F.A.Q.

Got a question? We're here to answer! If you don't see your question here, please join our telegram or discord channel or write us an email at info@lympo.com

The Lympo Market Token (LMT) is a fungible cryptographic token initially released on the Ethereum blockchain and later bridged to Binance Smart Chain. LMT is the main utility token to mint and purchase sports collectible digital cards that represent unique content stored on blockchain.

The LYM token was initially used in the Lympo ecosystem. The LYM token still remains an important part of the Lympo NFT platform and acts as a “currency.” LYM is an ERC-20 token and will remain on the Ethereum blockchain. LYM tokens will continue to be the main entry and exit point for those who want to buy into LMT or sell their LMTs.

NFTs ("non-fungible tokens") are one-of-a-kind tokens that signify a specific good or asset, such as digital trading cards. They can be sold on NFT marketplaces, minted, auctioned, or used as assets in play-to-earn games that are yet to be released.

Selling your minted NFTs is relatively easy and can be done on NFT marketplaces such as opensea.io; you can find the full guide here.

There are few ways to obtain the Lympo NFTs:
  1. NFTs can be obtained through minting on the Lympo NFT platform
  2. NFTs can be bought from other users on NFT marketplaces
  3. Lympo will hold auctions of some one of the kind NFTs
  4. They will also be available in the to be released NFT packs

Here is a quick overlook of the working process
  • Select pool: Choose the pool you want to participate in. Each pool has a unique NFT collection ranging from real-life athletes to custom and distinctive Lympo characters. You can participate in multiple pools.

  • Stake LMT: Load your digital wallet with Lympo Market Tokens (LMT) and stake them in a chosen pool. The minimum amount to stake (per pool) is 300 LMT, and the maximum is 1 million tokens.

  • Receive credits: The daily credit amount varies between 1 and 10 and is based on the LMT staked. Our goal is to create a fair competition system between all holders without excluding any group of participants.

  • Obtain your NFTs: Spend your credits and receive NFTs. The price is based on the rarity of the given card.

Initially, LMT were available to LYM token holders at the ratio of 1:8 (LMT to LYM) during the Official LMT Offering that lasted 72 hours, from 6pm on 19 March to 6pm on 22 March 2021 (UTC)

However, after the price discovery, the LMT will soon be available publically via decentralized exchanges, with a main liquidity pair of LMT-LYM.

You can stake your LMT right after you have them on your digital wallet

All LMT tokens received during the Official LMT Offering can be used for staking.

Buyers of the LMT tokens during the Official LMT Offering received 1/3 of their LMTs; another third are locked for three months from the offering date, and the remaining 1/3 are locked for six months from said date.

LMT holders can participate in different pools by staking their LMT and obtaining Lympo NFTs. Athletes, o’Lympians, Exclusive, and eSports pools will be opened one by one, with more coming in the near future.

You can purchase LYM tokens from Huobi, gate.io, Uniswap, Kucoin, Gopax, and Bitfinex.

  • Approvals are required because the Lympo NFT Minting platform uses the Ethereum blockchain to settle trades.
  • Approvals are needed once per token, per wallet and require a small amount of ETH to cover the transaction fee.

When using products that interact with the blockchain (i.e., decentralized exchanges such as Uniswap), you must first approve each token you plan to use. Such products use smart contracts on the Ethereum blockchain to execute transactions. To use a smart contract, you must 1) permit it to validate your token balance and 2) allow it to transfer the number of tokens you wish to trade from your wallet. As a real-life example, please think of the token approval process similar to an artist (user) selling their artwork (token) in a gallery (platform). Before artists can display their artwork at the gallery, the artist first needs to prove that they own it. Then both parties will sign a contract that gives the gallery permission to display and sell the artwork on behalf of the artist.