Binance and Loom Have Something to Offer

By January 4, 2020Ethereum
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In the crypto realm, collaborations are hardly anything special. Time and again we hear about new initiatives. However, this one seems to be curious.

Why? To begin with, because it involves Binance, the behemoth exchange. And second, because there are rewards in-store.

In a tweet, the Loom Network announced that Binance launches its validator on Basechain. It then added that Binance Exchange offers monthly Loom airdrop rewards.

Big news for you today @Binance launches their validator on #Basechain + Binance Exchange offers monthly #LOOM airdrop rewards!

— Loom Network (@loomnetwork) January 3, 2020

In the embedded medium article, the company explains, “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.”

So, starting today, the 4th of January, the exchange will commence taking “live snapshots of user LOOM balances and airdropping LOOM rewards directly into your Binance account.”

At the same time, note that the company isn’t talking about soft staking. This means all you need to do “is have LOOM sitting in your account.” Concurrently, users don’t need to “lock” tokens away.

“You can simply get LOOM rewards directly to your account while maintaining the freedom to use your tokens whenever you need to,” the company explains.

The details of this program are available here.

A good year for Loom

The Loom Network also says that overall it’s been a good year for the company. For instance, it points out, “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.”

Besides, according to the company, it is now possible to send BEP2 tokens to Basechain. And then convert them to ERC20 tokens, “which you can withdraw to Ethereum mainnet — and vice versa.”

Other achievements include the release of a new CryptoZombies course on how to build on Binance Chain.

Recently, we reported that Binance carried out a win-win investment.

Why? To begin with, […]

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