LOOM BEP20 Token Launch

This article was first published on Loom Network - Medium

LOOM is now officially live on Binance Smart Chain as a BEP20 token! Launching LOOM on Binance Smart Chain (BSC) is the first step in our plan to increase the liquidity, utility, and usability of the LOOM token, and to make it both quicker and cheaper to stake your LOOM on our Basechain network.

The LOOM BEP20 contract address on Binance Smart Chain is 0xe6ce27025f13f5213bbc560dc275e292965a392f

Just to make it perfectly clear… the BEP20 LOOM token will not replace the existing ERC20 LOOM token, the two token contracts will co-exist. LOOM will live on Ethereum as an ERC20 token and on Binance Smart Chain as a BEP20 token.

Transferring LOOM between Binance Smart Chain and Ethereum is fairly easy, and Binance now provides a couple of ways to do so. We’ll walk you through the current options in the rest of this article.

Withdrawing LOOM from Binance to BSC

If you previously bought some LOOM on Binance, or transferred LOOM to your Binance exchange wallet from your Ethereum compatible wallet then you can withdraw your LOOM to Binance Smart Chain in a few simple steps.

Step 1 — Log in on Binance.com
  • Open the Wallet -> Fiat and Spot page
Step 2 — Open Fiat and Spot Wallet
  • Press the Withdraw button at the top to open the Withdraw page.
Step 3 — Open the Withdraw Page
  • Select LOOM from the Coin drop-down, and then
    (1) Enter the BSC account you want to receive the LOOM BEP20 tokens.
    (2) Set the transfer network to BSC.
    (3) Enter the amount of tokens you want to transfer.
    Once you press Submit you’ll need to confirm the withdrawal as usual.
Step 4 — Withdraw LOOM from Binance.com to Binance Smart Chain
NOTE: Binance Smart Chain addresses have the same format as Ethereum addresses, and you can even use the ...

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Loom Network - Medium

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