Question 1

What is Loom Network (LOOM), and How Does the LOOM Token Play a Role Within Its Ecosystem?

Accepted Answer

What is Loom Network (LOOM), and How Does the LOOM Token Play a Role Within Its Ecosystem?

Loom Network (LOOM) is a versatile platform designed for high-performance dapps, offering a user-friendly experience. The LOOM token is central to the network, serving various purposes, such as staking, transaction fees, and dapp hosting costs.

For more information regarding Loom, make sure to read our article called, "What is Loom Network?"

Question 2

When Did Loom Network Start?

Accepted Answer

Loom Network's journey began in 2017, with its mainnet going live in 2018.

Question 3

Who are the Founders of the Loom Token?

Accepted Answer

The Loom Network and LOOM token were founded by James Duffy, Matthew Campbell, and Luke Zhang.

Question 4

How Much Did Loom Network (LOOM) Raise in Its ICO, and What Were the Outcomes Reflected in Loom Network News?

Accepted Answer

Loom Network raised approximately $45.8 million in its ICO, which was completed in January 2018. The Loom Network news at the time was rather optimistic

Question 5

How are LOOM Coins Produced?

Accepted Answer

How are LOOM Coins Produced?

LOOM coins are created through staking, a key process discussed in Loom Network news. Validators and delegators secure the network and are rewarded with additional LOOM tokens based on the amount staked and the staking duration.

Question 6

What are Some Unique Use Cases of the LOOM Coin?

Accepted Answer

What are Some Unique Use Cases of the LOOM Coin?

The LOOM token is versatile, covering costs related to dapp hosting on Loom Network. Loom Network offers an alternative approach compared to Ethereum, simplifying the fee structure for dapp developers and their users.

Question 7

What are the Tokenomics of $LOOM?

Accepted Answer

LOOM is an ERC-20 token on Ethereum and a BEP-20 token on BNB Smart Chain, which can be found in Loom Network news updates (via the project’s X account).

Question 8

Is the LOOM Token a Good Investment, and What Do Recent Loom Network News Articles Suggest About Its Future Potential?

Accepted Answer

Is the LOOM Token a Good Investment, and What Do Recent Loom Network News Articles Suggest About Its Future Potential?

The prices of cryptos, including the LOOM coin, change rapidly. Thus, make sure to use the above tools to determine the most recent price levels and on-chain metrics for the Loom token. According to some Loom Network news, the September-October-2023 pump and dump was caused by Korean traders. Thus, any price predictions are purely speculative.