One of the leading crypto projects is officially dying…details here
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Answer One of the leading crypto projects is officially dying…details here
The crypto industry rebounded after the great collapse that occurred in March due to the spread of the Corona virus, as most currencies, especially the larger currencies, returned to rise again, but the situation for some crypto projects has become dramatically tragic.
Two years ago, a project was launched LOOM He had a total market value of $400 million.
We have previously covered an overview of the project on the Arab Bitcoin website and the details of the project’s work, entitled:
What is the Loom Network project?
But the project seems to have ended and could not continue any longer.
Good start, disappointing ending.
The LOOM project was based on Ethereum, recently it was officially announced dead by one of the major developers in the crypto arena.
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The project is not well known, despite its market value rising to nearly half a billion in early 2018.
The past two years have not been going well for Loom, as the total market value has collapsed below $16 million.
The decline, as it is known, touched most of the digital currencies in 2018, but many of them are on the way back, but the LOOM coin remained down by 95%.
As we indicated, the death of the project was told by one of the major developers, Mr. “Bruno Skfork” in a tweet published yesterday, Friday.
rest in peace Loom $
– Telegram shutdown
Reddit is dead
Silent blogs
– The main team wentI’ll call it an exit scam if there’s anything left to get out of it.
– Bruno Skvor (bitfalls) May 8, 2020
Skfork noted that all of the project’s social media channels have disappeared.
The death of the project was announced earlier in March of this year.
At the time, there was a fund called “Stake Capital” that almost all of the loom officials had indicated had abandoned it.
Read:Cryptocurrency exchange Binance gets regulatory approval from the Central Bank of Bahrain
Project Loom was intended to become a service platform startup, to help developers create and launch dApps.
Read:Report: List of Safest Cryptocurrency Exchanges in 2020
It also had strong ties to Ethereum, and the goal was to allow Ethereum-based applications to run on other chains and side chains.
Shifting to Bitcoin:
The current stage has not witnessed the death of many crypto projects, but it has certainly seen the transfer of liquidity from the alternative cryptocurrency to the parent currency “Bitcoin” where the Bitcoin currency is recording a positive performance in the last two weeks before the time for the Bitcoin mining reward split, which has two days and a few hours.
Read also:
Bitcoin price crosses $10,000 levels as split time approaches
Bitcoin outperforms stocks of the world’s largest companies in the first quarter of 2020
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