Worldcoin - Network Development But Unable to Curb Inflation 1. Recent User Growth: Strong Increase Despite Hardware Infrastructure Shortage - Number of verified users increased to 14.58 million - In the past 2 months, 1.8 million new users were added (+14%). However, Worldcoin currently has only 1,859 active Orbs globally - meaning there is still a lack of hardware devices. - The goal of 7,500 Orbs in the US by year-end seems far-fetched. But if Orb Mini is deployed on schedule, growth rate could surge. Actual demand far exceeds current service capabilities. 2. Mini App: From Experimentation to Potentially Revenue-Generating Ecosystem - Number of Mini Apps increased from 150 to over 300 in two months. Daily app opens are at 5.4 million - a number that places World App on par with many top 20 blockchains in activity level. - Total $WLD transactions through Mini Apps reached 11 million tokens. More importantly, Mini Apps now support native payments in USDC - a crucial turning point to move the platform away from airdrop/token speculation model. => Worldcoin is no longer just an identity story, but gradually becoming a platform with real utility. 3. WLD Inflation: Still the Token's Weak Point - In the past two months, 300 million $WLD were added to circulation - equivalent to ~20% supply increase. Although inflation rate has decreased from 598% YoY in May, it remains around 120% annualized - a difficult number to accept if price increase is the goal. - The issue is not adoption, but tokenomics. Without a clear deflationary mechanism, any growth level is insufficient to offset selling pressure from massive token unlocks. 4. World ID Credentials: Expanding Access Capabilities - Worldcoin has opened identity verification for NFC Passport holders from countries like the US, Japan, and Korea without needing an Orb. Verification mechanisms for attributes like "over 18" or "US citizen" still keep data locally on user devices - similar to Humanity Protocol's approach. - This is a strategic move to expand ecosystem scale without complete dependence on Orb hardware. 5. Personal Conclusion - Worldcoin's ecosystem is progressing faster than initially predicted - especially in mini app and ID expansion. However, the biggest bottleneck remains in token structure. High inflation and harsh unlock schedules are a difficult burden to remove. *Current token price is $0.9 with a market cap of $1.7 billion, while in March 2024 the token price was $9.7 with a market cap of only near $1.5 billion - If Worldcoin truly wants to become the Internet's identity layer, they must quickly address tokenomics - otherwise, user growth cannot save $WLD's price. *In summary: A project with a grand vision, long-term potential, but not significant short-term potential. Suited for those betting on the explosion of "onchain identity" - What are your thoughts?