[UPDATED] The Future of The LMT Token: Community Update #3
UPDATED:
We’ve detected movement in the attacker’s wallet and taken the dynamic Snapshot №2 — you can see the transaction that triggered this snapshot by clicking here: https://bscscan.com/tx/0x54c8b1252b44a8b5354f6d2a4da51ccbdd2903ba6736b5d9d7c90acbda63668d
What happens now?
1. Anyone who buys LMT tokens after this point will not receive the new Lympo token as compensation. LMT token will remain tradable and usable within the Lympo ecosystem.
2. We’ll distribute the new Lympo token with a 1:1 ratio to everyone who held LMT before the attack on January 10, 2022, 06:24:19 AM UTC
3. We’ll distribute the new Lympo token with a 1:0.5 ratio to everyone who bought LMT tokens after the hack, but before the dynamic snapshot was taken on January 16, 2022, 12:18:58 AM UTC. The tokens will be unlocked over a period of 3 years.
What Will Happen to The LMT Token?
LMT token is and will remain tradeable. It will not have the utility that the LMT token had before. The LMT token will become a play-to-earn token for Lympo’s upcoming games.
Following the hacking incident of 10 January 2022, Lympo worked with Animoca Brands to lay out a plan for the future of the LMT token and safeguard the interests of all token holders.
We had to come up with a solution for multiple groups of token holders:
- LMT token holders who had tokens before the attack;
- LMT token holders who were holding their funds in liquidity pools on decentralized exchanges and suffered due to the impermanent loss mechanism;
- LMT token holders who bought tokens after the hacking incident.
LMT Will Remain As a Play-To-Earn Currency.
Lympo has been working with three game developers from different countries to launch three or more games of varying complexity over the course of 2022.
These games were planned around a new play-to-earn only token that would handle internal game transactions, while LMT would remain the currency of the ecosystem, NFT platform, NFT staking platform, and Lympo star token platform.
The plan was that the new token would be a play-to-earn currency for in-game dynamics, exclusively. Given the hacking incident, we decided to launch the new token now via a major community airdrop.
We believe that successful crypto companies are principally about community, and we reached this decision on that community-first basis.
What will happen next?
The old LMT token will be replaced with the new token (name to be announced soon) operating just like the LMT token before the hack. While the LMT token will be used in all Lympo blockchain games as in-game currency.
The new token will have the exact same tokenomics and token supply as LMT.
How will the new token be distributed?
Lympo will take two different snapshots of LMT token holders in order to determine compensation with the new token:
Snapshot Nr 1:
This snapshot will capture the information right before the attack happened, on January 10, 2022, 06:24:19 UTC.
We will register all the wallets which were holding LMT tokens before the attack including the wallets providing liquidity in the liquidity pools of decentralized exchanges.
Snapshot Nr2:
This snapshot be taken on January 23, 2022, 20:00 UTC OR at the moment when we see movement in the hacker wallets still storing more than 14 million hacked LMT tokens.
That means that this snapshot can happen anytime after this announcement if the hacker intends to sell more LMT tokens.
Our community and our partners will be notified immediately on all communication channels as soon as Snapshot 2 takes place. The best place to remain informed is our Telegram channel: https://t.me/lympo.
Here is a list of the hacker wallets which are being monitored:
Any LMT or LP token movement out of these wallets will trigger Snapshot 2, which will capture all token holders who bought more tokens in the period after the incident and up until Snapshot 2 occurs.
Any LMT tokens bought AFTER the time of the Snapshot 2 will not be compensated with the new token. The LMT token will continue to exist, but in a different utility as an internal play-to-earn currency for Lympo games.
What will happen with token holders before the hack?
The wallets identified by Snapshot 1 will receive the new token, which will be tradable when the new token launches at the end of January or the beginning of February.
The compensation rate will be 1 LMT token = 1 new token.
The exact mechanism of how these new tokens will be distributed will be communicated soon.
The new token will be launched on decentralized exchanges at the price equal to the old LMT token before the hack.
We want to remind everyone that the LMT token is secure, certified, and has not been compromised. The contract security audit by the reputable Certik auditor can be found here: https://www.certik.com/projects/lympomarkettoken.
The new token will use exactly the same contract, allowing us to launch it quickly.
After the release of the new token, we will open liquidity pools on decentralized exchanges working closely with our partners to ensure good community incentives in terms of farms.
The new token will be used on the Lympo NFT minting platform, the Lympo NFT staking platform, and the upcoming launch of the Lympo star token platform.
It will continue operating on three different chains, new bridges will be built to cater to the needs of all token holders.
All the utility functions of this token will run on the Polygon network just like the existing LMT tokens.
The LMT token will lose all of this utility when the new token is launched.
What Will Happen With Token Holders Who Were Providing Liquidity on DEXes Before The Hack?
Token holders who held LMT tokens in liquidity pools (Uniswap, Sushiswap, ApeSwap, PancakeSwap, QuickSwap) at the time of Snapshot 1 will receive multiple compensations because they will automatically be identified in both Snapshot 1 and Snapshot 2 (if the tokens were not sold between Snapshot 1 and Snapshot 2)
In addition, Lympo will open a special NFT pool for the holders who held LMT tokens in liquidity pools and will offer them free Lympo ecosystem NFTs.
More details on this will follow in the upcoming weeks.
What if I Bought LMT After The Hack?
The wallets which will be registered by the Snapshot Nr. 2, (meaning LMT holders who bought LMT after the hacking incident), will receive the new token which will be unlocked in batches in the course of the next 3 years.
At a ratio of 1 old LMT token = 0.5 new tokens. The first unlock will take place in 2023.
The exact mechanism related to claiming the released tokens to this will be communicated later this month.
What Will Happen to The Old LMT Token?
The old LMT token will continue to exist. It will become Lympo’s play-to-earn token for the upcoming games that will utilize Lympo NFTs.
The LMT token will be tradable on decentralized exchanges, transferable and we will also unlock the bridge allowing users to bridge it to three different chains.
Holders of the LMT token will be able to utilize it as in-game currency in new Lympo games.
This means that, in addition to receiving the new token, holders of the old LMT token will also be able to utilize their existing LMT as play-to-earn tokens.
More information about the new Lympo games and related partnerships will be shared with our community throughout the upcoming weeks and months.
Summary
All holders of the LMT token before the attack will receive the new tokens on a 1-to-1 ratio. The new token will have the same utility as the current LMT token.
1 LMT token = 1 New Token.
All holders who bought the LMT token after the attack will receive the new tokens on a 1-to-0.5 ratio.
2 LMT tokens bought after the hack (after Snapshot 1) = 1 New Token.
Snapshot Nr. 2 will be taken on January 23, 2022, 20:00 UTC OR at the moment when we see movement in the hacker wallets still storing more than 14 million stolen LMT tokens
That means that this snapshot can happen anytime after this announcement. Anyone buying the current LMT token AFTER this time will not receive any new tokens.
- The new tokens distributed to the token holders who had LMTs before the hacking incident will be immediately tradable and transferable.
- The new tokens distributed to the token holders who have bought LMTs after the hacking incident, i.e. between the Snapshot Nr.1 and Snapshot Nr. 2, will be locked and will be continuously unlocked over the upcoming three years. The first unlock will happen in 2023.
Note that this unlock schedule only applies to the new tokens obtained for LMT that was purchased after the hack, when the LMT price had already collapsed.
The old LMT token will become an internal in-game currency of the upcoming Lympo play-to-earn games. More details about the games will be communicated over the upcoming months.
What will happen with the NFT minting?
Until the new token is released, you will be able to stake your LMT, earn credits, and mint existing Lympo NFTs until the new token is released. However, we will not release new Lympo NFTs until the new token is not issued.
After the new token is issued, we will close the Lympo NFT minting platform for 48 hours and re-deploy all the contracts. So, you will be able to stake the new token.
All credit amounts will be untouched, meaning users will be able to use them to mint newly issued Lympo NFTs.
After this happens, LMT token holders will not be able to stake LMT tokens and mint NFTs on the Lympo NFT minting platform anymore.
What will happen with NFT staking?
The current open LMT pool of NFT staking will remain open. Users will continue earning rewards in LMT tokens for staking their NFTs until that pool finishes.
After the new token is issued we will open new additional NFT staking pools where new token holders will be able to stake their NFTs and earn more new tokens.
FAQ preparation
We are aware that our community will have a lot of questions about this plan. We will gather the questions on our community channels and prepare an extensive detailed FAQ.
Hacking incident investigation
We are running multiple internal investigations and have reached out to external expertise to determine the factors of the hack and improve security accordingly. This is a sensitive and ongoing process, so we cannot disclose more details at the moment.
The full investigation process may take months and we will share more information with our community as we are able.
We want to thank our partners and our community for their support during these difficult few days, but we believe that Lympo will come out of this stronger than before!
