WOO announced $LOOM-PERP started trading on WOO X, with up to 20x leverage.
What is Loom Network?
Loom Network is a multichain interop platform live in production since early 2018. Optimized for scaling high-performance dApps that require a fast and smooth user experience, the network allows dApps to offer a UX comparable to traditional applications and onboard new users without the friction of needing to download crypto wallet software.
Loom also has integrations to Bitcoin, Ethereum, Binance Chain, and Tron (with EOS and Cosmos coming soon). This allows developers to integrate assets from all major chains, as well as build a dApp only once and offer it to users on all platforms simultaneously.
What is the LOOM Token?
The LOOM token is a proof-of-stake token used to secure Loom Network's mainnet, called Basechain. LOOM holders can stake their tokens to help secure Basechain and earn rewards in the process.
The token is also used by developers to pay for dApp hosting on Loom Network. Unlike Ethereum, developers pay a flat monthly fee to host their dApps on Loom, so their users don't have to pay transaction costs.
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The above information was quoted from https://loomx.io/, as accessed on October 17, 2023, with all materials belonging to their respective owners.
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