Binance Launches Validator on Basechain and Offers Monthly User Rewards Just for Holding LOOM

🤖 Robert
Jan 3, 2020 · 4 min read
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TL;DR: Binance — the largest cryptocurrency exchange in the world — has launched their validator on Loom Network’s Basechain to help secure the DPoS network alongside 21+ other validators currently running nodes. What’s 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?! 🤘

A lot has happened this year, and it’s been pretty awesome working with the Binance team. The folks there are some of the greatest people we’ve 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 Network’s DPoS mainnet — Basechain — 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 Binance’s 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. It’s different from soft staking in that you don’t have to actively stake any of your LOOM tokens — all you need to do is have LOOM sitting in your account.


To get all the program details, please see the…

Official LOOM Staking Airdrop Program Announcement from Binance.

Remember, taking advantage of these rewards means you don’t have to “lock” 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.

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When you hear that Binance is now a Basechain validator offering rewards to LOOM holders.

As I mentioned above, a lot has happened this year…

Check out some other cool things we’ve been building in and around Binance 👇

What’s 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 ERC20–BEP2 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 — 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. You’ll 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 doesn’t support smart contracts natively.

As a developer, you’ll be able to build super awesome dapps with this integration — 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 — and it could be you that makes it a reality 😉

And that’s not all…

3. A Multichain LOOM Token, Starting with BEP2 Standard

We have even laid out our plans for a multichain LOOM token, and we’ll be starting with a BEP2 version — a move that will significantly improve usability and accessibility for all Loom Network users.

With this, you’ll be able to interact with a native LOOM token on whichever blockchain you’re on — with no wallet gymnastics necessary!

Some spectacular things are happening between Binance and Loom Network.

And there’s no doubt about it… we will continue to advance this tech and provide you with lots more practical tutorials along the way — so you can get started on building that next big interoperable dapp.

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Yes indeed — we would love to hear what you’re building. Feel free to reach out to us in our Telegram Dev Chat, even if you just want to say hi 🙂

Loom Network is the multichain interop platform for scaling high-performance dapps — already live in production, audited, and battle-tested.

Deploy your dapp to Loom’s 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.

Like what we’re doing here? Stay in the loop by signing up for our private mailing list.

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