LOOM BEP20 Token Launch

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 same wallet account on both chains as long as your wallet supports the Binance Smart Chain. However, please always double-check that the destination network and address are set correctly before you submit the withdrawal request!

The Binance Bridge

The Binance Bridge is a nifty little tool built by Binance that allows users to transfer their tokens between Ethereum and Binance chains, and you don’t need a Binance.com account to use it! LOOM is now supported by the Binance Bridge, so lets take a look at how you can use the bridge to move your LOOM between networks…

Setting up MetaMask for Binance Smart Chain

In order to move tokens from BSC to Ethereum you’ll need to use the MetaMask browser extension, or the Binance Chain Wallet browser extension (available for Chrome and Firefox). Binance will also add WalletConnect support soon, making it possible to use a multitude of iOS and Android wallets.

Using the Binance Chain Wallet extension is fairly straightforward since it supports BSC out of the box. The MetaMask extension however has a much larger install base and is likely more familiar to most people, so we’ll show you how to configure and use it with Binance Smart Chain.

NOTE: You can skip the next step if you only plan to transfer LOOM from Ethereum to Binance Smart Chain, no additional configuration is needed in MetaMask to support this use case.

Assuming you’ve already installed MetaMask follow these instructions to add a custom network config for the Binance Smart Chain with the following parameters:

Network Name: Binance Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Chain ID: 56
Currency Symbol: BNB
Block Explorer URL: https://bscscan.com

Viewing LOOM BEP20 balance in your MetaMask wallet

In order to view your current LOOM BEP20 balance in MetaMask you’ll need to add the new LOOM token to the list of tokens MetaMask displays by default.

  • Select Add Token to Web3 Wallet from the menu.
  • MetaMask will show a confirmation dialog, press Add Token to complete the process.

You LOOM BEP20 balance should now be displayed whenever the Binance Smart Chain network is selected in MetaMask.

Transferring LOOM from BSC to Ethereum

Once you’ve added the custom network config, make sure the Binance Smart Chain network is selected in MetaMask.

Step 1 — Connect Wallet
  • You’ll be prompted to select a wallet, select MetaMask, and press Connect Wallet again, at this point MetaMask will pop up and ask you for permission to interact with this site, go ahead and approve it.
Step 2 —Select MetaMask
  • Next, select LOOM from the Asset drop-down (1). We’ll be transferring the tokens from BSC to Ethereum in this case, so press the big arrow button (2) to change the transfer direction.
Step 3 — Select LOOM from Asset drop-down
  • Now all you need to do is enter the amount of tokens you wish to transfer, and the account on Ethereum Mainnet you wish to transfer them to. Then press Next.
Step 4 — Specify transfer amount and destination address
  • You should now see the first confirmation dialog, check everything carefully, then press Confirm.
Step 5 — Confirm transfer details
  • At this point you should probably check that the selected account in MetaMask has a little bit of BNB to pay for the transaction fee, if not get some BNB before moving on.
Step 6 — Submit transaction to MetaMask
  • Once you press Submit transaction via Metamask button MetaMask will pop out to confirm the transaction. Here you should check that the LOOM is being sent to the address shown on the previous dialog, and that the transaction fee seems reasonable, then press Confirm.
Step 7 — Confirm transaction in MetaMask
  • Once MetaMask sends off the transaction you’ll see a little notification pop up at the top of the site.
Step 8 — Wait for your LOOM to cross the bridge
  • Press on the notification to see the progress of your transfer.
Step 9 —View the transfer progress

After… a little while, the transfer will be completed, and the recipient account on Ethereum Mainnet will receive the tokens you’ve just sent.

Transferring LOOM from Ethereum to BSC

Transferring LOOM from Ethereum to BSC is a very similar to transferring it from BSC to Ethereum, so we won’t go into details here. The key difference is that you’ll need a bit of ETH in order to transfer your LOOM to the Binance Bridge hot wallet, and you’ll need to start the transfer process by selecting the Ethereum Mainnet network in MetaMask.

Coming up next…

Next week we’ll be rolling out a Basechain upgrade to support transfers of LOOM between Basechain and Binance Smart Chain. Once the Basechain validators upgrade and vote to activate the new features we’ll push out an update to the staking dashboard to allow deposit and withdrawal of LOOM BEP20.

Soon you’ll be able to move LOOM in and out of Basechain for a fraction of the current cost!

Loom Network is building an ecosystem of blockchains for the next generation of DeFi protocols, NFTs, and high-performance multi-chain dapps. At the core of this ecosystem is our Basechain network — already live in production, audited, and battle-tested.

New to Loom? Start here.

Want to stake your LOOM tokens so you can earn rewards while helping secure Basechain? Find out how.

Got experience running Linux servers, and interested in running a Basechain validator node? Reach out to us in our Telegram channel and we’ll tell you all about the current requirements.

LOOM BEP20 Token Launch was originally published in Loom Network on Medium, where people are continuing the conversation by highlighting and responding to this story.

Source: loom network

LOOM BEP20 Token Launch