Starting from 04:30 UTC on October 10th, we officially list Loom Network (LOOM) on the ONUS application. Soon after LOOM is added, users can perform the following features:
- Off-chain transactions: Send and receive LOOM with other users in the ONUS network.
- Trade: Swap from VNDC or USDT to LOOM and vice versa.
About Loom Network
Loom Network is a service platform built on Ethereum. As a network of DPoS Sidechains, Loom Network allows developers to run large-scale decentralized applications such as online games and social networks.
Loom Network is designed to solve the scalability problem by using independent sidechains, each taking on a portion of the work of the main blockchain. When a transaction occurs on the Loom network, it can be processed on the corresponding sidechain instead of on the main blockchain, thereby minimizing the load on the main network. This allows the application to operate smoothly without being affected by the slow speed of the main blockchain.
Additionally, Loom Network is not only limited to building on Ethereum but also supports many other chains, facilitating integration and interaction between different blockchains.
Website: https://loomx.io/
What is LOOM?
LOOM is a native coin of the Loom Network ecosystem, operating on Ethereum according to ERC20 standard, and can be used to:
- Users stake LOOM to become Validators to participate in governance activities and secure Loom Network’s mainnet.
- Dapp developers use LOOM to host their dapps on Basechain.
- Buy/sell items and goods on Loom Network’s game item marketplace.
Specifications
- Name: Loom Network
- Symbol: LOOM
- Platform: Ethereum
- Standard: ERC20
- Type: Utility
- Smart Contract Address: 0x42476F744292107e34519F9c357927074Ea3F75D
