FAQ

How is the high yield possible?

‍On-chain products already offer a multitude of products which are steadily offering passive income on stablecoins and other virtual assets. Lympid connects you to those products through a Fiat gateway.

Let's take a look at one example, AAVE. This is a decentralized protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an over collateralized way and pay interests on the capital borrowed, which then goes to the depositors.

‍Does Lympid manages my funds

Lympid does not manage your funds. We do not take risks for you, we do not use your virtual assets, or Fiat, to generate yields.

We simply provide an easy gateway to already existing protocols. From there you can self-service the products that best suit your needs.

‍How can I access tokens that are
only available in decentralized
exchanges?

‍Through the integration of 1inch (a decentralized liquidity aggregation protocol) API we are able to source the tokens that can only be found on decentralized exchanges.

‍How are my fiat funds managed?
By whom?

After approving the KYC process you will be entitled to a personal vIban account. Such vIban account is 100% managed by you, no one else has access to it. The issuer of the vIban account and all related fiat services is a European licensed financial institution.

Your fiat funds are segregated from the company funds, in case of bankruptcy your assets cannot be used to repay Lympid debts.

‍Where are my crypto funds stored?

‍Crypto funds are stored in Fireblocks’s infrastructure.
Lympid creates wallets on your behalf so that you can access the different On-chain products and services.
By using this method we can assure that we can recover your account.
‍
Your crypto funds are segregated from the companies funds, in case of bankruptcy your assets cannot be used to repay Lympid debts.

‍How do I know which products bear
higher risk than others?

‍Our team of experts builds a risk management system analyzing the inherent risk of each product taking into account a multitude of variables. Each product has a risk level associated with it, which you can use to make accurate decisions.

‍What are crypto index baskets?

Crypto index baskets track the value of the most relevant assets in its area. Imagine you want to invest in Metaverse companies, you would just need to invest in the Metaverse Index and you will have instant access to a basket of the main tokens associated with Metaverse. The same applies to NFTs, DeFi, etc.

‍How will Lympid act if an On-chain
protocol is hacked?

Investing in On-chain protocols bears its risks and Lympid is not responsible for any losses occurring from any event. Yet, taking into account the risks involved in DeFi investment, we created a coverage vault which is filled with a % of all revenues of the platform. The more users the higher protection each one will have.

‍Can I redeem my funds at any time?

Yes, you are free to come and go as you please.

‍Is Lympid authorized to do virtual
assets custody and exchange
services?

Lympid connects to regulated entities in Europe, these entities have regulatory approval in Germany, Estonia and Malta.
Between them they are approved for crypto custody, crypto exchange and EUR management (such as creation of vIban).

‍What are LYMPID tokens used for?

Lympid token is the governance token of Lympid. By using our services you will be rewarded with tokens, if you lock them you will level up and gain access to lower fees, better customer service, higher APYs, Copy trading and Treasury income distribution.

‍I run a Web3 company, can I open an
account?

Most definitely yes, we are crypto companies friendly. Your company will have access to a vIban a debit card and the cryptoverse. All other traditional activities are welcome.

What is slippage?

The trades in Lympid are done on-chain. Meaning that we are connected with 1inch decentralized exchange.
All trades performed on-chain can be subject to slippage, which is the difference between the expected price of the asset and the price at wich the trade was executed. This happens when the price of an asset changes between the time you request the trade and the trade is actually performed.

In order to protect your trades the slippage was capped at 0.5%. This means that the asset price difference wont go over that value.

What do you mean with SEPA?

SEPA stands for Single Euro Payments Area. These are the normal transactions occurring within the Euro Area, when you transfer EUR from one bank to another you are using a SEPA transfer.

Where can I find my bank BIC code?

The BIC code also referred to as SWIFT code stands for Bank Identifier Code. This is the code that identifies your bank.
The most reliable way to get this code is by accessing your bank account and search for it, usually is under bank account details.

You can also find it online and for your convenience we are leaving here a website where you can search for it:
- here , or, here --> Just add your IBAN and it will return the BIC code.

Always doble check this information with your official bank source, since we are not liable for inaccurate information provided by the above website. Please note that such website has no connection with Lympid.

What is the Bitcoin Network

Bitcoin is a decentralized digital currency that was created by the pseudonym Satoshi Nakamoto (who no one knows who he/she is). It is built on a blockchain network, which is a decentralized ledger with the records of all transactions made using Bitcoin.
Transactions made using Bitcoin are recorded in the blockchain. Once a transaction is confirmed and added to the blockchain, it cannot be altered or reversed. This way everyone has a copy of the transaction and no one can mess with it. Since it is decentralized it allows for fast, worldwide and inexpensive transfers of value, as well as a level of privacy and security.

This level of security comes with a trade off, if you send Bitcoin to a wrong address or to an address on another chain (eg. Ethereum chain) the funds will be permanently lost since there is no way to revert the transaction.

When you do a transfer of assets from one wallet to another you need to be sure that you are sending the assets in the same chain. Meaning that if you have a Bitcoin wallet you can only send the assets in the Bitcoin chain and not on the Ethereum network, or BNB chain.

If you are not sure how to process these transactions reach to our customer support: client.journey@lympid.io and we will help you out. It is important to note that any transaction wrongfully made will result in total and permanent loss of the funds and Lympid team cannot revert it.

What is the Ethereum network?

Ethereum (ETH) is a blockchain platform that is used for decentralized applications (dapps) and smart contracts. As with Bitcoin network it operates as a decentralized, public ledger that records all transactions made on the network. Unlike Bitcoin, which was designed primarily as a digital currency, Ethereum was created with the intention of allowing developers to build decentralized applications (dApps) on top of its blockchain. Ethereum has become a popular platform for decentralized finance (DeFi) applications.

When you do a transfer of assets from one wallet to another you need to be sure that you are sending the assets in the same chain. Meaning that if you have a Ethereum wallet you can only send the assets in the Ethereum chain and not on the BNB network, or Bitcoin network.

If you are not sure how to process these transactions reach to our customer support: client.journey@lympid.io and we will help you out. It is important to note that any transaction wrongfully made will result in total and permanent loss of the funds and Lympid team cannot revert it.

What is BNB Chain?

Binance chain is a blockchain platform developed by Binance. It is a decentralized network which allows for high transaction speeds with low costs.
What it means for you? It means that you can send BUSD (which is a stablecoin with USD value), or other supported tokens to other wallets almost instantly, with low costs and to any part of the world.

When you do a transfer of assets from one wallet to another you need to be sure that you are sending the assets in the same chain. Meaning that if you have a BNB wallet you can only send the assets in the BNB chain and not on the Ethereum network, or Bitcoin network.

If you are not sure how to process these transactions reach to our customer support: client.journey@lympid.io and we will help you out. It is important to note that any transaction wrongfully made will result in total and permanent loss of the funds and Lympid team cannot revert it.