Binance Square
LIVE
LIVE
Crypto Web3 Today
Bullish
--5.3k views
Ripple EVM Sidechain Receives Crucial Update. Ripple has forged a strategic alliance with Peersyst to bolster the capabilities of the XRP Ledger (XRPL) EVM sidechain. This collaboration focuses on harnessing evmOS, a modular technology stack provided by Evmos, to refine and advance the sidechain, currently in its developmental phase. By incorporating evmOS, Ripple aims to instill EVM compatibility and enhance customization options within the platform. EvmOS, constructed on the Cosmos SDK, grants access to a multitude of chains through the Inter-Blockchain Communication Protocol. This integration aligns the XRPL EVM sidechain with industry norms and broadens its connectivity within the wider ecosystem. EvmOS offers an array of features and modules tailored for EVM implementation on the Cosmos SDK platform. The XRPL EVM sidechain stands to benefit from seamless interoperability with diverse blockchain networks, facilitating the smooth transfer of assets and information flow. Moreover, the introduction of evmOS Outposts will further enrich the interoperability of the XRPL EVM sidechain. These Outposts function as gateways, linking various blockchain networks and simplifying user interactions by streamlining complex functionalities. Through XRPL's integration into the interchain ecosystem, users gain access to a network spanning over 90 interconnected chains, thereby amplifying the platform's versatility and potential applications. As Ripple and Peersyst collaborate to leverage evmOS for the XRPL EVM sidechain, the XRP community eagerly awaits the promising impact of this partnership on their preferred crypto project as a whole.

Ripple EVM Sidechain Receives Crucial Update.

Ripple has forged a strategic alliance with Peersyst to bolster the capabilities of the XRP Ledger (XRPL) EVM sidechain. This collaboration focuses on harnessing evmOS, a modular technology stack provided by Evmos, to refine and advance the sidechain, currently in its developmental phase.

By incorporating evmOS, Ripple aims to instill EVM compatibility and enhance customization options within the platform. EvmOS, constructed on the Cosmos SDK, grants access to a multitude of chains through the Inter-Blockchain Communication Protocol. This integration aligns the XRPL EVM sidechain with industry norms and broadens its connectivity within the wider ecosystem.

EvmOS offers an array of features and modules tailored for EVM implementation on the Cosmos SDK platform. The XRPL EVM sidechain stands to benefit from seamless interoperability with diverse blockchain networks, facilitating the smooth transfer of assets and information flow.

Moreover, the introduction of evmOS Outposts will further enrich the interoperability of the XRPL EVM sidechain. These Outposts function as gateways, linking various blockchain networks and simplifying user interactions by streamlining complex functionalities.

Through XRPL's integration into the interchain ecosystem, users gain access to a network spanning over 90 interconnected chains, thereby amplifying the platform's versatility and potential applications.

As Ripple and Peersyst collaborate to leverage evmOS for the XRPL EVM sidechain, the XRP community eagerly awaits the promising impact of this partnership on their preferred crypto project as a whole.

Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
0
Replies 1
Explore the lastest crypto news
⚡️ Be a part of the latests discussions in crypto
💬 Interact with your favorite creators
👍 Enjoy content that interests you
Email / Phone number
Relevant Creator
LIVE
@Crypto_Web3_Today

Explore More From Creator

600 Billion SHIB Mysteriously Kicked off Robinhood - What's Happening? Popular cryptocurrency tracker Whale Alert, which tracks down large crypto transfers, has spread the word about several hundred billion SHIB meme coins getting withdrawn from major trading platform Robinhood. The destination of this transfer is an anonymous wallet. Aside from this massive SHIB transfer, Whale Alert also spotted two other large meme crypto transactions, as 326 million Dogecoin were moved from the same platform. 600 billion SHIB and 326 million DOGE on move. The enormous transfer of more than half a trillion Shiba Inu meme coins was detected by the aforementioned data source approximately 13 hours ago. In fiat, this constitutes an equivalent of $13,713,299. The transaction was made to a blockchain wallet tagged by Whale Alert as unknown. This transaction was made between two large transfers of another popular meme cryptocurrency - Dogecoin: 200,000,000 and 126,705,738 DOGE (almost 327 million DOGE in total), valued at $28,790,166 and $18,431,371. Overall, SHIB whales' activity has seen a drastic increase as of late; over the past week, a staggering 17 trillion SHIB have been transferred, according to data shared by Into TheBlock. Still, a deeper look at all three of these transactions made from Robinhood show that the three meme coin lumps ended up nowhere but back on Robinhood, with the destination wallets belong to this trading venue, indicating that Robinhood has been reshuffling its SHIB and DOGE holdings. Key SHIB metric soars 2,814%. According to the Shibburn explorer, since yesterday morning, the SHIB community has made significant progress in reducing the SHIB circulating supply. Their joint efforts in burning SHIB have helped to raise the burn rate by 2,814%, sending a total of 7,912,388 Shiba Inu meme coins into unspendable blockchain addresses. There have been seven burn transfers overall so far, with the three largest ones carrying 4,320,587; 1,538,128 and 1,031,814 SHIB. The small burn transfer here constituted 5,683 SHIB. #TopCoinsJune2024
--
Ethereum (ETH) Faces Bearish Phase as Futures Traders Aggressively Sell. Recent data from CryptoQuant indicates a bearish outlook for Ethereum (ETH), suggesting that the current downward trend might continue if prevailing conditions persist. Ethereum, struggling to maintain momentum above the $4,000 mark, is facing significant pressure from futures market participants. The provided chart illustrates the seven- day moving average of the Taker Buy Sell Ratio, an indicator used to gauge the aggressiveness of buyers versus sellers on the futures market. This metric is crucial for understanding market sentiment and potential future price movements. A value above one indicates buyer dominance, suggesting more aggressive buying activity. Meanwhile, a value below one signals seller dominance, pointing to more aggressive selling activity. In the context of Ethereum, the chart reveals a troubling trend. The ratio has consistently failed to climb above one and has been on a sharp decline recently. This decline indicates that the majority of futures traders are selling ETH aggressively. This selling could be driven by speculative strategies or the need to realize profits amid market volatility. Implications of current trend. The significant drop in the Taker Buy Sell Ratio is a bearish signal. It suggests that sellers are outweighing buyers, leading to increased downward pressure on Ethereum's price. If this trend continues, ETH might struggle to break through resistance levels, potentially leading to further price declines. Several factors could be contributing to this aggressive selling behavior. For instance, the overall bearish sentiment on the crypto market could be influencing ETH traders to sell off their positions in anticipation of further declines. Moreover, traders might be realizing profits from previous gains, contributing to increased selling pressure. Notably, futures traders often employ speculative strategies that can amplify market movements, both upwards and downwards. #TopCoinsJune2024
--
Shiba Inu (SHIB) Burns 7,912,388 Tokens as Burn Rate Shoots up 2,814%. Shiba Inu (SHIB) is on a very tight leash as the price continues to nosedive in consonance with the broader digital currency ecosystem. At the time of writing, Shiba Inu is down by 2.37% in 23 hours to $0.00002234, but this slump is buoyed by the 2,814% surge in the token's burn rate. Data from Shibburn pegs the actual Shiba Inu burnt at 7,912,388 SHIB, a figure that is a massive liftof from around 200,000 tokens incinerated earlier on Monday. At least three wallets featured prominently in the burn rate jump as they contributed more than 1 million SHIB each to the dead wallet. The biggest of the three wallets '0×608...9fe80' helped incinerate a total of 4,320,587 SHIB. Also wallets 'Oxc66...650ae' and '0×608...9fe80' added 1,538,128 SHIB and 1,031,814 SHIB respectively. More smaller SHIB contributions were also made to the burn address bringing the total number of Shiba Inu tokens burnt from initial circulation to 410,726,546,023,229 SHIBВ. Shiba Inu is currently at the mercy of the broader digital currency ecosystem. With the price of Bitcoin dropping below the $68,000 mark, both Shiba Inu and other tokens with a higher correlation to BTC have a relatively lower chance of printing a solo recovery. Besides the burn rate metric, Shiba Inu is now gradually faring better in its other core performance markers. At this time, the daily trading volume underscores the ongoing mild revival in its community with a surge of 33.35% in 24 hours to $624,883,442. Besides this the whale transaction has blown up, surging by 438% in what has seen a total of $172.5 million traded overnight. While Shiba Inu fundamentals remain bullish, the recovery in the short term might come down to its on-chain figures across the board. #TopCoinsJune2024
--
Solana Meme Coin Creator Bought 95% of His Own Supply. Solly meme coin is one of the latest additions to the Solana meme coin landscape. However, a look into the project's on-chain activity reveals a worrying fact. Its developer has made an enormous purchase, capturing 95% of the meme's supply in his own hands, as reported by LookOnChain, which opens up numerous ways to manipulate the market. Based on recent data, four wallets connected to the Solly development team purchased 950 million SOLLY tokens for 152 SOL, or about $24,000. With this acquisition, which accounts for 95% of SOLLY's total supply, the developer gains almost total control over the token's market dynamics. For users it is risky that a single entity controls such a large portion of the token supply. With such a high degree of control, the developer can create pump and dump schemes, artificially inflate prices or have undue influence over the distribution and liquidity of tokens. The 950 million SOLLY tokens that were purchased were then divided among several wallets. This division into several wallets can increase the opacity and possible risks for investors by making it difficult to follow the precise movements and intentions behind these transfers. It keeps the actual control centralized while generating the appearance of decentralization. The Solly developers are anonymous and can take any kind of action without facing any consequences, so it is important to stay cautious if you hold any tokens. Projects where one company controls a disproportionate amount of the supply should raise red flags for investors because these situations frequently involve increased risks of unfair business practices and market manipulation. Despite the fact that even top-tier projects can have a distribution where one entity holds a respectable amount of the supply, none of their shares reach the extreme of 95%. #TopCoinsJune2024
--

Latest News

View More
Sitemap
Cookie Preferences
Platform T&Cs