Crypto Morning Brief: Solana unveils Chinese name "Suo La La," Ethena plans to launch two new products within three months
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Crypto Morning Brief: Solana unveils Chinese name "Suo La La," Ethena plans to launch two new products within three months
The Federal Reserve will host a crypto payments innovation conference on October 21.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Trump: If no trade deal is reached by November 1, China could face 155% tariffs
According to Crypto Rover, U.S. President Trump stated that if a trade agreement isn't reached by November 1, China may face 155% tariffs.
White House Economic Council Director Hassett: U.S. government shutdown could end at some point this week
According to Jin10 News, Kevin Hassett, Director of the White House National Economic Council, said there is potential for progress on the government shutdown this week, and he believes the shutdown could end at some point this week.
Market news: Federal Reserve to host crypto payments innovation meeting on October 21
According to Solid Intel, the Federal Reserve will host a crypto payments innovation meeting on October 21.
Solana X account reveals Chinese name "Suolala"
The official Solana X account retweeted the Chinese name "Suolala".
Previously, X user muper (@easytopredict) proposed "Suolala" during a Solana Chinese name contest initiated by Mable, founder of Trends.fun, describing it as symbolizing the energetic, builder-driven spirit thriving on Solana.
Ethena Founder: Ethena plans to launch two new products comparable in scale to USDe within three months
Guy Young, founder and CEO of Ethena, posted on social media: "Over the past two years, Ethena’s contributor count has remained around 20–25. We’ve now meaningfully expanded our team, adding 10 new roles in engineering and product across two entirely new business lines and products launching within the next three months. Both initiatives have the potential to reach the scale of USDe."
Base protocol lead mentions 'Base Life'
Jesse Pollak, head of Base protocol, posted on social media: "Base Life is the first project to go viral on the Base App. I’m excited to see more content from China emerge on the Base network."
Blockchain.com in talks to go public in the U.S. via SPAC
According to CoinDesk, cryptocurrency exchange and wallet provider Blockchain.com has recently held discussions about going public in the U.S. through a special purpose acquisition company (SPAC). Sources indicate the company has hired Cohen & Company Capital Markets to advise on a potential SPAC deal, though it remains unclear whether talks are still ongoing.
Blockchain.com’s valuation has fluctuated significantly over recent years due to market volatility. In March 2021, the company raised $300 million at a post-money valuation of $5.2 billion. The following year, its valuation rose to $14 billion. However, by November 2023, its valuation had dropped to $7 billion following a $110 million funding round.
Evernorth, aiming to reserve over $1 billion in XRP, to go public via SPAC merger with ticker “XRPN”
According to PRNewswire, newly formed Evernorth Holdings Inc. has announced a business combination agreement with SPAC Armada Acquisition Corp II (Nasdaq: AACI). Upon completion, the merged entity will be listed on Nasdaq under the ticker symbol "XRPN".
The transaction is expected to raise over $1 billion, including $200 million from SBI, along with investments from Ripple, Pantera Capital, Kraken, GSR, and others. Net proceeds will primarily fund open-market purchases of XRP to build a leading institutional XRP treasury.
Evernorth, led by former Ripple executive Asheesh Birla as CEO, aims to provide investors with simple, liquid, and transparent exposure to XRP. Unlike passive ETFs, Evernorth seeks to grow value per XRP through institutional lending, liquidity provision, and DeFi yield opportunities.
The deal is expected to close in Q1 2026, subject to customary closing conditions and shareholder approval.
Prior report: Ripple Labs is raising $1 billion via a SPAC to establish an XRP treasury.
Prediction market platform Limitless raises $10M seed round led by 1confirmation
According to Chainwire, prediction market platform Limitless Exchange announced a $10 million seed funding round led by 1confirmation, with participation from Collider, F-Prime, DCG, Coinbase Ventures, Node Capital, and Arrington Capital.
Funds will accelerate product development, including launching markets with shorter timeframes such as 15 minutes, 10 minutes, and 1 minute, and expanding user acquisition efforts. CEO CJ Hetherington stated that prediction markets are going mainstream and evolving into a new trillion-dollar derivatives category.
Nasdaq-listed Greenlane Holdings announces $110M private placement, launching BERA treasury strategy
Nasdaq-listed Greenlane Holdings announced an $110 million private placement to initiate its Berachain treasury strategy, aiming to become one of the largest publicly traded holders of BERA.
UAE-based M2 Capital invests $21M in Nasdaq-listed AVAX One
According to Crowdfund Insider, UAE-based M2 Capital announced a $21 million investment in Nasdaq-listed AVAX One. AVAX One, formerly an agri-tech company AgriFORCE, is a digital asset treasury focused on accumulating Avalanche blockchain’s native token AVAX. The investment aims to support the Avalanche network and promote adoption of regulated digital assets in the Middle East.
Market Movements
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