Binance Launches Validator on Basechain and Offers Monthly User Rewards Just for Holding LOOM
TL;DR: Binance â the largest cryptocurrency exchange in the world â has launched their validator on Loom Networkâs Basechain to help secure the DPoS network alongside 21+ other validators currently running nodes. Whatâs more, you will be able to earn monthly rewards directly to your Binance account just by holding LOOM tokens on their exchange. How cool is that?! đ¤
A lot has happened this year, and itâs been pretty awesome working with the Binance team. The folks there are some of the greatest people weâve worked with, and they continue to do amazing things in the space.
Today, we announce that the largest crypto exchange in the world is supporting Loom Network with validator services and offering a Staking Airdrop Program for LOOM holders.
Binance joins our pool of 21+ Basechain validators currently running nodes to help secure the network. As you may already know, validators help secure Loom Networkâs DPoS mainnet â Basechain â by making sure that every transaction on the chain is valid and accurate. You can read more about validator economics here.
Earn Monthly Rewards in Binanceâs LOOM Staking Airdrop Program
Starting January 4 at 00:00 UTC, Binance will begin taking live snapshots of user LOOM balances and airdropping LOOM rewards directly into your Binance account. Itâs different from soft staking in that you donât have to actively stake any of your LOOM tokens â all you need to do is have LOOM sitting in your account.
Boo-ya!
To get all the program details, please see theâŚ
Official LOOM Staking Airdrop Program Announcement from Binance.
Remember, taking advantage of these rewards means you donât have to âlockâ your tokens away. You can simply get LOOM rewards directly to your account while maintaining the freedom to use your tokens whenever you need to.
As I mentioned above, a lot has happened this yearâŚ
Check out some other cool things weâve been building in and around Binance đ
Whatâs Been Happening Between Binance and Loom Network?
1. Binance Chain Integration for Basechain and Loom Wallet
We made our mainnet and the Loom Wallet fully interoperable with Binance Chain by building an ERC20âBEP2 token bridge and bringing smart contract functionality to Binance.
So you can now send your BEP2 tokens to Basechain and have them converted to ERC20 tokens, which your can withdraw to Ethereum mainnet â and vice versa.
You know what else?
2. New CryptoZombies Course for Building on Binance Chain
We recently released a new CryptoZombies course on how to build on Binance Chain. In the first lesson, we show you how you can start building on Binance right away. Youâll learn how to create your own token, freeze and unfreeze tokens, place orders on Binance DEX, and more.
This means you can take advantage of smart contract functionality on Binance Chain, even though it doesnât support smart contracts natively.
As a developer, youâll be able to build super awesome dapps with this integration â maybe a multi-collateral stable coin that makes use of BNB, ETH, and other assets, or a decentralized marketplace that uses the BNB token and has all the smart contracts and user actions running on Loom.
We have still yet to see that killer million-user dapp â and it could be you that makes it a reality đ
And thatâs not allâŚ
3. A Multichain LOOM Token, Starting with BEP2 Standard
We have even laid out our plans for a multichain LOOM token, and weâll be starting with a BEP2 version â a move that will significantly improve usability and accessibility for all Loom Network users.
With this, youâll be able to interact with a native LOOM token on whichever blockchain youâre on â with no wallet gymnastics necessary!
Some spectacular things are happening between Binance and Loom Network.
And thereâs no doubt about it⌠we will continue to advance this tech and provide you with lots more practical tutorials along the way â so you can get started on building that next big interoperable dapp.
Yes indeed â we would love to hear what youâre building. Feel free to reach out to us in our Telegram Dev Chat, even if you just want to say hi đ
Loom Network is the multichain interop platform for scaling high-performance dapps â already live in production, audited, and battle-tested.
Deploy your dapp to Loomâs Basechain once and reach the widest possible user base across all major blockchains today.
New to Loom? Start here.
Want to stake your LOOM tokens and help secure Basechain? Find out how.
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