The blockchain industry continues to witness exciting developments in various segments. This week, major news came from Ripple, Oasys, ShibaSwap (SHIB coin) and Binance, highlighting advances in scalability, interoperability, gaming and token burning mechanisms.
Ripple and Evmos partner for XRP Ledger EVM sidechain
In a major move for the XRP ecosystem, Ripple announced that it is collaborating with Evmos to develop an Ethereum Virtual Machine (EVM) sidechain for the XRP Ledger (XRPL). This partnership, which also includes crypto software company Peersyst, aims to enhance XRPL’s capabilities by enabling native Web3 enterprise applications to leverage EVM compatibility. The side-chain will be built on Evmos’ evmOS solution, a modular and production-ready technology stack that offers developers greater flexibility and customization options.
This integration opens the door for XRPL to leverage the vast potential of the cross-chain ecosystem with access to 60+ Cosmos SDKs, IBC protocols, and a network of 90+ connected chains. Backed by XRP’s $27 billion market cap, the XRPL user base will now have a “passport” to seamlessly explore various DApps on different blockchains.
Oasys enters Japan
Gaming-focused blockchain network Oasys is making a strategic move to grow the crypto gaming market in Japan. Oasys aims to offer developers a broader platform for monetization and user engagement through a new partnership with SBINFT Market, an NFT marketplace operated by a subsidiary of Japanese financial giant SBI Group. SBINFT Market will now support assets on Oasys’ Hub-Layer (layer-1) and MCH Verse (layer-2) blockchains, allowing developers to sell NFTs after platform approval. This collaboration expresses Oasys’ commitment to bringing its unique gaming-focused blockchain solutions to one of the most innovative markets in the world.
Critical developments for SHIB coin and LUNC
ShibaSwap, the decentralized exchange associated with the Shiba Inu (SHIB) token, has been moved to the Shibarium Blockchain, an Ethereum layer-2 solution created by the SHIB token team. This move allows users to create new liquidity pools on Shibarium, facilitate token swaps and generate fees for liquidity providers. Increased transactions on Shibarium are expected to contribute to a higher burn rate for SHIB tokens, ultimately reducing the circulating supply. This development increased the SHIB price by 8.8% in the last 24 hours.
Finally, Binance, the world’s leading crypto exchange, further demonstrated its support for the Terra Luna Classic (LUNC) community by burning an additional 1.4 billion LUNC tokens. This latest burn adds to the more than 59 billion LUNC tokens Binance has burned to date through its monthly LUNC burn mechanism. The total LUNC burned by the Terra Luna Classic community has exceeded 113 billion. Despite the decline in overall trading volume due to the recent decline in the crypto market, LUNC price has shown signs of recovery, rising over 6% in the last 24 hours. Analysts predict a potential price target of $0.0005 for LUNC.
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