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Why LOOM so hot? What is LOOM? 😱 $LOOM

#LoomNetwork is a multichain interoperability platform that allows developers to build high-performance decentralized applications (dapps). It is live in production and has been connected to other major blockchains such as Ethereum, Binance Chain, and Tron. 🧐

Loom Network was founded in 2017 by 🙆‍♂️ Matthew Campbell, James Martin Duffy, and Luke Zhang. Campbell is the current CEO of the company. 📜

Why Loom Network? 🤔

1. 🧶 Scalability: Can handle a large number of transactions per second, making it ideal for high-performance dapps.

2. 🔰 Security: Secured by Ethereum, which is one of the most secure blockchains in the world.

3. 🐪 Usability: Designed to be easy to use for both developers and users. Developers can build dapps on Loom Network using the same tools they use to build Ethereum dapps. Users can interact with Loom Network dapps using any kind of wallet.

4. 🗨️ Interoperability: Interoperable with other major blockchains, meaning that dapps built on Loom Network can interact with dapps built on other blockchains.

5. 📽️ Adoption: Projects including CryptoZombies, DelegateCall, and dAppNode.

#LOOM token is a ⚒️ utility token that powers the Loom Network platform. It is used for staking, transaction fees, and bonding. LOOM holders can stake their tokens to aid in securing Basechain (Loom Network's mainnet) and earn rewards. Developers also use the token to pay for DApp hosting on Loom Network. Validators receive LOOM as block rewards for performing various duties on the platform. The LOOM token is compatible with any ERC20 wallet. 🪙

☑️ Market cap: $330M

✅ Circulating supply: 1.2B LOOM (92%)

✅ Max supply: 1.3B LOOM

Conclusion, Loom Network is a great platform for developers who want to build scalable and secure dapps. 👨‍💻

#cryptonews #crypto #trading 🚀👨‍🚀