Lympo’s LMT token added to PancakeSwap Syrup Pool
We’re incredibly excited to announce the launch of the LMT Syrup Pool on PancakeSwap!
PancakeSwap is a Binance Smart Chain — based decentralized exchange (DEX) that will allow Lympo to be exposed to the rapidly growing community of CAKE and BNB holders. And, on top of that, our own LMT Lympo community members can earn CAKE!
Why Lympo chose to host a Syrup Pool instead of an IFO
Lympo and Animoca brands have been working very closely with the PancakeSwap team during the last few weeks to achieve the best possible outcome for LMT. A Syrup Pool offers exactly the right mechanism for LMT demand, which is why we’ve decided to host a Syrup Pool instead of an IFO. The reason for this is twofold:
First of all, an IFO is a means to raise additional funds for upcoming De-Fi protocols, which takes place by releasing tokens to CAKE-BNB LP token holders in a 1-hour time frame. A Syrup Pool is meant to give exposure to a new project in a much more accessible manner and for a longer time.
Secondly, we want to keep the circulating supply of LMT as low as possible during these initial stages of Lympo’s ecosystem development. To do so, we want to release only a fraction of the available LMT tokens into circulation at the moment. A Syrup Pool allows this to happen gradually and over a longer period of time, which we believe would consequently benefit both LMT and LYM.
Here’s why you should get excited as an LMT holder:
A Syrup Pool allows the holders of the PancakeSwap token CAKE to earn bLMT tokens. The exposure we will receive from Syrup Pool will generate lots of traction from the PancakeSwap community toward Lympo. Next to that, a bLMT-BNB PancakeSwap farm will enable bLMT and BNB token holders to stake their tokens and earn CAKE tokens in return.
Hosting a farm on PancakeSwap with the bLMT-BNB pair allows us to create additional incentives to hold LMT utility tokens for farm participants while witnessing the demand for LMT. The LMT Syrup Pool will allow Lympo to gain market traction by issuing tokens to the largest and most active BSC community.
PancakeSwap also revealed that a total of 1,143,000 bLMT tokens will be distributed to CAKE token holders and approx 2000 CAKE tokens per day (currently around 66k USD value) will be distributed to bLMT-BNB farm participants.
You can find the PancakeSwap farms and their APY here.
The bLMT-BNB farm will last at least 3 months, after which we will reassess the situation based on user activity and trading volume. This means we may either adjust the farming rewards upwards, or downwards or simply keep them the same.
During the Syrup Pool on PancakeSwap, LMT will be in price discovery mode. This simply means that the price of LMT will depend on the demand for LMT in the next few days.
The PancakeSwap Syrup pools can be found here: https://pancakeswap.finance/pools.
What to do if you want to trade your LYM for LMT
Lympo will launch the LYM-LMT deep liquidity pool on Uniswap shortly. So, for those of you who want to exchange LYM to LMT or the other way around, you’ll be able to do so as soon as the LYM-LMT pair is live.
Lympo will use LYM collected from the private LMT offering and the LMT Ecosystem empowerment pool to enable the best liquidity for the LYM-LMT pair. On top of that, Lympo will incentivize users to enter the LYM-LMT liquidity pool by offering participants an option to mint NFTs from the O’Lympian NFT pool, which is the NFT pool that’s only accessible for those who provide liquidity through LYM and LMT. Stay tuned for the launch of the O’Lympian NFT-minting pool!
Since PancakeSwap uses Binance Smart Chain, how do I bridge my LMT from ERC-20 to BEP-20?
Earlier in March 2021, Lympo announced that the new token LMT and associated NFT platform will be launched on the Binance Smart Chain (BSC) to enable fast and cheap transactions for holders of LMT tokens and NFTs. For that reason, LMT needs to be bridged between ERC-20 (the Ethereum token standard) and BEP-20 (the BSC token standard). This means that LMT is both ERC-20 and BEP-20, whereas the LYM token will stay ERC-20.
Lympo completed the LMT bridge infrastructure to Binance Smart Chain using Multichain.xyz last week. Below we’ll share the step -by -step instructions on how to swap LMT from Ethereum to the Binance Smart Chain using multichain.xyz, so you can use your LMT on PancakeSwap (in the form of bLMT):
Step 1: Visit Multichain.XYZ bridge
Step 2: Connect Metamask to Binance Smart Chain
- Open Metamask in your browser and go to Settings
- Choose “Add Network”
- Enter the following details:
Network Name: Binance Smart Chain Mainnet
New RPC URL: https://bsc-dataseed.binance.org/
- Then click “Save”
Step 3: Add the LMT token to Metamask
- Switch the network from Ethereum Mainnet to BSC Mainnet
- Click on “Add Token”
- Switch to the Custom Token tab and enter the LMT token contract address. Metamask itself will update the token symbol and Decimals of Precision. Once populated, click on “Next”
- Token Contract Address: 0x9617857e191354dbea0b714d78bc59e57c411087
- Click “Add Tokens” to finish
Done! Your wallet will now reflect your LMT balance once you swap your LMT tokens from Ethereum to BSC.
Step 4: Swap LMT Tokens From Ethereum to BSC
- Go to the Multichain.XYZ bridge for LMT
- Check to ensure you are on the Ethereum Mainnet
Enter the amount of LMT tokens you want to transfer from Ethereum to BSC.
Click on “Transfer”.
You’ll then be asked to confirm the transaction. Once the transaction gets minted on a chain, switch your Network on Metamask to Binance Smart Chain to view your tokens.
Do note that BNB is used to pay gas fees on BSC; if you do not have BNB already, you can withdraw some from your Binance account and send them to your BSC address.
Can I stake my LMT on the Lympo NFT -minting platform while also committing bLMT to the farm on PancakeSwap?
As you can imagine, it’s not possible to use your tokens for the purpose of minting NFTs and farming tokens on PancakeSwap at the same time. You can, however, use part of your tokens to mint NFTs on Lympo’s platform, while bridging another part of your tokens to BSC so that you can use them to farm on PancakeSwap. The choice is yours!
Another big step toward Lympo’s vision
Every day, we’re getting more excited about the future of Lympo, and we’re definitely not stopping here! Lympo is thrilled to solidify our partnership with PancakeSwap by launching Syrup Pool. We know that you’ve all waited long enough for the opportunity to put your LMT utility tokens to work so that you can get your hands on some of those awesome Lympo NFTs, and we can’t wait to welcome every new LMT holder to the Lympo NFT platform.
In the meantime, follow us on Twitter, and join our Telegram channel if you want to be the first to know about our upcoming announcements. You can also visit our website and subscribe to our newsletter to be the first to receive the latest Lympo news.