Loom Network is a platform that allows dApp developers to create projects ready for blockchain deployment. The platform was founded in 2018 and has since developed to be highly scalable, usable, and can be integrated with Bitcoin, Ethereum, BNB Chain, and other major blockchains. It is an optimized platform that aims to create the best possible foundation and resources for dApp development. 

LOOM is the platform’s native cryptocurrency. It is a proof-of-stake token that is used in part to help secure the platform via network staking. Beyond security, the token can be used to pay fees, such as the developer fees paid by teams for hosting their application on Loom Network. This means that users do not pay transaction costs as they are absorbed into a flat fee paid by projects themselves.

LOOM is an ERC20 token and has a total supply of 1,000,000,000.

What are Loom Network's key features and how does it work?

As mentioned, the platform is interoperable and compatible with major blockchains. This means that developers can create one application that can be simultaneously offered to users of all networks, without the need to rewrite or reprogram the application. Developer teams can deploy their application to the Loom Network’s Basechain and automatically reach a large number of users.

Loom Network Basechain is a DPoS blockchain. Its architecture is similar to that of the Ethereum network, as such it is EVM compatible. Some of its other properties include being audited and secured with a network of validators.

The platform prides itself on the facilities and benefits it can offer dApp teams. These include future-proofing apps, by allowing them to be compatible with multiply blockchains, and access to a large and growing user base.

What can LOOM be used for?

The LOOM token has several key utilities. This includes validator nodes that must stake in order to run nodes. Delegators can also take part and stake their LOOM tokens to a predetermined validator in order to receive a share of the block rewards.

Users of applications running on LOOM do not need to hold any LOOM. Since network fees and any associated costs are paid by the developers.

Where can you buy LOOM?

LOOM is available for trading on the following CEXs and DEXs listed here. The most popular platforms with the highest liquidity are Binance, Bithumb, and CoinEx. The price of LOOM will vary depending on the choice of exchange and overall market conditions. For up-to-date and historic data for LOOM market price, please view the price charts on this page.