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Lympo into Blockchain

  • Popular sports and health-based blockchain project, Lympo has announced the launch of its Vol. 2
  • The project will be upgrading its Ethereum ecosystem and will feature an ERC-20 utility token, LMT
  • The previous Lympo token, Lymus or LYM, will be able to swap their holdings for LMT tokens 
  • Per the announcement, Lympo will be venturing into the gaming industry, targeting the growing

Lympo, a project with the goal of monetizing sports and health data via blockchain has announced the launch of a new blockchain.

What is Lympo?

Lympo is a blockchain project that focuses on establishing a global user-empowered ecosystem that enables and rewards fair and square exchange of user-generated sports, health, and wellness data. The Lympo ecosystem is made up of;

  • Data owners who generate data by using mHealth devices and apps for health benefits.
  • Gyms, trainers, insurers, physicians, sports inventory creators who use the created data to improve current equipment, workouts, regimens, plans, and health of their clients.
  • Data proxies and processing businesses. Lympo API will empower third-party companies to develop data-driven healthcare solutions.

Lympo and the Gaming Industry

Lympo which previously focused on monetizing sports and healthy living will be delving into the gaming industry – an industry that generated a $152.1 billion global revenue in 2019.

The target will be Gen Z, 43 percent of which play online games daily. During the pandemic, video game traffic increased by a hefty 75 percent and is poised to grow. The target will be to reach their audience with blockchain technology.

While 2020 was tagged the year Bitcoin went institutional, it was also a year of immense growth for non-fungible tokens (NFT). There was a 30 percent increase in crypto players and a significant boom in the NFT ecosystem.

Lympo has announced a partnership with Animoca Brands as it bids to claim its stake in the NFT ecosystem. The project also made new changes, including its token.

On the Flipside

  • Mirror Trading international has been named the biggest crypto scam of 2020
  • The project, according to Chainalysis, raked in a total of $589 million from more than 471,000 deposits
  • Forsage and J-enco ranked below MTI, both defrauding investors of less than $350 million each

The New Lympo Tokens (LMT)

At its launch in 2016, the project issued the Lympo tokens (LYM). However, moving on, the project has announced a new ERC-20 utility token designed to be the new native tokens for the Lympo ecosystem.

The new LMT tokens will be the currency of purchase, utility, and attribution of sports-themed digital collectibles (non-fungible tokens, NFTs) in and outside of various games. The total supply of LMT has been fixed at 1,250,000,000 tokens.

Like the old LMY tokens, LMT will consist of smart contracts. However, the token is designed to be more reliable and robust than the previous version.

It will also feature cheaper transaction fees and multi-signature wallet functionality, which will enable secure communication between the Lympo app and the public blockchain.

The project confirmed that the upgraded LYM token will be traded on the same exchanges (Gate.io, Huobi Global, Bitfinex, Ethfinex, KuCoin.) as the current tokens, as well as, with all the familiar LYM pairs.

Final Thoughts

Not much was said about the nature of the partnership between Lympo and Animoca Brands. The project announced that, in the coming weeks, it will release a lightpaper detailing how it will evade the gaming industry and the future of Lympo.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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