LOOM Token Swap

Loom Network
Nov 17 · 2 min read
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Photo by Jordan Rowland on Unsplash

In our previous article we announced that we’ll be integrating zkRollup into the Loom protocol to create the zkLoom protocol. To recap, the zkLoom protocol architecture offers a number of advantages over the existing Loom protocol:

  • Transactions on a zkLoom blockchain are verified on Ethereum, making it practically impossible for a malicious validator to steal funds or cause an invalid state transition.
  • Funds transferred by users from Ethereum to a zkLoom blockchain can be recovered even if all zkLoom validators go offline, or simply refuse to process transactions.
  • Users no longer have to place their trust in validators, instead they can rely on the security guarantees provided by Ethereum.

The process of upgrading Basechain to the zkLoom protocol will require a number of steps. The first step consists of deploying a new LOOM token contract to Ethereum mainnet, and performing a token swap from the existing LOOM token to the new one.

This article covers some of the common questions about the upcoming token swap.

When is the token swap going to happen?

Why does there need to be a token swap?

How should I prepare for the token swap?

If on the other hand you hold LOOM in your own wallet on Ethereum mainnet then you’ll need to use the Basechain dashboard to convert the existing LOOM tokens to the new LOOM tokens. The token swap UI will be very simple, and we’ll provide step by step instructions for using it to swap your tokens.

What will happen to my Basechain delegations?

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We're building a distributed enterprise platform for healthcare providers.

Loom Network

Building a distributed enterprise platform for managing data — focused on healthcare providers and government departments.

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