Introducing Worldcoin’s State Bridge and User Growth
This week, the Worldcoin project announced the introduction of a state bridge feature into its framework. This new feature allows users to create and connect their own bridge with the global identity, World ID, and any blockchain that is Ethereum Virtual Machine (EVM) compatible. According to data, Worldcoin has attracted around 2.35 million users, with over 700,000 distinct wallets holding their native cryptocurrency, WLD.
Worldcoin’s State Bridge Update
The developers of Worldcoin made changes to their state bridges on October 11, 2023. The update focused on improving gas efficiency and compatibility. The new structure now enables the formation of bridges for any EVM-compatible chain, giving users control over their state bridge. This change aims to facilitate the integration of World ID with a user’s chosen blockchain and application.
Worldcoin’s User Growth
In addition to the state bridge update, Worldcoin has reported that they have registered approximately 2.35 million users. From September 7 to October 13, the number of unique wallets holding WLD increased from around 591,633 to over 707,909. Over a span of 77 days, WLD transactions also grew significantly from 887,482 to 7,701,380.
Supply Concentration and Market Trends
Despite the growth in WLD wallets, a large portion of the token supply is concentrated in a few addresses. The two largest addresses controlled by Worldcoin hold 70.8% of the total supply. Binance’s cold wallet holds the third largest address with over 10 million WLD. Market maker Wintermute and South Korean exchange Bithumb also hold significant amounts of WLD.
The top ten wallets in circulation account for 86.86% of the total supply, while the top 100 wallets hold 92.75% of all WLD. In terms of market trends, WLD has experienced a 46.2% increase against the U.S. dollar in the past month, but it has also declined by 18.4% in the last two weeks. Currently priced at $1.47 per coin, WLD is 55% below its highest value and 51% above its record low. The current market cap of WLD is $197 million, ranking it 148th among all crypto assets.
Hot Take: Worldcoin’s State Bridge Enhances User Control and Integration
With the introduction of the state bridge feature, Worldcoin empowers users to create and link their own bridges with their chosen blockchain and application. This development enhances user control and facilitates the integration of World ID into various EVM-compatible chains. As Worldcoin continues to experience significant user growth, it will be interesting to see how the concentration of token supply evolves and how market trends impact its value in the future.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.