According to a recent announcement on Twitter, Loom Network has seen a surge in adoption on its Basechain — formerly known as PlasmaChain — through a combination of network validators and delegators, dapp developers and general community growth.
Since launching the Basechain validator system, which rewards entities for staking LOOM and securing the network, a number of leading organizations have become validators. One of the most recent, Axie Infinity, has already seen more than 10 million LOOM staked from its community of gamers. Moving forward, the project plans to increase the number of validators, with a maximum of 50.
Loom Network also recently unveiled a new bounty and rewards program with millions of LOOM for developers, content curators and community organizers.
For example, the project is planning to give away 2 million LOOM to any developer who can build and launch a functional block explorer. Additionally, anyone who deploys a dapp to the Basechain with at least 20 DAU (weekly average) will receive 500,000 LOOM.
LOOM is currently up 0.2% on the day to $0.023294, giving the token a $22.6 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.