Loom Basechain Staking is Officially Live — How to Stake Your LOOM and Help Secure Basechain
We’re happy to announce that Loom Basechain (formerly PlasmaChain) staking for delegators is officially live. That means any LOOM token holder can now become a delegator and support validators in securing Basechain.
What is Basechain?
Basechain is a high-performance DPoS sidechain that acts as a bridge between multiple chains, with integrations to Bitcoin, Ethereum, Binance Chain, Tron (EOS and Cosmos coming soon). It supports EVM smart contracts and offers sub-second confirmation times for high-performance dapps.
How Do I Become a Delegator?
To get started, just head on over to the Basechain Staking Dashboard and complete the following steps:
- Select your wallet from the available options — MetaMask, Ledger, Trezor, and WalletConnect
- Deposit your LOOM tokens to Basechain
- Choose a validator to delegate to
That’s it! You are now staking on Loom Basechain.
Be sure to read the Staking Guide and the FAQ on the dashboard.
And here are some more staking tutorials from Basechain validators:
- Mythos – How to Stake LOOM with Mythos
- StakeWith.Us – Loom Network Staking Guide
- Chorus One – How to Stake LOOM Using the Official Delegation Dashboard
- stake.fish | bitfish – How to stake LOOM: English video / Chinese video
- Cobo (mobile staking) – How to Stake LOOM with Cobo Wallet
Note: You retain full ownership of your tokens while staking, and validators cannot move your tokens under any circumstances. Your tokens remain secure in a smart contract that allows you to specify who you want to stake.
What’s in it for Me?
Just like how Bitcoin and Ethereum have block rewards and don’t rely solely on transaction fees, Basechain will also have a pool of guaranteed block rewards that are released over time to the network validators. Up to 20% of Loom Network’s remaining token pool will be paid out to validators each year.
Validators can choose to share a portion of their rewards back to their delegators each reward cycle — but this is entirely up to the validator.
The percentage each validator shares will be published on the Staking Dashboard to ensure full transparency, so that users can make informed decisions prior to staking.
For additional info on validator rewards, see this post on validator and staking economics.
Basechain validators need to run and maintain the server hardware that processes all the transactions on the chain. They ensure the health, performance, and security of the network — a huge responsibility.
And through a careful application process, we’ve chosen the best of the best to do just that. Here is the current list:
Mythos is a crypto investment company, investing directly in cryptoassets as well as running infrastructure services to operate the underlying crypto networks themselves.
Bitfish is quickly emerging as one of the leading staking projects in the space. They are creating a platform that will let anyone stake their crypto, contribute to network security, and share in the value being created.
Chorus One is building core infrastructure for blockchain protocols, supporting open access and permissionless innovation. They operate validating nodes and staking services for Proof-of-Stake blockchain networks.
ShipChain is using the blockchain to disrupt the transport and logistics industry and become the underlying platform for every logistics transaction — maritime, air, truck, and rail.
Block Matrix is developing quality applications and infrastructure that interact with blockchain technologies, while delivering the right mix of performance, scale, stability and security.
BlockTower is a leading cryptoasset investment firm that focuses on professional trading, investing, and portfolio management. They’re a team of investors, engineers, operators and risk managers.
Hey.network is a blockchain-based application and browser extension for connecting with influencers, gamers, celebrities, and peers to discuss trending topics. It functions as an additional layer on top of your favorite social media channels.
NGC StakeX is an investment platform that adopts best practices from traditional investments while selectively partnering with leading technical developers in the world, making it one of the pioneering platforms of its kind in the blockchain industry.
Cobo Wallet is the first cloud wallet company in the world to offer Proof of Stake (PoS) and masternode rewards — empowering 20+ chains, 500+ tokens, and some of the most popular global DApps.
MultiChain Ventures is a one stop shop for your decentralized development needs, providing blockchain development, deployment, and integration with existing enterprise systems.
Blockware Solutions is an industry leader in cryptocurrency mining services. The network advisory firm provides services such as hardware procurement, mining rig colocation, and staking operations.
Cannon Lab is from a top EOS block producer, EOS Cannon — a leading global EOS community aiming to change the blockchain infrastructure of our way of life by building EOS into an ecological and cultural center.
Bixin is a one stop shop blockchain wallet, social, trading, and mining platform that supports dozens of digital currencies and helps guard your assets for maximum security.
Stake Capital is a digital asset management company that provides highly available and secure blockchain validation services for all leading Proof of Stake networks — allowing its clients to effortlessly participate in emerging digital economies.
Certus One & CMCC Global – Certus One is a team of dedicated blockchain, systems engineering, and security experts focused on development and infrastructure, pairing a deep understanding of blockchain platforms with operations experience. CMCC Global is a blockchain-focused venture capital investor. They were one of Asia’s first venture capital funds focused solely on blockchain investments, and they now have a presence in both Asia and North America.
Wetez provides validation services for the staking economy. Through PoS consensus and token delegation, you can earn rewards in the Wetez Wallet.
SNZ Holding is a fast-growing crypto assets fund, consulting agency, and community builder. They aim to bridge local projects and communities in China to their counterparts abroad, while providing these teams with needed resources.
Infinity Stones is a Silicon Valley-based tech company that provides blockchain security solutions, cloud management services, and PoS staking services.
And we’re still in the process of onboarding more validators each month in order to further decentralize the network.
For further reading on validators, staking, lock-up periods, and other details, check out the FAQ.
We’re very excited to be opening Basechain up to the world, and happy you are a part of this venture. We’re always moving forward to greater things!
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.
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