Loom Network (LOOM), a blockchain ecosystem for games and social apps, announced Tuesday that LOOM holders may now become delegators and stake their tokens on the PlasmaChain, a high-performance DPoS sidechain that acts as a bridge between multiple chains and Ethereum.
Loom PlasmaChain staking is officially live!
Learn how to stake your LOOM and help secure PlasmaChain:https://t.co/nUXr9IEUi1
— Loom Network (@loomnetwork) February 19, 2019
According to the announcement, LOOM token holders simply need to head over to the PlasmaChain dashboard, follow a few quick private key generation steps and deposit their LOOM onto the PlasmaChain. From there, holders will have the option to delegate their tokens to a network validator to start receiving LOOM rewards.
The current validators chosen to run and maintain the server hardware that processes the transactions on PlasmaChain include Mythos, Bitfish, MW Partners, Chorus One, ShipChain and Block Matrix.
With this system, up to 20% of Loom Network’s remaining token pool will be paid out to validators each year. These validators can choose what percentage of their share will be rewarded back to delegators each reward cycle and this percentage will be made publicly available in the PlasmaChain dashboard.
LOOM is currently up over 2% in the last 24 hours, bringing the altcoin to a $0.047056 with a $31 million market cap.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.