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Highlights
- Loom Network has a basechain, which can help DApp integration with multiple blockchains
- LOOM crypto of the project has gained sharply, possibly because Binance has added a new pair
- This listing can add to the liquidity of LOOM, although prices of cryptos are usually volatile
A new listing usually adds some value to a cryptocurrency. Cryptos are tradable in nature, and listing powers trading between enthusiasts. Meme token Shiba Inu (SHIB) went up over 30% in September last year when crypto exchange Coinbase decided to list it.
A string of examples can be cited here but let us focus on one cryptocurrency that is gaining at the moment on the back of its listing on crypto exchange Binance. Loom Network’s LOOM token is up almost 30%, and a big jump, almost 10,000%, in its trading volume has added the token to the trending cryptos list.
Let us explore Loom crypto and know more about the latest listing event.
What is Loom Network?
Loom calls itself a “multichain interop platform”, which can assist decentralised app (DApp) developers in integrating their products with multiple blockchains, including Bitcoin and Ethereum. Loom Network also stresses that it is a “production-ready” platform, suggesting that developers can launch immediately their products without having to wait for scaling.
Loom uses the Delegated Proof of Stake (DPoS) way of consensus, and it claims to enable transactions at “zero cost”. This means that gas fee, which many complaint is high on platforms like Ethereum, is not required to be paid while using Loom.
Loom also runs a “free code school” titled CryptoZombies, where amateurs can learn DApp development for free. Basechain, which powers accessibility to many blockchain networks, is the key highlight of Loom Network.
Also read: Is ApeCoin (APE) about to lose its ‘top metaverse token’ tag?
LOOM crypto
LOOM, an ERC-20 token, can be earned as a block reward by validators of the network. It is also used for staking purposes, and at least one token is required to begin staking. LOOM crypto’s market cap of nearly US$75 million makes it one of the top 500 cryptos as of writing.
The market cap has gained substantially over the past one day, and the price of the token is nearly US$0.06 as of writing. It even reached US$0.066 at one time.
Data provided by CoinMarketCap.com
Why is LOOM crypto rising?
Binance has announced a new listing pair, LOOM/BUSD, which starts on August 26. This seems to have lifted the price and trading volume of the crypto.
Bottom line
Loom Network claims to be a network for DApps with support for multiple blockchains. The “Zero cost” transaction is a major highlight of the platform. The network’s LOOM crypto has gained substantially over the past day, thanks to Binance announcing a new LOOM trading pair.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
