Powerloom Data Blockchain Goes Live in Mainnet

Powerloom, the composable data layer for next-gen onchain applications, kickstarts the mainnet operations of its Ethereum-based L2. The protocol is set to power a new generation of prediction markets. Powerloom's token POWER was listed by a clutch of major tier-1 exchanges.

Powerloom launches mainnet with 5,300+ nodes

According to the official statement by its team, Powerloom, an Ethereum-based L2 network on Optimism's OP Stack, is finally live in mainnet. Prior to the release, the Powerloom team conducted stringent stress test procedures connecting over 5,300 testnet nodes ("Snapshotters").

The Powerloom protocol powers Generative Prediction Markets (GPM), a next-gen on-chain prediction market dApp that has garnered over 10,000 end-user wallets generating over half a million predictions on the GPM app.

Swaroop Hegde, the cofounder of Powerloom, highlights the crucial importance of this innovation for the thriving segment of decentralized prediction markets:

Given the rise of decentralized social networks, AI Agents, and other next-gen web3 use-cases, we are witnessing a growing demand for accurate, reliable, and most importantly, affordable onchain data. With Powerloom's mainnet and token launch, we are a step closer to meeting this demand, catalyzing web3 innovations, and ensuring consumers get the full range of products and services that blockchain technology enables.

Powerloom relies on Conduit’s innovative Rollup-as-a-Service (RaaS) paradigm to achieve a mature architecture that is robust, scalable and flexible at once. 

The Powerloom L2 is based on the OP Stack and is capable of handling billions of daily snapshots (unique data points) across protocols and blockchain ecosystems. Furthermore, it uses EigenDA as its data availability layer to achieve the high throughput and reliability necessary for complex use cases.

POWER token makes it to tier-1 CEXes

On Jan. 10, 2025, Powerloom’s utility token, POWER, has been listed on a couple of the world’s leading centralized exchanges, including the likes of Gate.io, MEXC and KuCoin. Gate.io even added support for Powerloom's mainnet so its traders do not have to bridge POWER from other EVM networks.

It should be noted that, in the initial phase, the Powerloom mainnet only incentivizes Uniswap V2 submissions by default. It will add multi-data market support in the near future, reintroducing Uniswap V3 and Aave V3 markets, as well as adding new markets.

This will maximize revenue streams and the opportunity to earn rewards for node operations. Consumers will also get more control over market creation with upcoming features like dynamic data markets.