- This LOOM PoS has a lock-in period of 6 months. And the yearly ROI is 7.5%
- Staking is available every day. The period begins 1 day after the initial deposit.
- Gains will be calculated the day after the user purchases the product (Purchase date + 1 day). According to LOOM official PoS rules, any stake withdrawal will be paid out after staking period ends.
- After one staking period, Cobo user can either withdraw their LOOM or enter the next staking period automatically. Users can choose “Automatic renewal after expiration” before 15:00 (UTC+8) on the maturity date.
- A minimum of 100 LOOM is required to participate.
- Any LOOM withdrawal will incur a fee of 50 LOOM (transferring LOOM from Rewards Wallet to Cloud Wallet).
- This PoS product is solely exclusive to customers from eligible countries and regions (as determined by completing KYC Level 3). For more information on whether your country, state, or region is eligible, please contact us at email@example.com.
Penalty for Early LOOM Withdrawal:
There will be a penalty for LOOM withdrawal before the end of the staked period. Users will also lose any rewards generated during the staked period.
In addition, early withdrawals are liable for
- An ‘initial capital’ penalty of 2% if a withdrawal is made before ½ staking days.
- No ‘initial capital’ penalty if the withdrawal is made after ½ staking days.
Frequently Asked Questions (FAQs)
Q: What is LOOM?
A: Loom Network is a Layer 2 scaling solution for Ethereum that is live in production. It is a network of DPoS sidechains, which allows for highly-scalable games and DApps while still being backed by the security of Ethereum.
Q: What is the yearly ROI to stake LOOM?
A: The exact reward amount is affected by two factors:
- The number of locked-in coins in the LOOM network.
- The lock-in periods. The longer you stake, the more rewards you will get.
- This LOOM PoS has a lock-in period of 6 months. And the yearly ROI is 7.5% Cobo will offer more staking period choices in the future.
Q: How do I stake my LOOM?
A: 1. Deposit LOOM in your Cobo Cloud Wallet.
- Under the ‘Finance’ tab, click on the LOOM PoS plan
- Choose the amount of LOOM you want to stake
- That’s it! Note that there is a 6 months lock-in period.
- If you already have your LOOM in your HD Wallet, open the Cobo Wallet app, go to the “Explore” tab and click the banner or Vote for LOOM Dapp to stake LOOM with Cobo Wallet. Here is a tutorial.
Q: Are there any other charges that I am not aware of?
A: There is a managing fee that is 25% of your staking profit and also a 50 LOOM withdrawal fee (LOOM transfer from Reward Wallet to Cloud Wallet). As mentioned above, in order to maintain stability in the Cobo voting system, there will also be a penalty for early withdrawals.