Worldcoin unveils L2 blockchain, Omni plummets post-airdrop, Tether restructures, and new U.S. stablecoin regulation proposed.
Wolrdcoin to Launch World Chain Layer 2

Wolrdcoin to Launch World Chain Layer 2

Worldcoin unveils L2 blockchain, Omni plummets post-airdrop, Tether restructures, and new U.S. stablecoin regulation proposed.

Apr 19, 2024
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Welcome to another edition of Datawallet Daily. Here are the key stories that are shaping the crypto landscape over the last 24 hours:

Worldcoin Plans to Launch L2 Blockchain, Named World Chain 

Worldcoin, led by Sam Altman, CEO of OpenAI, is introducing its own Layer 2 blockchain, World Chain, expected to launch this summer. This new blockchain, managed by the Worldcoin project and secured by Ethereum, aims to optimize transaction speeds and costs as it continues to expand its user base. World Chain will prioritize verified human users, providing them with benefits such as priority block space and free gas, in an effort to improve the scalability and efficiency of the network. 

This initiative is part of Worldcoin’s broader goal to establish a reliable method for distinguishing humans from bots online. More than 5 million people have already registered with Worldcoin, indicating significant interest in its vision.

Omni Token Plummets 55% Following Airdrop

The Omni Network’s ERC-20 token, OMNI, plummeted over 55% in value just 18 hours after an airdrop to its testnet users and some NFT holders, reducing its market capitalization to $267.5 million. Concurrently, a fake token also named OMNI was involved in a “rug pull,” where fraudsters executed a $398,000 exit scam. 

Omni Network had distributed 3 million OMNI tokens, which is 3% of its total supply, with an initial valuation of around $2.57 billion. The airdrop distributed 50% of the tokens to early testnet users and builders, and the remaining to various stakeholders, including NFT projects like Pudgy Penguins.

Tether Announces Major Restructuring

Tether, the operator of the world’s largest stablecoin by market value, is undergoing a significant restructuring to broaden its business operations beyond stablecoins. Announced on April 18, the restructuring introduces four new divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu. These divisions aim to extend Tether’s offerings to include investments in technology, traditional financial services, energy solutions, and digital education respectively. 

Tether’s CEO Paolo Ardoino emphasized the company’s commitment to driving innovative infrastructure solutions that challenge traditional systems. This strategic expansion follows Tether’s recent ventures into Bitcoin mining and educational programs, reflecting its broader ambitions in the cryptocurrency and blockchain sectors.

Lummis and Gillibrand Introduce New Stablecoin Bill 

U.S. Senators Kirsten Gillibrand and Cynthia Lummis have introduced the Lummis-Gillibrand Payment Stablecoin Act, which seeks to establish a regulatory framework for stablecoins. This bill, long in preparation and revealed on April 17, aims to ban “unbacked, algorithmic stablecoins” and requires stablecoin issuers to maintain one-to-one reserves. 

It proposes both state and federal regulatory oversight and measures to prevent illicit uses of stablecoins. The legislation emphasizes the importance of proper custody practices for issuers, addressing concerns heightened by recent financial scandals. 

Other breaking news

  • Kraken Launches Its Cryptocurrency Wallet
  • Roger Stone, Advisor to Donald Trump, Endorses $TRUMP Meme Coin
  • Binance Could Re-enter India with $2M Fine
  • Monthly Volumes for OKX, Binance, and Bybit Tripled Since Late 2023
  • Binance Converts SAFU Fund Assets into USDC

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