On July 18, 2024, at precisely 22:26 UTC, Loom Network (LOOM) experienced a significant breakout, surging by 7.56% to reach a price of $0.0656. This unexpected rally has caught the attention of investors and enthusiasts alike, marking a pivotal moment for the Ethereumbased platform known for its scalability solutions. The breakout is attributed to a series of strategic and technological advancements that have reinvigorated interest in Loom Network. Loom Network (LOOM) experienced a significant breakout on July 18, 2024, achieving a 7.56% gain and reaching a price of $0.0656. This surge can be attributed to several key developments and strategic moves by the Loom Network team, which have collectively boosted investor confidence and market interest. Let's delve into the primary reasons behind this breakout and examine the visual evidence supporting each reason:
CryptoZombies awarded Optimism RetroPGF grant: CryptoZombies, an educational platform within the Loom Network ecosystem, qualified for a grant in the 3rd round of the Optimism Retroactive Public Goods Funding initiative. This achievement has significantly boosted its visibility and credibility in the blockchain community. The grant recognition underscores the value and impact of CryptoZombies in the Ethereum ecosystem, attracting more developers and users to the Loom Network.
CryptoZombies Apocalypse game development: The development of CryptoZombies Apocalypse, a blockchainpowered PlaytoLearn game, is underway. This innovative game is set to attract new users by combining education and entertainment. Players will design and develop their own programmable weapons and defenses to fend off zombie hordes, thereby learning to code in a fun and engaging way. This development is expected to draw a new generation of developers to the Loom Network.
zkLoom Sepolia testnet live: The launch of the zkLoom Sepolia testnet has been a significant milestone for the Loom Network. This testnet enhances transparency and interest by providing a platform for developers to deploy contracts and test applications. The public block explorer, set to launch next month, will further increase transparency and attract more developers to the platform.
Milestones achieved and future plans: The Loom Network team has achieved significant milestones and has ambitious plans for the rest of 2024. These achievements and future plans have kept the community engaged and optimistic about the network's potential. The team's consistent updates and transparent communication have played a crucial role in maintaining investor confidence.
The Loom Network's recent developments and strategic initiatives have collectively contributed to the breakout, reflecting the growing interest and confidence in the platform's potential. As the network continues to evolve and achieve its milestones, it is likely to attract even more attention from developers, users, and investors.
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Explore the Core.
Loom Network is a platform as a service that is built on top of Ethereum and allows developers to run large-scale decentralized applications. This platform was released on October 1st, 2017. The goal of this is to allow application developers to have smart contracts that can access much more computing power when it is required, or maintain the same power at lower costs for tasks such as trials for onboarding new users or applications that simply do not need the full security of blockchain to begin with. In this system you have the ability to interact with APIs developed by third parties which are not on chain. Loom attempts to be the ultimate platform that allows smart contract developers to create applications without the need to switch to another programming language. As such, they can easily integrate their applications with the outside world
Spot the Main Event:
Loom Network Update Q3 2024. The year started off with a bang for their CryptoZombies team, as CryptoZombies qualified for a grant in the 3rd round of the Optimism Retroactive Public Goods Funding initiative. This is the second year in a row that CryptoZombies has been awarded a RetroPGF grant in recognition of the contribution their coding school has made to the ever growing Ethereum ecosystem. These grants help to ensure that CryptoZombies continues to provide an accessible entry point into the ecosystem for prospective blockchain developers. This year the team have decided to shake things up a bit, and dial up the fun, by building a blockchain-powered Play-to-Learn game! Set in the CryptoZombies universe — CryptoZombies Apocalypse will be a fully fledged game in which players will design and develop their own programmable weapons and defenses in order to hold back the zombie hordes as long as possible. The team think CryptoZombies Apocalypse will train up a whole new generation of developers by encouraging people to write lots of code while having fun. While the zkLoom Sepolia testnet is now live and operational, the team still occasionally reset the chain state as we upgrade various systems. They’ve held off on launching a public block explorer until things settle down a bit… Fortunately, that shouldn’t take much longer, so they plan to launch the block explorer next month. Development on CryptoZombies Apocalypse is now underway. Pre-release versions of the game will run on the zkLoom Sepolia Testnet, while the final release of the game will run on the Basechain mainnet — after it’s migrated to the zkLoom protocol.
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Ola VictoriaExplore the Core.
Loom Network is a platform as a service that is built on top of Ethereum and allows developers to run large-scale decentralized applications. This platform was released on October 1st, 2017. The goal of this is to allow application developers to have smart contracts that can access much more computing power when it is required, or maintain the same power at lower costs for tasks such as trials for onboarding new users or applications that simply do not need the full security of blockchain to begin with.
Spot the Main Event:
They recently published a new development update. Members can catch up on recent events, and read all about their plans for the rest of 2024 and beyond in their latest article.
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Overview
Loom Network is a platformasaservice built on top of Ethereum, designed to enable developers to run largescale decentralized applications (dApps). Its mission is to provide scalable solutions for dApps by leveraging sidechains, which offer more computing power and lower costs compared to the Ethereum mainnet. What sets Loom Network apart is its ability to allow smart contract developers to create applications without switching programming languages, thus integrating seamlessly with existing Ethereumbased solutions.
Key Features
Scalability: Utilizes Delegated Proof of Stake (DPoS) sidechains to enhance scalability for dApps. Interoperability: Supports interaction with thirdparty APIs that are not onchain, enabling broader application integration. DeveloperFriendly: Offers a software development kit (SDK) for easy dApp development without extensive blockchain expertise. Custom Consensus Mechanisms: Allows applications to have consensus mechanisms tailored to their specific needs and threat models. RealWorld Use Cases: Gaming: Highperformance gaming applications. Social Media: Scalable social media platforms. Marketplaces: Efficient digital marketplaces. Supply Chains: Transparent and secure supply chain management. Digital Collectibles: NFTbased digital assets. Voting Systems: Secure and transparent voting mechanisms.
Recent Developments
Development Update: Loom Network recently published a comprehensive development update outlining their plans for 2024 and beyond. zkLoom Sepolia Testnet: Launched a new testnet, zkLoom Sepolia, aimed at providing a better development experience and easier access for developers. Metaverse Platform: Announced the launch of a Metaverse platform to enable unique blockchainbacked digital experiences.
Market Impact
Demand and Adoption: The recent updates and new testnet are likely to increase developer interest and adoption, enhancing Loom Network's market presence. Partnerships: Ongoing partnerships and the introduction of the Metaverse platform could drive further innovation and user engagement. Scalability Solutions: By addressing Ethereum's scalability issues, Loom Network positions itself as a crucial player in the DeFi and dApp ecosystems.
Risks and Opportunities
Challenges: Security Concerns: As with any blockchain project, security remains a critical concern. Market Competition: Faces stiff competition from other Layer2 solutions and scalability projects. Opportunities: Enterprise Adoption: Potential for significant growth through enterprise blockchain solutions. Community Engagement: Strong community support and active engagement can drive sustained growth and innovation.
Community Engagement
Community Size and Activity: Active Telegram and Twitter communities, though lacking a Discord presence. Engagement Strategies: Regular updates and active participation from admins in community discussions. Community Sentiment: Positive buzz around recent updates and new developments, indicating strong community support.
Conclusion
Loom Network presents a compelling case for traders and investors with its innovative approach to scaling Ethereum dApps. The recent developments, including the zkLoom Sepolia testnet and Metaverse platform, highlight its potential for future growth. However, traders should consider the competitive landscape and inherent security risks. Overall, Loom Network's strong community engagement and developerfriendly features make it a noteworthy project in the cryptocurrency market.
Considerations for Traders: Potential for Growth: High, given recent developments and strong community support. Risk Factors: Security and competition. Investment Appeal: Suitable for those looking to invest in scalable blockchain solutions with realworld applications.
This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.