How To Stake LOOM BEP20

This article was first published on Loom Network - Medium
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LOOM tokens can now be staked via Binance Smart Chain (BSC), which has MUCH lower transaction fees than Ethereum. That means you can stake smaller amounts of LOOM, and do so more frequently — without having most of your staking rewards get eaten up by transaction fees! We will continue to support LOOM staking via Ethereum, and if you’re already staking LOOM you don’t have to do anything at all. On the other hand if you have some LOOM sitting around you could take advantage of the low BSC transaction fees to stake some of it today.

Yesterday the new Transfer Gateway between Basechain and BSC was activated by the Basechain Build 1411 hard fork. The new Transfer Gateway is now operational, and we’ve just rolled out an update to the Basechain Staking Dashboard to support LOOM transfers through that Transfer Gateway. That means you can deposit LOOM BEP20 from BSC to Basechain for staking, and any LOOM you deposit to Basechain can be withdrawn to either Ethereum (as ERC20) or BSC (as BEP20).

If you’ve previously staked LOOM ERC20 on the Basechain Staking Dashboard then you’ll find that the experience of staking LOOM BEP20 is very similar, but much cheaper! And if you’ve never staked LOOM before, not to worry, we’ll go over the basics in this article.

Staking Basics

Prerequisites

  • A small amount of BNB to pay for LOOM deposit/withdrawal transactions.
  • Some LOOM BEP20 on Binance Smart Chain.
  • The Binance Chain browser extension (available for Chrome and Firefox, also supports Ledger), the MetaMask browser extension (available for Chrome and Firefox, also supports Trezor and Ledger), or one of the mobile wallets supported by WalletConnect.

Using the Binance Chain Wallet extension is fairly straightforward because it supports BSC out of the box. However, the MetaMask extension has a much larger install base and is ...

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