get an NFT is to buy it from an NFT marketplace (e.g. OpenSea) in case someone wants to sell his/her NFT there. And finally, we will also be designing and selling bundles of collectable cards as mystery packs, in which you might find surprising NFT’s.
My old LYM tokens are still stuck in an old LYM contract. How can I get them swapped for the current LYM tokens?
We have opened a registration form where you can report the unlikely event where your old LYM tokens were not transferred to the new LYM tokens during the swap in 2019. We have already received some requests and we are now working every day to reach out to those who have experienced this issue to help resolve it.
Will the LYM — LMT bridge from ERC-20 to BEP-20 work based on a specific ratio? If yes, what ratio will that be?
To avoid any misunderstanding here, there is — and there will be — no bridge between LYM and LMT tokens. The bridge we are always referring to is one between the LMT tokens and the Binance Smart Chain. With regard to the ratio, obviously, we don’t know what the ratio will be in the future as this depends on the market. The ratio that was used during the initial LMT offering was 8 LYM in exchange for 1 LMT.
What do you expect from LMT to the LYM token price at the time of the upcoming listing?
First of all, we’re organizing the price discovery stage, where we’ll witness the market price of the LMT utility token. Based on that, the first pool we will open is going to have some initial LYM-LMT ratio, but obviously, we don’t know what this ratio will be because we don’t know what the price of LMT will be. This is exactly why we’re doing this price discovery stage first, so the ratio will become clear after that.
How will you communicate and promote the upcoming Lympo NFT’s?
First of all, our communication and marketing activities will be directed towards our own official Lympo communication channels. For every important message, we’re working very closely with Animoca Brands and their communication team, while exploring closer partnerships with other Animoca Brands family members. One of our key goals for attracting new athletes to the Lympo NFT ecosystem is to work with them directly so we can reach their social media followers base, which will be a very important channel for us in the future.
To enlighten the community with Lympo next steps, can you elaborate on the company’s vision with an in-depth roadmap?
Right now, our roadmap looks like this: we’re working hard to open the first NFT pool as soon as possible, where LMT holders will already be able to mint their NFT’s. Then, we’re organizing the price discovery stage to find out the market price of LMT. Soon after that, we will open the deep LYM-LMT pool on Uniswap so that more people can access LMT by exchanging their LYM tokens. And during all of these stages, we will obviously keep working on opening more pools so more NFT’s can be minted, as well as approach as many world-famous partners, sports athletes and sports teams that we can to join the Lympo NFT ecosystem.
That’s the first stage of the project, whereas the second stage is focused on the content development that was mentioned in the previous answers. In this second stage, we will have various opportunities for NFT holders to utilize their NFT’s as assets in various media.
To which benefits are LMT pre-sale participants entitled?
The participants of the initial LMT offering will be able to access the exclusive NFT pool for life, which we consider the biggest advantage for early-stage believers in the project. Secondly, we considered the pre-sale as an opportunity to get LMT at a discount.
When will early investors of LMT reap the rewards from the exclusive NFT minting pool?
Our goal right now is to launch the first minting pool as soon as possible, which will be the Lympo Athlete pool. After that, we will launch the other pools one by one. As soon as we have the dates for these launches, we will communicate that.
Lympo opens a Discord server for better community engagement
Until now, we’ve always engaged our community through our official Telegram channels. And even though Telegram is a great tool in many ways, it’s safe to say that it can get pretty chaotic in there. Especially now that our community is growing, we need a tool with which we can create a structure that allows for better community engagement. That’s why we’ve set up a Discord server, which allows us to better arrange everything that’s happening in the Lympo community. Here’s the link to our brand new Discord server.
As you’ll be able to see, we’ve set up both the main community and price/trading chats, as well as different channels where people can meet Lympo community members in their own language. Don’t worry, Telegram isn’t going anywhere, but Discord allows you to have everything you need to know in one place — from our (re)tweets and announcements to our FAQ page, AMA’s and all discussion chats.
More Q&A sessions in the future
We will be organizing a Q&A session like this more frequently in the future, as we believe it will help align Lympo’s vision and our community. But if you have any additional questions in the meantime, feel free to join our new Discord server to ask them. And in addition to this Q&A, we’ve also updated our FAQ page, which you can find on Discord under the “News & Info” section. Whenever it’s relevant, we’ll keep updating this FAQ page with new information.