Welcoming The SPORT Token — Everything You Need to Know
Lympo will be issuing a token called SPORT. This token will act as the main currency powering the Lympo NFT ecosystem, allowing token holders to enjoy everything Lympo has to offer. In this article, you’ll find everything you need to know about the SPORT token and its implementation.
About the SPORT Token
The SPORT token will be replacing the functionality of LMT. Once the SPORT token is implemented into the Lympo NFT ecosystem, all SPORT holders will be eligible to participate in Lympo NFT minting pools and NFT Staking events to receive additional rewards.
Network — Polygon
Contract Address — PolygonScan Link
Decimals — 18
Total Supply — 1,250,000,000
Following the launch, SPORT tokens will be added to decentralized exchanges at the same price as LMT tokens before the security breach. The SPORT tokens will operate on three separate chains (Ethereum, Polygon, and Binance Smart Chain).
The contract addresses of SPORT on different chains are to be released and announced via official Lympo channels.
The SPORT Token Distribution
To make the SPORT token distribution seamless, we’ve updated the main Lympo website to act as an information hub — Lympo.io. Users will be able to reach the distribution page by connecting their wallets, reviewing holding reports and claiming a portion of the SPORT tokens.
Keep in mind that you’re not exchanging LMT for SPORT tokens. You get to keep all the LMT and receive SPORT tokens as an additional benefit.
What Will Happen to LMT?
LMT will become a native currency for all future Lympo Play-2-Earn (P2E) games. LMT will be used to handle all in-game transactions and will remain tradable.
SPORT Token Distribution Stages
We will split the SPORT Token distribution into 3 stages. The first stage will allow you to review your LMT holding reports generated by scraping data from all available networks. Once the reports have been confirmed and we make sure no errors were made, we will continue with the distribution of the SPORT token.
Stage 1 — Generating Reports
The Lympo team put in an enormous effort to scrape as much data from all the LMT contracts and various protocols as possible — using this data, Lympo engineers calculated how much LMT each wallet has held across various networks.
Due to the complexity, there might be small discrepancies in these calculations. That’s why each user will have 72 hours to log in and review the report generated by our team. If users believe the report doesn’t represent their LMT holdings accurately, we will offer a manual review upon request (this might result in more, less, or an equal amount of SPORT token received).
We’ll provide users with a way to contact the Lympo team and answer questions regarding Stage 1 and after 72 hours, all reports will be automatically accepted.
- Everyone who acquired LMT tokens BEFORE January 10, 2022, 06:24:19 AM UTC will be able to claim the SPORT tokens with a 1:1 ratio (SPORT to LMT)
- Everyone who acquired additional LMT tokens BETWEEN January 10, 2022, 06:24:19 AM UTC and January 16, 2022, 12:18:58 AM UTC will be able to claim the SPORT tokens with a ratio of 1:2 (SPORT to LMT)
Stage 2 — Immediate Token Claim
During this stage, everyone eligible will be able to claim their SPORT tokens immediately.
Stage 3 — Vesting Period Token Claim
During this stage, everyone will be able to claim their SPORT tokens with a vesting period of 3 years — the first unlock being available in 2023.
What Happens to the Lympo NFT Minting Platform?
We have temporarily disabled the NFT Minting and Staking platform to create a smooth transition between the tokens. The platform will be updated with new features and visuals.
All the credits generated while staking LMT or any LP will be credited to the accounts.
Why is LMT Becoming a P2E Currency?
On January 10, 2022, some suspicious activity was noticed by Lympo. It turned out that an unknown hacker has compromised the security of an operation Lympo wallet and stole around 165.2 million LMT tokens. Lympo took immediate action to protect the remaining funds
Following the hacking incident, Lympo together with Animoca Brands started to lay out a plan that would ensure the safety of the Lympo ecosystem and protect the interests of all LMT token holders.
Seeing as Lympo has already been working on three different play-to-earn games that would operate around a new in-game dynamics token, exclusively, it was decided that the SPORT token would act as the main currency for the Lympo ecosystem. And, the LMT token would remain as a play-to-earn token. Minimizing the damages done and providing a fair and transparent solution to LMT holders.
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