It’s time to upgrade the LYM token! | Token swap information
Dear Lympo community, as you may well know, Lympo’s ultimate goal is creating a comprehensive healthy lifestyle platform powered by user-generated and user-controlled data, it all being connected to real-life use cases for the LYM utility token. To be able to continue technical work in this direction, a need has arisen to upgrade the LYM token to a newer and more robust version which will help ensure a bright future for the whole platform. And that’s exactly what we’re doing!
What will happen?
The upgrade will consist of updating LYM’s smart contract and swapping the token to a more reliable and robust version that will feature cheaper transaction fees and a multi-signature wallet functionality, which will enable secure communication between Lympo app and the public blockchain.
The swap will be carried out based on a 1:1 ratio and the upgraded token will be hosted on the same Ethereum network (at least until we have our own blockchain). This means:
· The upgraded LYM token will be traded on the same exchanges (Gate.io, Huobi Global, Bitfinex, Ethfinex, KuCoin.) with all the familiar LYM pairs.
· It will be supported by the same wallets.
· The same LYM token locking mechanism will apply, including the team’s and advisors’ tokens.
· The same circulating and total LYM amounts.
All the steps necessary for the swap have been audited:
Some things you should know
1) On February 27, all exchanges trading LYM will halt deposits, withdrawals, and trades, while the snapshot and swap take place. During the following period, we suggest to simply relax while the new smart contract delivers the upgraded LYM tokens to your wallet and the LYM trading crypto exchanges.
2) Each LYM trading exchange will work with us to double-check the balances, ensuring that the whole process goes through smoothly. The new LYM tokens will be unlocked for trading some day from February 28 to March 4.
3) If you are holding your LYM tokens on one of the Lympo partner crypto exchanges, the swap process will be fully automated. You won’t need to do a thing. However, old tokens bought from decentralised exchanges after March 3rd will not be swapped for new LYM token.
4) If you are holding your LYM tokens on the Eidoo wallet, the swap process will also be fully automated.
5) To view your new LYM tokens on MetaMask and MEW wallets, you’ll just need to follow a few simple steps.
6) We will start delivering the new LYM tokens on February 27 and finish the process on the 28th. It will take approximately 10 hours to complete. The length of time it will take for the swap process to be completed depends entirely on the Ethereum network. However, we will keep the community updated on the progress.
Why are we doing this?
There are three main reasons:
1) To enable user-controlled data monetization and more varied LYM token use cases, we will start migrating data from the private Lympo app blockchain to the public Ethereum network. For this to work, it is necessary to reduce the cost of transactions.
2) At the moment, on average, over 10k daily transactions take place on our private Lympo app blockchain and this number is increasingly growing. Reducing the transaction cost will enable smoother platform integration and it will also help save some substantial costs related to maintenance.
3) Introducing a multi-signature wallet functionality will allow for more secure communication between Lympo app and the public blockchain.
As mentioned earlier, the new and upgraded LYM token will help strengthen Lympo’s crypto infrastructure, increasing the security and robustness of the platform and paving the way for much smoother transactions. If you haven’t seen our 2019 roadmap yet, take a look here — we have many more exciting things coming!
For more information please visit Lympo’s Telegram channel.