Daily Report | Worldcoin has been renamed to World Network; OKX will launch BANANA; the Trump family will receive 75% of the net income from WLFI.

Organized by: Fairy, ChainCatcher

Important News:

"What important events occurred in the past 24 hours"

OKX to launch Banana Gun (BANANA) spot trading

According to an official announcement, OKX will launch Banana Gun (BANANA) spot trading, with BANANA/USDT spot trading opening at 18:00 Beijing time on October 18, 2024.

BNB Beacon Chain to stop operating on November 19

BNB Chain announced that the BNB Beacon Chain hard fork will take effect at 14:00 on November 19, 2024 (block height 384,544,850). Nodes on the BNB Beacon Chain mainnet must be updated to version 0.10.24. At that time, the BNB Beacon Chain will stop operating, and new transactions will no longer be processed.

DBS Bank launches "Token Service" to enable blockchain-based banking

Singapore's DBS Bank has launched a new service called "DBS Token Service," which combines tokenization and smart contract support with its existing banking services.

According to the statement, the DBS Token Service integrates the bank's permissioned blockchain compatible with the Ethereum Virtual Machine, its core payment engine, and multiple industry payment infrastructures.

Additionally, smart contracts enable institutions to programmatically manage the use of funds. Specifically, the new service includes Treasury Tokens, Conditional Payments, and Programmable Rewards.

Loh Boon Chye, head of DBS's Global Transaction Services Group, stated that the DBS Token Service allows companies and public sector entities to "optimize liquidity management, streamline operational workflows, enhance business resilience, and open up new opportunities for end customers or end users."

Korean exchange Upbit's partner bank K Bank withdraws $700 million IPO

According to Bloomberg, online lending institution K Bank has withdrawn its over $700 million initial public offering in Seoul, which was originally scheduled for pricing on Friday and set to debut on October 30. A successful listing would have made it the largest IPO in South Korea in over two and a half years, valuing the bank at up to 5 trillion won ($3.6 billion). The bank plans to resume its IPO early next year.

The withdrawal follows concerns about its valuation and reliance on deposits from cryptocurrency exchanges. K Bank rapidly expanded its customer base through its partnership with South Korea's largest cryptocurrency exchange, Upbit, but the contract with the exchange is set to expire in October next year.

As of the end of June, deposits from Upbit accounted for 16.8% of K Bank's total deposits. K Bank stated in its IPO prospectus that failing to extend its partnership with key strategic partners could weaken its platform's competitiveness.

Worldcoin: Launching "Passport Verification" as a new World ID credential

During a live stream, Worldcoin officially announced the launch of "Passport Verification" as a new World ID credential. The credential allows users with specific government-issued IDs to access the World Network and its benefits, including applying for Worldcoin grants, with limited access without fully verifying human identity.

Binance to end pre-market trading for Scroll (SCR) and list spot trading with seed tags

According to an official announcement, Binance will end pre-market trading for Scroll (SCR) at 17:00 (UTC+8) on October 21, 2024, and will open SCR/BTC, SCR/USDT, SCR/FDUSD, and SCR/TRY spot trading pairs at 16:00 (UTC+8) on October 22, 2024. SCR deposit channels are now open, and SCR withdrawals are expected to open at 16:00 (UTC+8) on October 23, 2024, with transfer functions restored before 18:00 (UTC+8) on October 21, 2024. Seed tags will apply to SCR.

New documents show the Trump family will receive 75% of WLFI's net income without any liability

According to CNBC, the Trump family's cryptocurrency project World Liberty Financial (WLF) released a 13-page "World Liberty Gold Paper" detailing the project's mission and token distribution plan. The document shows that the Trump family will receive 75% of the project's net profits while incurring no liability.

According to the document, the Delaware company DT Marks DEFI LLC, associated with Trump, will receive 75% of the net agreement income. The Trump family will receive 22.5 billion WLFI tokens, valued at approximately $337.5 million based on this week's issuance price of 1.5 cents. The document emphasizes that Trump and his family members are not directors, employees, managers, or operators of WLF or its affiliates and states that the project and tokens "are not related to any political activities."

The remaining 25% of the net agreement income will belong to the Puerto Rican company Axiom Management Group (AMG), wholly owned by project co-founders Chase Herro and Zachary Folkman. AMG has agreed to allocate half of its revenue rights to Trump's friend and political donor Steve Witkoff and affiliated companies of some of his family members, WC Digital Fi.

Data: Morgan Stanley holds nearly $300 million in Bitcoin spot ETF

According to Bitcoin Magazine, the latest SEC filings show that Morgan Stanley holds $272.1 million in Bitcoin spot ETF.

Worldcoin renamed to World Network and announced that World Chain has launched its mainnet

The digital identity project Worldcoin, supported by OpenAI CEO Sam Altman, announced its renaming to World Network (abbreviated as World) and officially launched its Ethereum Layer 2 blockchain mainnet, World Chain.

World Network stated that as the project scales and the importance of the World ID human proof protocol increases, "Worldcoin" can no longer fully encapsulate the project's mission. The new brand World includes three core pillars: World Chain, World ID, and Worldcoin token, aimed at building a network composed of real, verified humans to drive advancements in artificial intelligence.

World Chain is a "human-only" community built on the OP Stack, providing more practical applications, lower gas fees, and in the future will allow users to participate in the development direction of World Chain. Well-known projects such as Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan will support the launch of this blockchain.

"What are some interesting articles worth reading in the past 24 hours"

Overview of the top 25 public companies holding BTC, seeking the secret to becoming a "dual-cultivation" success

Bitcoin has become the "new driving force" behind the growth of public company stock prices. Microstrategy's stock price has soared, with annual investment performance even surpassing BTC; Metaplanet closely follows, with "copying homework" operations boosting stock prices by as much as 480%.

On October 15, according to media reports, the Japanese listed company Metaplanet doubled its BTC holdings this month, purchasing over 450 bitcoins in four transactions. The stock price surged by as much as 15.7% in a single day, and as of now, its total BTC holdings have reached 855.5 bitcoins. An increasing number of listed companies are choosing to view BTC as an "anti-inflation asset" to diversify the risk of currency value fluctuations.

Interview with EigenLayer Founder: Can $11 Billion in Deposits and Its Role in Ethereum Help Overcome Challenges?

In an exclusive interview with Sreeram Kannan, the founder of the restaking protocol EigenLayer, he discussed the protocol's explosive launch and the lessons learned from the controversies following EigenLayer's introduction.

Since its launch in June 2023, EigenLayer has achieved what many crypto projects dream of.

EigenLayer has accumulated approximately $20 billion in user deposits, and its parent company received a $100 million investment from a16z.

Even better, the project quickly proved its value: according to founder Sreeram Kannan, over 100 projects have flocked to EigenLayer, including cryptocurrency exchange Kraken and interoperability protocol developer LayerZero Labs.

However, EigenLayer may have developed too aggressively, facing a series of controversies, including accusations of attempting to buy off some influential crypto researchers (and key researchers).

Mechanism Capital: Why We Believe zkTLS is an Opportunity Now?

The world lacks verifiability. In decentralized and adversarial environments, many simple things in both the real and digital spaces are difficult to prove.

The verification capabilities of HTTPS are limited. You can only verify the authenticity of data when you access it yourself. If you try to show data to a third party, you lose verifiability because the third party cannot confirm that the content is a legitimate copy of what you see.

Web3 faces a "chicken and egg" problem, where all related internet activities are isolated. There are no bridges between Twitter and Instagram, between Instagram and Zora, or between Spotify and Sound.xyz. This may be acceptable for early users, but it poses a significant challenge for time-sensitive users.

zkTLS, or zero-knowledge transport layer security protocol, provides a way to address data provenance issues without sacrificing privacy. It is built on the TLS protocol using zero-knowledge proofs.

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