Lympo, a subsidiary of Animoca Brands, made an announcement of the SPORT token launch, a new ERC-20 token to replace the existing Lympo utility token LMT on May 31st after a security issue occurred earlier this year.
The release stated that the replacement will represent the comprehensive overhaul and enhancement of Lympo’s GameFi environment. It also includes SPORT token inclusion into the future basketball management and spell chess games in collaboration with Magnus Carlsen and his team, the world’s finest chess player.
Involvement of SPORT token in Lympo treasury
The SPORT token will also allow for involvement in Lympo’s treasury administration, which will be regulated by decentralised autonomous organisation principles (DAO). Polygon Network and BNB Chain are also linked to the SPORT token contract.
.@Lympo_io, a subsidiary of #AnimocaBrands is pleased to announce the launch of its new ERC-20 token: $SPORT, to replace the old utility token LMT and reflect the extensive overhaul and enrichment of Lympo’s #GameFi ecosystem.⁰
Read the full announcement: https://t.co/znnXJJ1Hsi— Animoca Brands (@animocabrands) May 31, 2022
The SPORT token is now available on the MEXC exchange (SPORT/USDT pair) as well as the decentralised exchange Quickswap (SPORT/MATIC and other pairings).
Following a security breach earlier this year, the new ERC-20 token was created. It was the victim of a cyberattack that affected its hot wallets, resulting in the loss of roughly 165.2 million LMT tokens valued at around USD 16.5 million prior to the theft.
Lympo will also contribute 2.5% of SPORT’s overall token supply as well as a portion of the revenues from NFT trades to its treasury. The release also said that the Lympo LMT tokens will be converted as an in-game play-to-earn currency.
About Lympo
Lympo is developing a GameFi product package that will include non-fungible tokens (NFTs) from legally licenced athletes. Lympo’s current offerings including Lympo NFT Minting and Lympo NFT Staking Platforms, will enable SPORT owners to earn credits, mint NFTs, and stake NFTs alongside tokens.
It intends to release its debut game later this year. The basketball management game will have a generative art NFT collection of fantasy and real basketball players, as well as the ability to use other Lympo NFTs to improve gameplay.
In partnership with the Play Magnus Group’s Champions Chess Tour, the organization is also creating a blockchain-powered chess-inspired game. According to the release, the SPORT token will act as a bridge to both of these games.
