Loom Network (LOOM), started to enter the list of crypto assets listed on Indodax on June 9, 2021. If you are interested in buying, let’s read this article first!

Indodax continues to add listed crypto assets. The goal is, that you can have many alternative investments. In addition, you can also get to know blockchain technology closely and can join its communities.

In trading crypto assets, one of the analyzes you need to do is fundamental analysis. You can do this analysis by studying whether a crypto asset is worth collecting for you.

Well, in this article, we will discuss what Loom is and how it works on Indodax. Let’s discuss.

Loom Network, Crypto Asset of Ethereum Side-Chain

Loom Network is a side-chain of Ethereum built to support various decentralized applications. The platform is a blockchain scaling project focused on education and social applications.

So far, products that seek to improve the accessibility and development of smart contracts have been published. The network itself runs on Plasma, a scaling solution for Ethereum, which allows for faster transactions across the network.

Loom Tokens, Staking and DeFi

LOOM is a digital token used to pay for services on the Loom Network. It is built on Ethereum according to the ERC20 standard for tokens. To run decentralized applications (dApps) on the Loom Network, developers must stake LOOM.

Loom tokens are not mined. Instead, it is acquired by users who engage with dApps on the Loom Network. Free transactions on the Loom Network (i.e., “no gas”).

However, if a user wants to transfer assets to another blockchain, such as Ethereum, he or she must have at least 1 LOOM to make the transfer. LOOM can be bought and sold for fiat currency or any other digital currency.

Supply and Market Cap

LOOM token supply is set at 1 billion LOOM. really this is too much. This means that the supply is not small, although it is still limited.

LOOM’s market capitalization only reached USD 64,941,390, one day before listing on Indodax. It is at number 388 on the coinmarketcap website of listed crypto assets.

really not that big. However, currently booming DeFi there may be hope for a price hike.

How to Buy Loom on Indodax

For those of you who want to buy LOOM on Indodax, you can open a deposit on June 9, 2021. For trading, you can start on June 10, 2021. For those of you who want to know how, you can follow the instructions below:

1. For those of you who are not yet a member, you can click the link here
2. After that, make a deposit. For those of you who are confused about how to deposit, click on this link
3. After your deposit and balance come in, you can return to the market
4. Look for LOOM in the Rupiah market then click
5. After entering, all you have to do is buy by filling in the balance and at what price you want to buy LOOM. You can also buy it instantly or directly at the current price
6. After that, you need to patiently wait for the price to increase for some time
7. After the price increases, you can sell it at a higher price with the instant method
8. If you sell with the limit method, you can place orders after buying. Make sure you enter a higher number when selling.