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It was another week of surprises for the crypto space as failing cryptos are being shocked back to life through community agreed upon intervention programs; bearish movement continues after a mild upward burst which lasted for about three days, and tech expansion and innovation continue across numerous networks as they seek to scale their networks, promote interoperability and strengthen security.
Shiba extension: I Phone game developer joins Metaverse team
Shiba welcomes Cuono Sherri to its Metaverse team. The wealth of experience that Cuona has through working on projects relating to health care, entertainment, enterprise, and more, made the Shiba team welcome her as an advisor. Her uncanny ability to scale business ventures and deploy effective solutions makes her an asset to the Shiba team. Cuono, in some sort of acceptance speech, stated that she’s "super excited to be an advisor on the SHIB: Metaverse project." In her words, she says, "I look forward to employing technological advancements, working with AAA teams, and listening to the SHIBArmy to achieve the Shiba Inu mission."
Tron knocks Avalanche out as third largest TVL DeFi network
Avalanche slipped this week as Tron took over its place as the third-largest chain according to Total Value Locked In DeFi. Avalanche has a market cap of about $7.5 billion, while Tron boasts of a $7.7 billion market capitalization, which is about 200 million more than AVAX in market value. While AVAX is trading at a much higher price ($28.89), TRX is trading at about $0.08. However, trading volumes show, irrespective of price differentials, that AVAX sits at about $800 million, while TRX has about double the volume of AVAX at about $1.6 billion.
NFT: XRP wants it's piece of the NFT pie
As the NFT fever sweeps through the cryptocurrency community, XRP refuses to be left out. Ripple XRP Ledger protocol has been upgraded to version 1.9.1. In a statement released on Wednesday, the implementations of the upgrade would bring Non-Fungible Tokens to the network. An important feature of this upgrade is the power of validators to vote in favor of the XLS-20 standard (the amendment which makes NFT integration possible). If the new upgrade scales through the voting phase, it would become possible for users to mint, transfer, and burn NFTs on the XRP ledger.
Polkadot’s Rococo houses cross-chain smart contrat hub testnet
Polkadot-based cross-chain smart contract hub, t3rn has finally deployed its testnet parachain on Rococo, Polkadot blockchain’s primary testing ecosystem. This deployment, named T0rn, will now make it possible for developers and applications built on the platform to interact widely with other applications across all parachain test-net networks on the Polkadot network. This is in preparation for the full mainnet launch of the premier smart contracts hub on the Polkadot network. "Deploying on Rococo is a huge milestone for us, as this is the last testing ground before reaching a mainnet with economic value," Maciej Baj stated.
Ethereum-Cardano Bridge goes live
In another triumph of technological expansion for the crypto community, Cardano has successfully launched a beta version of the Lagon Ethereum-Cardano token bridge. This technology makes it possible to convert ERC-20 IAG tokens to CNT IAG to enable tokens on the Ethereum and Cardano networks to interact. The program can be traced back to late April when Lagon decided to transfer its token supply from Ethereum to Cardano.
Solana tops Ethereum in NFT sales volume
In an unexpected turn of events, Solana’s newly launched Trippin’ Ape Tribe Collection is performing wonderfully well on the market. In fact, in the past 24 hours, Solana NFTs significantly outperformed Ethereum NFTs. While ETH NFTs raked in $24 million, Solana NFTs was able to make $24.3 million within the same period.
Terra 2.0 is not a hardfork, but it's the genesis of a new blockchain
According to the Terra (LUNA) project team, Terra 2.0 is not a hardfork, but it's the genesis of a new blockchain. To successfully achieve the launch of its 2.0 chain, Terra will work with exchanges like Binance, Bybit, and Bitfinex in the issuance of the new tokens. Terra also states that the distributed coins will be vested automatically to Terra validators for security reasons, and holders can earn staking rewards that they can claim at any point. On Friday, the Terra community voted to burn 1.3 billion UST, or 11% of the current supply.
Top Gainers and Losers this week
This week, Avalanche topped the losers' chart with a whopping 27.50% drop in the past seven days and a 9.95% drop in the last 24 hours. Avalanche is closely followed by Solana with a 22.51% decline in the past 7days and a 7.48% decline in the past 24 hours, while Cardano has suffered a 13.77% in the past seven days. On the gainers' chart, Ethereum Classic has enjoyed a 9.00% push, while Tron and Monero have experienced 8.80% and 5.61% gain, respectively, within the past seven days.
Tether continues to expand: USDT launch on Polygon blockchain and MNXT stablecoin
USDT is now supported on 12 blockchains. The MNXT stablecoin, pegged to the Mexican peso 1:1, will be officially launched on the Polygon, Ethereum and Tron networks. Tether has announced that the digital peso will improve the remittance industry in Mexico.
