Loom Network is a platform where dApp developers can build applications that are ready to be deployed on-chain. Launched in 2018, it has grown into a solution designed for high scalability and broad usability, with integration options that include Bitcoin, Ethereum, BNB Chain, and other major blockchains. Overall, it focuses on delivering a strong foundation and key 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 network through staking. In addition to security, the token can be used to cover fees, including developer fees paid by teams for hosting their applications on Loom Network. As a result, users are not required to pay transaction costs directly because these are bundled into a flat fee paid by the projects running on the platform.

LOOM is an ERC20 token with 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 works with major blockchains. This lets developers offer a single application to users across multiple networks at the same time, without having to rewrite or reprogram the app. Developer teams can deploy their application on Loom Network’s Basechain and automatically connect with a large number of users.

Loom Network Basechain is a DPoS blockchain. Its design is similar to Ethereum’s, which means it is EVM compatible. Other characteristics include being audited and protected by a network of validators.

Loom Network emphasizes the support it provides to dApp teams, including future-proofing apps by enabling compatibility with multiple blockchains and giving access to a sizable and expanding user base.

What can LOOM be used for?

LOOM has several core functions. This includes validator nodes that must stake in order to operate, while delegators can also participate by staking their LOOM tokens to a selected validator to earn a portion of block rewards.

People using applications built on LOOM do not need to hold LOOM themselves, because network fees and related costs are covered by the developers.

Where can you buy LOOM?

LOOM can be traded on the CEXs and DEXs listed here. The most widely used venues with the greatest liquidity are Binance, Bithumb, and CoinEx. LOOM’s price will change based on the exchange you choose and broader market conditions. For the latest and historical LOOM market price data, check the price charts on this page.