Market cap hits $40 million one hour after launch: Solana-based meme coin Kimchi reaches $23.7 million in trading volume

Odaily report: Variational founder and CEO Lucas Schuermann participated in an X Space event hosted by The Rollup founder Andy last night, during which Lucas disclosed some details about Variational Pro. The community's key takeaways are as follows:1. Variational Pro will focus on the institutional OTC derivatives market, covering options, interest rates, foreign exchange (FX), and structured products. OTC derivatives are one of the largest financial markets globally, with outstanding notional value of approximately $850 trillion, while Bitcoin derivatives open interest stands at around $100 billion. Although the two use different statistical methodologies, this is enough to give you an intuitive sense of the scale gap.2. Variational Pro's business scale will ultimately surpass Variational Omni. Traditional OTC derivatives trading methods remain outdated (requiring calls to bank trading desks for quotes, manual price negotiation, back-and-forth contract exchanges, managing collateral and counterparty risk, and manual execution of clearing and settlement processes). Variational Pro aims to automate this process through multi-dealer request-for-quote (RFQ), smart contracts, and stablecoin settlement.3. Some of Variational Pro's trading instruments (including options) may eventually be opened to retail users on Variational Omni. Currently, Variational has partnered with several mainstream institutional partners, and large clients are expected to onboard Variational Pro soon.

1. Musk announces SpaceX and Tesla have formed a special committee to formally explore a merger;2. Cboe expands options trading hours to cover individual stocks such as Robinhood and Nvidia as well as major ETFs;3. The Blockchain Association calls on the SEC to clarify token decentralization standards and support 24/7 trading;4. Musk: SpaceX and Tesla's Terafab project aims to achieve chip mass production by 2028;5. Coinbase's former head of research joins Ethereum Institutional as U.S. lead;6. Bitmine stakes 159,728 ETH, worth $390 million;7. JPMorgan includes Bitcoin in its long-term return forecasts for the first time, with return potential that could surpass gold and bonds;8. ETH short positions worth $32.72 million were fully liquidated, with one address losing $1.11 million in two days;9. Polymarket: Trading fees waived across all eight market categories, campaign runs through the end of October;10. Six blockchain organizations sign a joint letter urging the U.S. SEC to clarify the definition of digital commodities.

Odaily report: According to Lookonchain monitoring, a certain address spent 8 SOL, or $848, 2 hours ago to buy 9.91 million Kimchi, then sold 4.88 million Kimchi and received 1,045 SOL, or $111,000. The address still holds 5.03 million Kimchi, worth $171,000, bringing the total profit to $282,000, a return of 332x.

Odaily reports: Six blockchain organizations—Stellar Development Foundation, Hedera, Aptos Labs, Ava Labs, Cardano Foundation, and Chainlink Labs—have jointly submitted a comment letter to the U.S. Securities and Exchange Commission (SEC), requesting that the definition of "Digital Commodity" and its non-security status be explicitly clarified in the main text of the proposed "Regulation Crypto Assets."It is understood that the SEC's regulatory interpretation released in March 2026 has established the classification of digital commodities, but the relevant definition currently appears only in the preamble of the proposed rules and has not yet been incorporated into the binding rule text. The organizations believe that formally codifying it into the rules would help reduce regulatory uncertainty and provide a more stable legal framework for public chain developers and ecosystem participants.

Odaily: Polymarket announced on X that from now until the end of October, trading fees will be waived for prediction markets across eight categories on the platform: NBA, politics, economy, weather, finance, culture, public mentions, and technology.

Monitoring shows that in the predict.fun prediction event "Spurs vs. Thunder in the NBA regular season," the probability of the Spurs defeating the Thunder is currently reported at 49%.At 9:30 a.m. Beijing time today, the 2026-2027 NBA regular season officially tips off, with the San Antonio Spurs hosting the Oklahoma City Thunder. This also marks the first regular-season meeting between the two teams in the new season since last season's Western Conference Finals. Last season, the Spurs eliminated the Thunder 4-3 in a Game 7 to advance to the Finals, while the Thunder posted the league's best regular-season record at 64-18.As for the starting lineups, the Spurs are expected to start Fox, Castle, Dylan Harper, Vassell, and Wembanyama; the Thunder are expected to start Gilgeous-Alexander, Cason Wallace, Jalen Williams, Holmgren, and Hartenstein.