Loom Network

Loom Network (LOOM) is a Layer 2 scaling platform built on Ethereum that enables developers to create high-throughput decentralized applications, particularly games and social apps. It uses sidechains to offload transactions from the main Ethereum network, improving speed and reducing costs.

Loom Network operates by running DPoS (Delegated Proof of Stake) sidechains that are secured by a set of validators. These sidechains process transactions quickly and can interact with Ethereum's mainnet via bridges. This architecture allows dApps to scale without congesting Ethereum.

The LOOM token is used for staking to secure the network, paying transaction fees on Loom's sidechains, and participating in governance. Validators and delegators stake LOOM to earn rewards and maintain network consensus.

Unlike general-purpose Layer 2 solutions like rollups, Loom focuses on specific use cases such as games and social apps, offering a developer-friendly SDK and a DPoS consensus for fast finality. It provides a more specialized environment for dApps that require high throughput and low latency.

Loom Network (LOOM) is a cryptocurrency and operates on the Ethereum platform. Loom Network has a current supply of 1,300,000,000 with 1,242,920,897. 57903986 in circulation.

Loom Network is currently priced at $0.004402, up 0.00% in the last 24 hours. It is ranked #1126 by market capitalization. Over the past 7 days, LOOM is down 0.14%.

Loom Network has a market capitalization of $5.47M.