Loom Network / LOOM Delegation Guide

Put your LOOM to work and delegate to Staked!

Loom PlasmaChain staking launched on February 19, 2019 with a yield of 5–20%.

Staked has partnered with BlockTower Capital to operate the BlockTower validator on the Loom Network. To delegate your LOOM to BlockTower + Staked, please use the following validator name:

                             BlockTower

Instructions for delegating LOOM are included here.

Delegation is non-custodial and delegates cannot spend your LOOM. Staked pays 75% of the block rewards to delegates, and offers the industry’s only 100% SLA on block production.

Lock-Up Options for Staking

Risks: Currently, there are no slashing penalties on Loom. When the network reaches maturity, slashing penalties will likely be imposed for double-signing transactions and prolonged unavailability.

Token Economics (06/06/19)

Overview

Loom Network enables developers to build large-scale decentralized applications by deploying to high-throughput shared layer 2 blockchains that use Ethereum as the base layer. PlasmaChain utilizes Delegated Proof of Stake (DPoS) to optimize scalability without compromising the security of Ethereum.

There are a number of interesting blockchain projects and games building on Loom Network including Neon District by Blockade Games, Axie Infinity, and Zombie Battleground.

Loom Network Validators

There are only twenty one paid validators, meaning every delegation is essentially a vote for a validator. While validators have the ability to pass rewards on to delegators, delegators still remain in control of the rewards.

Each year, a maximum of 20% of the company’s remaining token pool gets paid out to validators. Payments are made every election cycle (2 weeks), and divided between validators based blocks created or number of tokens staked. Below is a model for the maximum payout over the next five years assuming the maximum is released in each previous year.

Delegation Instructions (MetaMask)

  1. Visit the Plasmachain Dashboard, select “Metamask” under wallet, and sign the respective Metamask prompt.

3. Select “Deposit” under Balance and enter the number of LOOM you want to stake in the empty field in the “Approve Deposit” section. Select “Confirm” to sign the first Metamask signature prompt, select “Complete Deposit” when ready, and sign the second Metamask message.

4. Select “Stake tokens” and then select “BlockTower” as your validator.

5. On the BlockTower Validator page, click the “Stake tokens” button to open the staking and lock-up window. Enter the amount of LOOM you want to stake and move the slider to choose either 1 month, 3 months, 6 month, or 12 month locktime / bonus term. The longer the locktime, the higher the reward rate (yield). Upon entering the aforementioned information, sign the Metamask prompts.

Congratulations! You have now delegated your LOOM to Staked.

Have questions about getting started? Find time to speak here.


About Staked

Staked helps institutional investors reliably and securely compound their crypto by 5% — 100% annually through staking and lending. Staked runs validation nodes for proof-of-stake currencies and offers access to on- and off-chain lending options that provide an annualized yield of in-kind currency.

If you enjoy what we are building at Staked, give us a shout on Twitter, LinkedIn, or tell your friends and colleagues. The Staked blog and weekly newsletter are also great resources for keeping up with Staked.