Animoca Brands Subsidiary Lympo Launches SPORT Token

Posted on June 2, 2022 in Cryptocurrency

Animoca Brands subsidiary Lympo has launched a sports token to replace the LMT utility Lympo token.

SPORT tokens were launched on the MEXC exchange (SPORT/USDT pair) and on the decentralized exchange Quickswap (SPORT/MATIC and other pairs). SPORT token nodes are connected to the polygon network and the BNB chain.

The announcement also added that the replacement will reflect an overhaul and strengthening of the Lympo GameFi ecosystem.

Fixes include incorporating the SPORT icon into the upcoming basketball coach and spelling out a chess game in collaboration with world best chess player Magnus Carlsen and his team.

The new tokens can also participate in Lympo’s financial management, which is governed by the principles of Decentralized Autonomous Organization (DAO).

The new ERC-20 token was introduced after a security incident earlier this year. A cyberattack affecting Hot Wallet resulted in the loss of approximately 165.2 million LMT tokens (worth approximately $16.5 million before hacking) of the blockchain.

Lympo is developing a suite of GameFi products consisting of Non-Fungible Tokens (NFTs) for officially licensed players.

Lympo’s existing products, Lympo NFT Staking Platform and Lympo NFT Staking Platform, allow sports holders to earn credits, NFTs and NFTs with tokens.

The first game is expected to be released at the end of this year. Basketball Manager provides a collection of generated NFT art for virtual and real basketball players, as well as the ability to upgrade your gameplay using other Lympo NFTs.

The company is also working with the Play Magnus Group Chess Champions Tour to develop a blockchain-inspired chess game. The announcement added that sports icons will serve as the gateway to these two games.

Lympo will also allocate 2.5% of the total supply of SPORT tokens and a portion of the proceeds from NFT sales to the Treasury. The announcement also added that the Lympo LMT token will be a utility-changing and in-game play currency for revenue.

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