StakeWith.Us will be shutting down Loom network validator on March 31 2020
By Rafał - 2020-03-05
StakeWithUs group announced with regrets their decision to shut down the Loom network validator at the end of this month. Following this announcement, the team stated that delegators on their lockup period must re-delegate tokens to another validator prior to the cut off date. As the first validator that came online in Dec 2018, the team has built an innovative explorer at https://atlas.stakewith.us/loom for delegators, put up guides for staking LOOM tokens and hosted offline Loom meetups in SG. This decision has been taken after a major change occurred in the Loom team composition.
A major but hard changeThe decision to stop the validator was a hard choice made by the team as Loom was showing great traction with dApps going live on Basechain in 2019. However, as core management left and got replaced, both StakeWithUs and Loom teams found themselves differing views on the project's current direction and future plans. More precisely, Matthew Campbell has recently stepped down from his role as CEO of Loom Network, and with this departure, Vadim Macagon has taken over. Vadim has been with Loom Network since its inception, and has held multiple roles during his time at the company, most recently as the Blockchain Engineering Manager. Furthermore, being a Loom validator has been really costly and resource intensive with Basechain requirements. Despite the large stake, validating for Loom has been a huge cash burner for the StakeWithUs group. While the team held on with the belief that token pricing would catch up with technical fundamentals, it hasn’t been realized in this speculative driven market.More details about these changes can be found directly on the official StakeWithUs website at https://stakewith.us/.