Author: Raymond
After Uniswap announced its transformation to a Layer2, Worldcoin officially changed its name to World Network (abbreviated as World) and launched the World Chain mainnet on October 18. On the day of the launch, 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 launch event, the World team introduced a series of new product updates, including the launch of the World Chain mainnet, the 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 such as Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan. Currently, the user transactions on World Chain account for about 44% of the OP Mainnet. Leveraging World ID, World Chain will prioritize anonymous human verification and financial access as its 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 lies in the Sybil resistance function based on World ID, thereby building a Layer2 with only real human users.
Image 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 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.
Image source: Coindesk
World Apps 3.0
The update of World Apps 3.0 this time is also "light-weight", focusing on Mini Apps, allowing third-party applications to run directly within the World App, and deeply integrate with the user's World ID, Wallet, and contacts in an anonymous manner. The use cases are also more inclined towards users' daily life, such as transfers, games, and fee recharges.
Image 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. without iris scanning by Orb. Although some have questioned the method of verifying whether a person is a real human by holding official documents, once a user has a World ID, the World ID Deep Faces technology will identify whether the user's online interaction objects are deeply forged.
Image source: World website
Why did WLD not rise but fall after the launch of World Chain?
As early as April this year, Worldcoin 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 focused 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% intraday 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 does not have the expectation of protocol revenue distribution to holders like UNI, and its token is often seen as a meme coin in the AI track founded by Sam Altman. In this upgrade of World Chain, the value capture of WLD is not yet clear.
Source: X
However, from a secondary 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 the World Chain ecosystem, DYORSwap is currently the first DEX, and Owlto is the main bridging tool. After the mainnet launch, users 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 all. ORB has not yet opened for trading, and users can claim 1,000 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 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 sharply on the evening of October 17 and then quickly retreated, with the profit-taking continuously exiting. As of October 18, they have almost returned to zero. In terms of trading volume, the 24-hour trading volume of World Chain is $70 million, and the trading volume of the highest meme coin 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 speculate and cash out. The animal 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.
