Morning News | Solana releases its Chinese name “索拉拉” CZ responds to Binance Life’s launch of the Ba

The Federal Reserve will host a conference on blockchain payment innovations on October 21.

Market updates

Market trends yesterday

Trump: If no trade agreement is reached by November 1, China may face 155% tariffs

According to Crypto Rover, U.S. President Trump said that if no trade agreement can be reached by November 1, China might face 155% tariffs.

The Solana X account has announced the Chinese name “Solara”.

The official Solana X account has also shared the Chinese name “Solara”.

Previously, user muper (easytopredict) suggested “Solara” during the Chinese name submission campaign organized by Mable from Trends.fun. He said that “Solara” symbolizes the spirit of continuous innovation and creativity on Solana.

CZ responded to Binance Life’s launch of the Base App: With a broad-minded approach, focusing on users.

On October 20, Binance founder CZ commented on the launch of Binance Life on social media, saying, “Good discussions lead to good results. Binance Life is the first Chinese-token project launched on the BNB Chain through the Base App. With a broad-minded approach and an open system, we focus on our users.”

Co-founder of Base wrote about “Base Life”: Looking forward to more Chinese-related content appearing on the Base network.

The person in charge of the Base protocol, Jesse Pollak, said on social media, "Base Life is the first popular project on the Base app. I’m excited to see more content from China appear on the Base network."

Evernorth, which plans to raise over $1 billion to acquire XRP, will go public through a SPAC merger. The stock symbol will be “XRPN”.

According to PRNewswire, the newly established Evernorth Holdings Inc. has reached a business merger agreement with the special purpose acquisition company Armada Acquisition Corp II (NASDAQ: AACI). After the transaction is completed, the merged company will trade on NASDAQ under the symbol “XRPN”.

This transaction is expected to raise over $1 billion, including a $200 million investment from SBI, along with investments from Ripple, Pantera Capital, Kraken, GSR, and other institutions. The net proceeds will be used primarily for purchasing XRP in the open market, thereby establishing a leading global institutional XRP fund.

Evernorth is led by Asheesh Birla, a former executive at Ripple, who aims to provide investors with simple, liquid, and transparent access to XRP. Unlike passive ETFs, Evernorth seeks to increase the value of XRP per share by participating in institutional lending, liquidity provision, and decentralized financial opportunities.

The transaction is expected to be completed in the first quarter of 2026, subject to customary closing conditions and shareholder approval.

Previously, Ripple Labs was raising $1 billion through a special purpose acquisition company to establish an XRP fund.

The US-based company Greenlane Holdings announced that it has conducted a private fundraising campaign of $110 million, aiming to launch its Berachain financial infrastructure strategy. The goal is to become one of the largest publicly traded holders of BERA tokens.

According to data, 1011内幕巨鲸 once again increased their short positions in BTC, with a total position size of $121 million.

According to monitoring by Lookonchain, 1011内幕巨鲸 once again increased their short positions in BTC, this time by 100 units, bringing the total position size to $121 million (or 1100 BTC). The liquidation price was $135,320 USD.

VanEck has submitted an application for an Ethereum ETF based on stETH tokens pledged through the Lido protocol.

According to official sources, VanEck, the issuer of the ETF, has filed a S-1 registration application with the U.S. Securities and Exchange Commission for the “VanEck Lido Staked ETH ETF” fund. This fund aims to allow investors to earn returns from stETH tokens pledged through the Lido protocol.

Kean Gilbert, the head of institutional relations at the Lido Ecosystem Foundation, said, “This application marks a milestone in the recognition of liquid staking as a core component of the Ethereum infrastructure. The stETH token of the Lido protocol demonstrates that decentralization and institutional standards can coexist, laying the foundation for broader market development.”

Backpack: A cash compensation program will be offered to users who suffered losses during the market crash on October 11th. A new roadmap will also be announced.

The backpack platform announced that it has completed the verification and handling of all cases related to the market crash on October 11th. During this incident, there were no instances of socialized losses or clawbacks for the backpack platform. The risk management system remained stable under extreme conditions, and the platform continued to function properly both during and after the incident.

To assist affected users, the backpack platform has implemented a cash compensation program. Specifically,

Basis trade (spot-to-contract arbitrage) accounts will receive a 100% compensation;

accounts with a leverage ratio of less than 5 times will receive a 100% compensation;

accounts with a leverage ratio of more than 5 times will receive partial compensation based on their leverage ratio and market conditions;

Users who have had their BTC lending positions reduced as part of ADL’s actions will receive a 100% compensation.

Funds deposited before settlement will be refunded by 100%;

All clearing fees will be reduced by 50%;

UAE M2 Capital has invested $21 million in AVAX One, a NASDAQ-listed company.

According to Crowdfund Insider, UAE M2 Capital has invested $21 million in AVAX One. AVAX One is a digital asset wallet focused on accumulating Avalanche blockchain-native tokens, AVAX. It was founded by the former agricultural technology company AgriFORCE. This investment aims to support the development of the Avalanche network and promote the adoption of regulated digital assets in the Middle East.