Are memes being hyped on Worldcoin? Degens are already rushing to build on Worldchain

After Uniswap announced its transformation to Layer2, Worldcoin was officially renamed World Network (abbreviated as World) on October 18 and launched the World Chain mainnet. On the day of its launch, Worldchain became a new world for meme players, and the contract codes of various "cat and dog memes" immediately went viral in the community...

Worldcoin press conference, what's updated?

At the press conference, 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 OP Stack, and has received support from 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, World Chain will give priority to supporting two use cases at the application level: anonymous manual verification and financial access.

Unichain has worked hard on cost, speed and interoperability, and cuts into DeFi to shape a unique L2 brand. 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 already opened "Advanced Verification Experience" stores in Buenos Aires, Mexico, and plans to launch them in more everyday venues such as coffee shops.

Image source: Coindesk

World Apps 3.0

This World Apps 3.0 update is also "lightweight", focusing on Mini Apps, allowing third-party applications to run directly in the World App and deeply anonymously integrated with the user's World ID, Wallet and contacts. The usage scenarios are also more inclined to the user's daily life, such as transfers, games, fee top-ups, 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 way of holding official documents to verify whether they are real people, when users have World ID, World ID Deep Faces technology will identify whether the user's online interactive objects are deep fakes.

Image source: World official website

World Chain is online, why does WLD fall instead of rising?

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, the mainnet of World Chain 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 currency may be due to the institutions' profit-taking after the release of positive news. According to the on-chain analysis of Coinwire , the market maker GSR MARKET deposited and sold $3 million of WLD to Binance, and the institutions took the opportunity to sell WLD, which caused a certain amount of selling pressure. 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 the founder of the AI track Sam Altman meme coin. In this World Chain upgrade, the value capture of WLD is not clear yet.

Image source: https://x.com/0xmediaco/status/1846988214625882497

However, from the perspective of 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 is the community playing in World Chain?

In terms of the World Chain ecosystem, DYORSwap is currently the first batch of DEX 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 reflects the phenomenon of uneven distribution. ORB carries the original spirit of fairness and is committed to creating a token that is equal for everyone. ORB is not yet open for trading. Users can apply for 1,000 ORBs through the World app at any time after verification.

WCat

The first cat contract: 0xB1BFa980fFFC15c2c5b9dcCFc214EF1E41B4122c

WCat fell 84% in 24 hours, with a market value of US$248,000

Source: dexscreener

FROGE

Frog meme: 0x37CEF2Ea9dD8B364e8E60405D55887a1d5AE76D4

FROGE The 24-hour increase was as high as 16149%, but it gradually fell back today, and the current market value is 564,000 US dollars.

Source: dexscreener

Except ORB, which is not yet open for trading, WorldChain's on-chain assets, whether WCat, Sofamon or FROGE, all retreated quickly after reaching a high on the evening of October 17, and profit-taking continued to exit. As of October 18, it has almost returned to zero. In terms of trading volume, World Chain's 24-hour trading volume is 70 million US dollars, and the meme coin with the highest trading volume is only 4.9 million.

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.