What is Loom Network crypto’s ‘basechain’ service & its token?

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 What is Loom Network crypto’s ‘basechain’ service & its token?
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  • The LOOM crypto has surged lately, with its trading volume and price both in the green
  • The Loom Network has on offer its “basechain” service that promises multichain support
  • LOOM token’s price in the near term may be a product of Loom Network’s adoption

In the world of crypto assets, blockchain networks and decentralized apps (DApps) built on them also hold significance. Had it not been for the utility of Ethereum’s blockchain in the smart contracts, NFTs and other spaces, the ETH token may not have scaled to such popularity.

Today, many blockchain networks are competing to provide DApps and other services to developers. Aside from Ethereum, these include Solana, Cardano, and Fantom, all of which claim low fees and easy scalability. Separately, some networks are providing interoperability to developers so that their DApps can run easily on multiple blockchains.

One such project is the Loom Network. Let’s know more.

What services does Loom Network provide?

The project is built primarily for developers that look to deploy their apps on multiple blockchains. The Loom Network, it is claimed, is compatible with major networks, and a new network or protocol could get added as well, the project states.

Also read: What is Tectonic crypto lending protocol & its TONIC token?

Loom Network talks of a “basechain”, which makes a DApp built on Ethereum’s network portable. The network is claiming integration with the networks of Bitcoin, Binance Chain, Ethereum and others. The developer may gain by having integration of an asset across a wide variety of networks, besides the ease to have a single project deployed on multiple networks simultaneously.

LOOM crypto

LOOM token’s primary function in the Loom Network is said to be staking. It is native to the project, similar to how ETH is native to Ethereum and SOL to Solana. But what may differ is Loom’s claim that developers pay a fixed monthly fee in LOOM tokens to avail services, which can prevent the app’s users from paying transaction fees.

Also read: What does Military.Finance & MIL crypto claim to do?

The LOOM token is also used for rewarding stakers in the Loom Network. According to CoinMarketCap, the total supply of LOOM is one billion tokens.

LOOM crypto price

As of writing, LOOM was trading at nearly US$0.08, after having gained over the past 24 hours. With a market cap of nearly US$80 million, LOOM ranks among the top 500 cryptos, but it has yet to enter the league of Solana, Ethereum, and Cardano.

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After having begun 2022 with a price of nearly US$0.085, LOOM plunged to US$0.05 in late January, some of which may be attributed to a bearish trend in the wider crypto world. The price was nearly US$0.25 at one point in April last year, which means LOOM has yet to recover a lot of the lost ground. LOOM crypto’s price prediction is not possible due to the volatility it has manifested so far.

Loom crypto price in 2022

Data provided by CoinMarketCap.com

Bottom line

Loom Network is offering its “basechain” to developers for multiple blockchain accessibility. How this attracts developers will become clearer in the coming years. Cryptos including the LOOM token have shown extreme volatility this year, and hence, predicting the price of any asset for the near-to-medium term is not possible.

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