In the era of the blockchain revolution, Loom Network sets new standards for scalability and security. LOOM achieves an incredible price increase of 175% within just one month! But is that just the tip of the iceberg? Read on to find out.
Revealed: Loom Network and its amazing importance for the blockchain space!
The Loom Network is a highly scalable blockchain Layer 2 ecosystem specializing in launching DApps (decentralized applications).. Compared to other blockchain platforms such as Ethereum, the Loom Network aims to solve the scalability issues that many blockchains face. It offers a side chain solution that allows fast and cost-effective transactions without putting any strain on the main blockchain.
Loom Network uses a zkLoom protocolto ensure the security of its blockchain. zkLoom is a Zero-Knowledge Rollup Protocol, which relies on the security of the Ethereum network. Ethereum is one of the most popular open-source blockchains for smart contracts and is backed by the second largest cryptocurrency.
By using zkLoom Developers no longer have to worry about the security of their own blockchain. Instead, they can rely on the proven security mechanisms of Ethereum leave. This makes it easier to launch and operate new blockchains as it requires fewer resources to build a secure blockchain.
The zkLoom chains are also significantly more efficient than conventional blockchains. This is because they are the Compress and decentralize blockchain data to reduce processing costs. This makes zkLoom blockchains ideal for applications that require high transaction speed and scalability.
Loom uses that native token, LOOM. This token has multiple uses such as Payment of transaction fees and that Staking. This not only promotes network security but also allows users to generate passive income. Likewise, LOOM tokens will too deposited as security by developersto prevent malicious behavior.
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What has moved Loom Network’s price recently
Below is an overview of the most important factors that influence the Loom Network:
Gate.io lists Loom Network and the price explodes
The Crypto exchange Gate.io has officially listed the Loom Network (LOOM) on September 25, 2023 at 12:00 UTC. Gate.io belongs to the Top 10 of crypto exchanges on CoinMarketCap and has a daily trading volume of $334.3 million and 2.9 million weekly users. Listing on such a prominent platform was able to provide the Loom Network with new liquidity.
In the In the last seven days, the token has already increased by an impressive 135.15% experienced. This could be as Anticipating the upcoming listing interpreted, which makes the token accessible to a wider range of investors. Since Gate.io has a significant trading volume and a large user base, the additional liquidity and that increased interest drive the price of LOOM further up.
The listing should for extra attention care for and could attract institutional investors who see the Loom Network as a valuable addition to their crypto portfolios. In addition, the increased Visibility of LOOM through its availability on Gate.io can lead to a snowball effect that encourages further listings and partnerships.
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Loom Network Q1 2023 Update
Earlier this year, Loom Network released a Q1 2023 update detailing progress on a number of key initiatives, including the zkRollup testnet, Metaverse platform and AI integration.
zkRollup testnet
Loom Network has announced that it will be on June 5, 2023 launch a public zkSync-based testnet becomes. The testnet is connected to Ethereum’s Goerli testnet and will initially provide some demo applications, including a DEX, an NFT marketplace and a token bridge.
Metaverse platform
Loom Network is also working on a Metaverse platform which Cross-chain NFTs will be used to ensure that virtual items are not trapped in small enclaves within the metaverse. The platform will also make it easy to integrate blockchain-backed digital assets and NFT-based permission systems into tailored Metaverse experiences.
AI integration
Loom Network also wants to use in-house AI tools such as GitHub’s Copilot and ChatGPT. The Loom Network is exploring ways to use AI to develop AI-powered Monitoring and troubleshooting toolsone AI assistants to answer questions about CryptoZombies courses and a AI-powered code reviewer to detect errors in student code.
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Loom Network price prediction
The Loom Network is currently on Place 161 of the largest cryptocurrencies and comes to one Market cap of $141.9 million. Of the total 1.3 billion LOOM tokens, 1.2 billion are in LOOM almost all in circulation. This means that investors no longer have to take inflation into account. However, the overall supply can be increased.
Within the Last month, LOOM rose an impressive 175% to $0.1163. However, the coin is still there 85.17% from its all-time high at $0.7745 removed. What is remarkable is the increase in Trading volume, which increased 239-fold from around $2 million to up to $478 million over the last 30 days recorded. However, this has been decreasing again since September 23rd and has roughly halved, which suggests that interest has waned somewhat.
According to Coincodex data Loom outperformed 93% of the top 100 cryptocurrencies, including Bitcoin and Ethereum. Currently, the Loom Network can hold above the 61.8 Fibonacci level and the last diagonal resistance and form a daily closing price above it, which indicates a continuation of the trend. However, according to the RSI, the LOOM price is currently somewhat overbought, so Corrections are possible up to the 23.6 Fibonacci level of the last downtrend at $0.087.
In addition, the euphoria surrounding the listing is likely to slowly fade. Moreover The general market environment is currently deteriorating somewhatas further interest rate increases and liquidity cuts from the US Federal Reserve may follow. This is also likely to have a negative impact.
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Optimized environmentally friendly Bitcoin variant almost sold out
Although Bitcoin is the largest and oldest cryptocurrency by market capitalization, it still has some weaknesses, while Ethereum, for example, has already adapted to the required requirements. The new Bitcoin BSC now wants to get rid of Bitcoin’s previous problems and release an optimized version 2.0. She should go through with it significantly lower fees, faster pace and greater development potential convince. Another advantage is that instead of the polluting PoW consensus mechanism, the Stakers earn rewards in cryptocurrencies for holding their coins. The popular presale has just begun, but there are less than 400,000 BTCBSC left.
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New crypto casino conquers Telegram app
The new cryptocurrency TG.Coin combines several attractive markets in one project. It harnesses the potential of the fastest-growing social media app currently available 1 billion users worldwide comes from which crypto applications can also benefit, such as UniBot, Ton Coin or Friend.tech on Twitter. TG.Coin uses the Growth market of online casinos as well as the Hype about SocialFi and GambleFi. What is particularly interesting about the TG.Coin is that the investors a share of the profits as a reward for holding the coins receive. In this way, they can “become a bank themselves,” which, as the saying goes, “always wins.”
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User-friendly crypto mining option
Bitcoin Minetrix is now offering a new way to participate in crypto mining even more easily. Instead of opaque and complicated contracts, there should be one easy and quick access to this sector of the economy in which BlackRock is also one of the largest investors. At Bitcoin Minetrix, users can benefit from both staking and mining. The same was the case Smart Contract fully verified by Coinsult, so that greater security is offered. Investors receive particularly high returns from staking, especially at the beginning over 108,000% yearly and will decrease as deposits into the staking pool increase.
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About the author: Simon Feldhusen came into contact with the stock market for the first time 17 years ago and has been intensively involved in the topics of trading, cryptoassets, stocks, P2P, corporate finance, finance and entrepreneurship on a daily basis for more than 8 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following daily news. Since then, not a day goes by without him dealing with the markets. He publishes, among others, for Finanz.net, ETF-Nachrichten.de, Coincierge.de and P2E News.com.