Original author: Raymond
Reprinted by: Lawrence
Following Uniswap’s announcement of its transformation into Layer2, Worldcoin was officially renamed World Network (abbreviated as World) and launched the World Chain mainnet on October 18. On the day of its launch, Worldchain became a new world for meme players, and contract codes of various “cat and dog memes” immediately went viral in the community…
Worldcoin launch, what’s new?
At the press conference, the World team launched a series of new product updates, including the launch of the World Chain mainnet, Orb 2.0, World Apps 3.0, and World ID 3.0.
Worldchain
World Chain is a Layer2 network built on OP Stack and supported by projects such as Optimism, Alchemy, Uniswap, Safe, Dune and Etherscan. Currently, World Chain's user transactions account for about 44% of OP Mainnet. Relying on World ID, at the application level, World Chain will give priority to supporting two use cases: anonymous manual verification and financial access.
Unichain has worked hard on cost, speed and interoperability, and has created a unique L2 brand from the perspective of DeFi. The advantage of World Chain is that it can achieve Sybil resistance based on World ID, thereby building a Layer2 with only real human users.
Image source: World official 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. As a new iris scanning device, Orb 2.0 uses open source code and uses fewer manufacturing parts, better chip performance, and faster operation. The World team has opened "Advanced Verification Experience" stores in Buenos Aires and Mexico, and plans to put them in more daily activity places such as coffee shops.
Image source: Coindesk
World Apps 3.0
The update of World Apps 3.0 is also "lightweight", focusing on Mini Apps, allowing third-party applications to run directly in World App and deeply and anonymously integrate with the user's World ID, Wallet and contacts. The usage scenarios are also more inclined to the user's daily life, such as transfer, game, fee recharge, etc.
Image source: World official website
World ID 3.0
In order 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 ID cards, passports, etc. without Orb iris scanning. Although some people have questioned the method of holding official documents to verify whether it is a real person, when users have World ID, World ID Deep Faces technology will identify whether the user's online interaction objects are deep fakes.
Image source: World official website
World Chain is online, why does WLD fall instead of rise?
As early as April this year, Wordcoin announced the start of World Chain development. The Worldcoin Foundation also positioned the development of World Chain to prioritize improving the scalability of Layer2, and launched a community funding program for developers in May this year. World Chain's funding categories focus 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 surge by more than 15% in a day like UNI did when Unichain was launched, and even experienced a brief decline after the announcement.
The short-term decline in the price of the coin may be due to the fact that institutions took profits and sold after the release of positive news. According to Coinwire's on-chain analysis, market maker GSR MARKET deposited and sold $3 million of WLD to Binance, and institutions took the opportunity to sell WLD, which caused a certain amount of selling pressure on WLD. At the same time, Alameda Research has also deposited about 1.7 million WLD in Binance in the past 3 months. On the other hand, WLD does not have the expectation of distributing protocol income to coin holders like UNI, and its token itself is usually regarded as a meme coin. In this World Chain upgrade, the value capture of WLD is not clear yet.
Image source: X
However, from the secondary technical analysis, WLD's relative strength index (RSI) is currently 56.41, close to the midpoint of the 0-100 range. The short-term price is neutral. In the medium and long term, WLD is in a descending wedge, with potential bullish breakout expectations.
What does the community play in World Chain?
In terms of the World Chain ecosystem, DYORSwap is currently one of the first DEXs in its ecosystem, and Owlto is the main bridging tool. After the mainnet was launched, users naturally turned their attention to Worldchain's tokens and meme coins.
ORB
ORB is the first token on World Coin. The current token distribution in the market, whether pre-mining, pre-sale, or private investment with a large share, all show the phenomenon of uneven distribution. ORB, with its original spirit of fairness, is committed to creating a token that is equal for everyone. ORB is not yet open for trading. Users can claim 1,000 ORBs at any time through the World app after verification.
WCat
The first cat contract: 0xB1BFa980fFFC15c2c5b9dcCFc214EF1E41B4122c
WCat's 24-hour drop is 84%, with a market value of $248,000
Image source: dexscreener
Sofamon
Founder's Rabbit: 0x046d37E233b96555b9aAD4B802b56D30F4C29Edc
Sofamon's 24-hour increase was 64.73%, with a market value of $42,000
Image source: dexscreener
FROGE
Frog meme: 0x37CEF2Ea9dD8B364e8E60405D55887a1d5AE76D4
FROGE's 24-hour increase was as high as 16149%, but it gradually fell back today. The current market value is US$564,000.
Image source: dexscreener
Except for ORB, which is not open for trading yet, all the assets on WorldChain, including WCat, Sofamon and FROGE, retreated quickly after reaching a high on the night of October 17, and profit-taking continued to exit the market, which was almost zero as of October 18. In terms of trading volume, the 24-hour trading volume of World Chain was 70 million US dollars, and the meme coin with the highest trading volume was only 4.9 million.
Image source: dexscreener
For a new chain like World Chain, investors are more likely to wait and see, hoping to take advantage of the hype to realize profits. The market of Zoo Meme Coin is not sustainable in the short term. The World team still has a long way to go in launching more valuable applications and attracting market funds.
