Author: Raymond
After Uniswap announced its transformation to Layer2, Worldcoin officially renamed to World Network (abbreviated as World) and launched the World Chain mainnet on October 18. On the launch day, Worldchain became the new frontier for MEME players, and various "cat and dog MEME" contract codes were immediately circulated in the community...
What did Worldcoin release?
At the release event, the World team launched a series of new product updates, including the launch of the World Chain mainnet, Orb2.0 version, World Apps 3.0, and World ID 3.0
Worldchain
World Chain is a Layer2 network built on the OP Stack, and has received support from projects like Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan. Currently, the user transactions on World Chain account for about 44% of the OP Mainnet. Relying on World ID, World Chain will prioritize anonymous human verification and financial access use cases at the application layer.
Unichain focuses on cost, speed, and interoperability, entering DeFi to shape a unique L2 brand. The advantage of World Chain is that based on World ID, it can achieve Sybil resistance function, thereby building a Layer2 with only real human users.
Source: World website
Orb 2.0
In addition to the launch of the World Chain mainnet, the World team also announced the new Orb 2.0 plan. Orb 2.0, as a brand new iris scanning device, uses open source code and fewer manufacturing parts, better chip performance, and faster operation. The World team has set up "advanced verification experience" stores in Buenos Aires and Mexico, and plans to deploy them in more daily activity venues such as cafes.
Source: Coindesk
World Apps 3.0
The update of World Apps 3.0 this time is also "lightly armed", focusing on Mini Apps, allowing third-party applications to run directly within the World App, and deeply anonymously integrate with the user's World ID, Wallet, and contacts. The use cases are also more inclined towards users' daily life, such as transfers, games, and fee recharges.
Source: World website
World ID 3.0
To increase the channels for users to obtain World ID and lower the threshold, World ID 3.0 allows users to obtain World ID by providing identity cards, passports, etc. even without Orb iris scanning. Although some people have questioned the method of verifying whether a person is a real human by holding official documents, after the user has a World ID, the World ID Deep Faces technology will identify whether the user's online interaction objects are deeply forged.
Source: World website
Why did WLD not rise but fall after the launch of World Chain?
As early as April this year, Wordcoin announced the start of World Chain development work. The Worldcoin Foundation has also positioned the development of World Chain as a priority to improve scalability of Layer2, and launched a community funding program for developers in May this year. The funding categories of World Chain are concentrated on supporting improved developer experience and tools, digital identity, ecosystem growth, and governance.
However, after nearly 6 months of development, when the World Chain mainnet was launched, its native token WLD did not experience a surge of more than 15% in a single day like UNI did when Unichain was launched, and even experienced a brief decline after the announcement.
The temporary decline in the token price may be due to institutions cashing out after the good news. According to on-chain analysis by CoinW, the market maker GSR MARKET deposited and sold $3 million worth of WLD on Binance, causing certain selling pressure on WLD. Meanwhile, Alameda Research has also deposited about 1.7 million WLD into Binance over the past 3 months. On the other hand, WLD is not expected to have token holder protocol revenue distribution like UNI, and the token itself is often seen as a MEME coin of Sam Altman, the founder of the AI track. In this World Chain upgrade, the value capture of WLD is not yet clear.
Source: X
But from a technical analysis perspective, the Relative Strength Index (RSI) of WLD is currently 56.41, close to the midpoint of the 0-100 range. The short-term price is in a neutral state. In the medium to long term, WLD is in a descending wedge, with potential bullish breakout expectations.
What is the community playing on World Chain?
In terms of the World Chain ecosystem, currently DYORSwap is the first DEX within its ecosystem, and Owlto is the main bridging tool. After the mainnet launch, users have naturally turned their attention to the tokens and MEME coins on Worldchain.
ORB
ORB is the first token on World Coin. Currently, the token distribution in the market, whether it is pre-mining, pre-sale, or having a large private investment share, all reflect the phenomenon of uneven distribution. ORB, with the original spirit of egalitarianism, is committed to creating a token of equality for everyone. ORB has not yet opened for trading, and users can claim 1000 ORB at any time through the World app after verification.
WCat
The first cat contract: 0xB1BFa980fFFC15c2c5b9dcCFc214EF1E41B4122c
WCat's 24-hour decline is 84%, with a market cap of $248,000
Source: dexscreener
Sofamon
The founder's rabbit: 0x046d37E233b96555b9aAD4B802b56D30F4C29Edc
Sofamon's 24-hour increase is 64.73%, with a market cap of $42,000
Source: dexscreener
FROGE
Frog MEME: 0x37CEF2Ea9dD8B364e8E60405D55887a1d5AE76D4
FROGE's 24-hour increase reached 16149%, but has gradually retreated today, with a current market cap of $564,000
Source: dexscreener
Except for ORB, which has not yet opened for trading, the on-chain assets of WorldChain, whether WCat, Sofamon or FROGE, have all surged and then quickly retreated after October 17th, with the profit-taking continuously exiting, and have almost returned to zero as of October 18th. In terms of trading volume, the 24-hour trading volume of World Chain is $70 million, and the MEME coin with the highest trading volume is only $4.9 million.
Source: dexscreener
For a new chain like World Chain, the capital holders are more in a wait-and-see attitude, hoping to ride the hot spot to drive speculation and cash out. The MEME coin market is not sustainable in the short term. On the road to introducing more valuable applications and attracting market capital to settle, the World team still has a long way to go.
