According to the announcement, the addition of multichain LOOM will be a natural progression of Loom Network’s interoperability efforts. Loom Network is already interoperable with Ethereum, Binance Chain and TRON (TRX), with Bitcoin (BTC) and Cosmos (ATOM) planned as upcoming additions.
“A multichain token is one that is portable across different networks. LOOM started as an ERC20 token on Ethereum and then became a native token on our Basechain — and it is already portable between the two chains,” stated the Loom Network team. “Moving forward, there will be LOOM tokens on various sister chains, and they will be interchangeable and transferable using our Transfer Gateway.”
As a first step to making LOOM a multichain token, Loom Network plans to integrate it into Binance Chain using the BEP2 token standard. This will serve as a testing ground for Loom Network’s process moving forward, as the team will assess investor and developer appetite for the BEP2 token.
The addition of BEP2 LOOM will not impact current ERC20 LOOM holders, and stakers will soon have the option to extract their tokens on either chain moving forward.
This news comes a week after Loom Network unveiled its plans to expand beyond gaming to focus on decentralized finance, government and enterprise applications for its basechain. Additional plans include integrating TRON, EOS (EOS) and Cosmos into Basechain, as well as every other major blockchain, and bringing native LOOM staking to a variety of popular wallets like Trezor and Trust Wallet.
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.