📢 Eligible @krakenpro users can now trade LOOM perpetual futures!

📢 Woot woot, we've just published a new development update! Catch up on recent events, and read all about our plans for the rest of 2024 and beyond in our latest article. 👇 medium.com/loom-network/loom…

Quick Dev Update🧑‍💻 🔸zkLoom Sepolia testnet launched end of last week, and has been running smoothly so far. 🔸Developer docs (👉loomx.io/developers) now have all the info you need to start deploying contracts on the new testnet. Lots more stuff in the pipeline!

⚠️ The old zkLoom testnet will be spun down today, and the developer docs will be updated with the RPC URL for the new zkLoom Sepolia testnet. This will briefly impact developers. All other services will continue operating as usual.

📢 Our zkLoom Sepolia testnet will launch this week! The new testnet will provide a much better development experience, and will be a lot easier to access. If you're a developer grab some Sepolia ETH from one of the faucets faucetlink.to/sepolia and stay tuned for updates!

Our zkLoom protocol already supports blobs, so our new L2 mainnet will be fully capable of utilizing the most cost effective transaction format to minimize network fees.

This is an important milestone in scaling the Ethereum ecosystem. We've already seen a significant drop in some L2 transaction fees, but it will take some time for the fees to reach a new equilibrium.

The Dencun upgrade is finally live on Ethereum mainnet! L2s can now start to utilize cheaper blob data, which we hope will lead to ⬇️⬇️⬇️ transaction fees for everyone in the long term. @Optimism and @zkSync have already rolled out their own chain upgrades to utilize blobs 🥳

It's been a busy year here at Loom Network! Read the latest company update to find out what we've been working on this year, and what's coming up in 2024! 👇 medium.com/loom-network/loom…

📢 Trading LOOM on KuCoin is about to become more convenient! KuCoin will introduce a new LOOM/USDT trading pair on their spot market at 08:30 on Nov 22, 2023 (UTC). The LOOM/ETH trading pair will then be retired at 03:00 on Nov 24, 2023 (UTC). 👀👇 kucoin.com/announcement/kuco…

For those of you that enjoy digging through on-chain transactions the gateway smart contract on Ethereum is at 0xfcF1E3fA575A313fd81feA2caA06269B49F1A528 and on BSC at 0x37939c8Bdbf6BCb6fFBC9519f88027CFe9dFe6D7

There are only 1 billion LOOM BEP20 tokens in total (300M less than LOOM ERC-20), so that leaves ~130M LOOM BEP20 tokens in active circulation across exchanges etc.

~870M LOOM BEP20 in total is locked in our gateway smart contract on BSC, and in our treasury wallets. Tokens from the treasury are used to provide liquidity for the gateway smart contract on BSC.

So the balances of the two gateway contracts on BSC and Ethereum are not expected to match most of the time, as some of the tokens are staked on Basechain.

When a user deposits LOOM BEP20 tokens from BSC to our Basechain network the BEP20 are locked in the gateway smart contract on BSC, then the user can stake them on our Basechain network, alternatively they can withdraw them as ERC20 from the gateway smart contract on Ethereum.

Since the token exists on both Ethereum and BSC we provide transfer gateways that allow users to swap ERC-20 LOOM to BEP-20 LOOM 1:1 and vice versa. As part of the swap tokens are locked in a smart contract on one chain and withdrawn from a smart contract on the other chain.

It has come to our attention that there's some confusion about the LOOM token supply across the Ethereum and BSC networks. The LOOM token has a total supply of 1.3 billion, ~1 billion tokens are in active circulation on Ethereum, ~130 million are in active circulation on BSC.