LOOM Token Swap Q&A

This article was first published on Loom Network - Medium

Photo by Jon Tyson on Unsplash

First, an update! We’ve been coordinating the LOOM token swap with multiple exchanges, and a few of them have requested for additional time to prepare for the swap. To ensure that the swap goes as smoothly as possible we’ve decided to push back the go live date by a couple of weeks, so the new tentative go live date is February 1st, 2021.

Second, there’s been a lot interest in the token swap in the last few weeks, and many questions about it since the last article, so we’ll answer some of the common ones…

Why are you doing a token swap?

The existing LOOM token contract cannot be upgraded, so we’re going to deploy a new LOOM token contract that implements the features necessary for it to operate with the new zkRollup based architecture we’re building.

How will the token swap work?

Tokens will be swapped through a smart contract on Ethereum mainnet, each token holder will transfer their old LOOM tokens to the contract and the contract will transfer back new LOOM tokens to the token holder. The old LOOM tokens will stay in the token swap contract forever.

What is the total supply of the new LOOM token?

The total supply will be 1 billion, just like the current LOOM token. The swap is 1:1, so whatever amount of LOOM tokens you hold you’ll get exactly the same amount of new LOOM after the swap.

What do I need to do if I hold LOOM in my own wallet?

If you have LOOM in your own hardware wallet (e.g. Trezor, Ledger), or some other Ethereum compatible wallet, then you will need to swap the LOOM tokens yourself when the token swap goes live. You’ll be able to do the swap through the Token Swap page of our new ...

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Loom Network - Medium

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