LOOM BEP-20 TOKEN LAUNCH!

LOOM is now officially live on Binance Smart Chain as a BEP20 token! Launching LOOM on Binance Smart Chain is the first step in our plan to increase the liquidity, utility, and usability of the LOOM token, and to make it both quicker and cheaper to stake your LOOM on our Basechain network.

Just to make it perfectly clear… the BEP20 LOOM token will not replace the existing ERC20 LOOM token, the two token contracts will co-exist. LOOM will live on Ethereum as an ERC20 token and on Binance Smart Chain as a BEP20 token.

Transferring LOOM between Binance Smart Chain and Ethereum is fairly easy, and Binance now provides a couple of ways to do so. We’ll walk you through the current options in the rest of this article.

Withdrawing LOOM from Binance to BSC

If you previously bought some LOOM on Binance, or transferred LOOM to your Binance exchange wallet from your Ethereum compatible wallet then you can withdraw your LOOM to Binance Smart Chain in a few simple steps.

THE BINANCE BRIDGE

The Binance Bridge is a nifty little tool built by Binance that allows users to transfer their tokens between Ethereum and Binance chains, and you don’t need a Binance.com account to use it! LOOM is now supported by the Binance Bridge, so lets take a look at how you can use the bridge to move your LOOM between networks…

Setting up MetaMask for Binance Smart Chain

In order to move tokens from BSC to Ethereum you’ll need to use the MetaMask browser extension, or the Binance Chain Wallet browser extension (available for Chrome and Firefox). Binance will also add WalletConnect support soon, making it possible to use a multitude of iOS and Android wallets.

Using the Binance Chain Wallet extension is fairly straightforward since it supports BSC out of the box. The MetaMask extension however has a much larger install base and is likely more familiar to most people, so we’ll show you how to configure and use it with Binance Smart Chain.

ABOUT LOOM-NETWORK

Loom Network is building an ecosystem of blockchains for the next generation of DeFi protocols, NFTs, and high-performance multi-chain dapps. At the core of this ecosystem is our Basechain network — already live in production, audited, and battle-tested.

⬇️DETAILS:

https://loomnetwork.medium.com/loom-bep20-token-launch-1101dd137721