LOOM Token Swap Launch

Loom Network
Feb 1 · 5 min read
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Photo by Paweł Czerwiński on Unsplash

We’ve deployed the new LOOM token contract to Ethereum Mainnet, the new token contract has a 1 billion token supply, and retains the same LOOM symbol as the old token contract. Along with the new token contract we’ve also deployed the token swap contract that will handle the exchange of old LOOM tokens for new ones, at a 1:1 exchange rate.

The deployed contracts can be found at the following addresses:
New LOOM Token: 0x42476F744292107e34519F9c357927074Ea3F75D
Token Swap: 0x7711863244783348Ae78c2BDebb9802b297DCE56

WARNING: DO NOT send any LOOM or ETH directly to either of those addresses, doing so will result in an irreversible loss of your funds!

What’s next?

Everything is now ready on our end to begin the swap of LOOM tokens, so exchanges can make the final preparations on their end.

WARNING: You should be extra careful about sending LOOM to exchanges while the swap is in progress, if you send new LOOM to an exchange that only supports old LOOM you may not be able to recover those tokens.

We’re coordinating the next phase of the token swap with the following exchanges, and will update this information as they announce swap dates:

If an exchange is not listed here they probably only support old LOOM tokens, so don’t send them new LOOM tokens (from your wallet or other exchanges) until they make an official announcement!

If you represent an exchange that’s interested in participating in the token swap please reach out to us at team@loomx.io.

Manual Swap

If your LOOM tokens aren’t staked on Basechain, or held on one of the supported exchanges, then you will need to swap them yourself. You can swap LOOM held in your own Ethereum compatible wallet at https://wallet.loomx.io/token-swap. Let’s take a quick look at how that works…

On the desktop you’ll need to use a browser that supports the MetaMask extension (Chrome, Firefox, Brave, Edge). Alternatively, if you use a mobile wallet that supports WalletConnect you can use any browser.

When you first navigate to https://wallet.loomx.io/token-swap you will be presented with the wallet selection page. In this section we’ll demonstrate how to swap tokens with the MetaMask browser extension in Chrome.

Wallet selection page on the new dashboard
Wallet selection page on the new dashboard
Figure 1: Wallet selection page

When you click on the MetaMask button you should see a MetaMask notification prompting you to connect an Ethereum account to https://wallet.loomx.io

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Figure 2: MetaMask prompt to connect to dashboard

Select the Ethereum account that holds your old LOOM tokens, and press the Next button. On the next screen press the Connect button.

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Figure 3: Confirm MetaMask connection to dashboard

MetaMask should now be connected to the dashboard. Double-check that Ethereum Mainnet is the currently selected network before closing this popup.

NOTE: In order to successfully swap tokens you will need enough ETH in your Ethereum account to pay for two Ethereum transactions. The exact amount required for the transaction fees will fluctuate due to the volatility of gas prices on Ethereum Mainnet.

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Figure 4: MetaMask connected to the dashboard

You’ll now find yourself on the token swap page. At this point, assuming you haven’t swapped any LOOM previously, you should have some old tokens, and no new tokens.

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Figure 5: Token swap page

Press the Swap button to begin.

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Figure 6: Token swap dialog

To keep things simple the token swap dialog will exchange all the old LOOM in your account for new LOOM, so you just need to confirm the amount that will be exchanged. Press the Yes button to approve the transfer of old tokens from your account to the swap contract. MetaMask should prompt you to confirm the transaction, if you have sufficient ETH to pay for the transaction fee press the Confirm button to proceed. If you’re using a hardware wallet (e.g. Trezor, Ledger) you will now need to confirm the transaction on your device.

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Figure 7: Approve transfer of old LOOM to swap contract

It will take a few seconds, or a few minutes (depending on how much you paid for gas!) for the transaction to be mined on Ethereum. Once the transaction is mined MetaMask will prompt you to confirm the final swap transaction, press the Confirm button to proceed. If you’re using a hardware wallet confirm the transaction on your device.

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Figure 8: Exchange old LOOM for new LOOM via the swap contract

Once the swap transaction is mined you should see the final screen confirming the successful swap of your LOOM tokens. Press the Continue button to close the swap dialog.

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Figure 9: Successful swap confirmation

Back on the token swap page you should now have no old LOOM tokens, only new LOOM tokens.

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Figure 10: Account funds after successful swap

As long as you have enough ETH to pay for the transactions the manul swap process is fairly simple. If you’re unable to complete one of the steps due to insufficient ETH press the Reject button in the MetaMask popup, transfer more ETH to your account, and then press the Retry button to continue.

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Figure 11: If things go wrong try again

If you run into any others issues while swapping tokens on the new dashboard please contact our support team.

Loom Network

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

Loom Network

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Loom Network

Written by

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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