Worldcoin Officially Renamed to World, Launched World Chain Mainnet and a Series of New Product Updates

After Uniswap announced its transformation to Layer 2, Worldcoin officially renamed itself to World (short for World) on October 18 and launched the World Chain mainnet

Worldcoin officially changed its name to World (short for World) on October 18 and launched the World Chain mainnet. At the press conference, the World team introduced a series of new product updates, including the launch of the World Chain mainnet, Orb 2.0 version, World Apps 3.0, and World ID 3.0.

At the press conference, the World team introduced a series of new product updates, including the launch of the World Chain mainnet, Orb 2.0 version, World Apps 3.0, and World ID 3.0.

World Chain is a Layer 2 network built on the OP Stack and has received support from projects such as Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan. Currently, user transactions on World Chain account for about 44% of the OP Mainnet. Relying on World ID, World Chain will prioritize supporting two use cases at the application level: anonymous human verification and financial access.

Unichain focuses on cost, speed, and interoperability, shaping a unique L2 brand from DeFi. The advantage of World Chain lies in its ability to achieve Sybil resistance based on World ID, thus building a Layer 2 that consists only of real human users.

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, adopts open-source code and uses fewer manufacturing parts, with better chip performance and faster operation speed. The World team has opened "advanced verification experience" stores in Buenos Aires and Mexico and plans to deploy them in more everyday venues such as coffee shops.

The update of World Apps 3.0 is also "lightweight," mainly featuring Mini Apps that allow third-party applications to run directly within the World App and deeply integrate with users' World ID, Wallet, and contacts in an anonymous manner. The usage scenarios are more inclined towards users' daily lives, such as transfers, games, and fee recharges.

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 identification documents such as ID cards and passports without the need for iris scanning via Orb. Although some have questioned the method of verifying whether someone is a real human by holding official documents, once users have a World ID, the World ID Deep Faces technology will identify whether the user's online interaction objects are subject to deep forgery.

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 scalability as a Layer 2 and launched a community funding program for developers in May this year. The funding categories for World Chain focus on supporting improved developer experience and tools, digital identity, ecosystem growth, and governance.

However, after nearly 6 months of development, upon the launch of the World Chain mainnet, its native token WLD did not experience a surge of over 15% in a single day like UNI did when Unichain was launched, and even saw a brief decline after the announcement.

The brief drop in price may be due to institutions taking profits after the positive news was released. According to on-chain analysis from Coinwire, the market maker GSR MARKET deposited and sold $3 million worth of WLD to Binance, causing some 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 for holders like UNI, and its token is generally viewed as a meme coin founded by Sam Altman in the AI sector. In this upgrade of World Chain, the value capture of WLD remains unclear.

However, from a secondary technical analysis perspective, WLD's relative strength index (RSI) is currently at 56.41, close to the midpoint of the 0-100 range. The short-term price is neutral. In the medium to long term, WLD is in a descending wedge, with potential bullish breakout expectations.

In terms of the World Chain ecosystem, DYORSwap is currently one of the first DEXs within its ecosystem, while Owlto serves as the main bridging tool. After the mainnet launch, users naturally turned their attention to Worldchain's tokens and meme coins.

ORB is the first token on World Coin. Currently, the token distribution in the market, whether through pre-mining, pre-sale, or having a large share of private investment, reflects an uneven distribution phenomenon. ORB, carrying the original spirit of egalitarianism, aims to create a token that is equal for everyone. ORB is not yet open for trading, and users can claim 1000 ORB through the World app at any time after verification.

After the mainnet

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