We are losing nothing?
Smite 1 will continue to exsist, getting updates, skins, gods, ect.
If you play smite 2 you get free stuff based on smite 1.
Smite 2 isnt replacing smite 1. You lose nothing, they are gonna be seperate games, as each engine allows for different mechanics/gods.
Basically we get free stuff if we want to play there new game, or nothing changes if you stick to smite 1