1. Recent User Growth: Strong Increase Despite Lack of Hardware Infrastructure
- The number of verified users has increased to 14.58 million
- In just the past 2 months, there have been an additional 1.8 million new users (+14%). However, Worldcoin currently has only 1,859 Orbs operating globally - meaning there is still a lack of heavy devices.
- The goal of 7,500 Orbs in the US by the end of the year is very far away. But if Orb Mini rolls out on schedule, growth could skyrocket. The actual demand is far exceeding current service capacity.
2. Mini App: From Experiment to Revenue-Generating Ecosystem
- The number of Mini Apps has increased from 150 to over 300 apps in just 2 months. Daily app openings are at 5.4 million - this number places World App on par with many top 20 blockchains in terms of activity.
- Total amount $WLD of transactions through Mini Apps has reached 11 million tokens. More importantly, Mini Apps now support native payments in USDC - a significant turning point to free this platform from dependence on airdrop/token speculation.
=> Worldcoin is no longer just a story about identity, but is gradually becoming a utility-driven application platform.
3. WLD Inflation: Still the Achilles' heel of the token
- In the past 2 months, an additional 300 million $WLD have been put into circulation - equivalent to a supply increase of ~20%. Although the inflation rate has decreased from 598% YoY in May, it is still around 120% annualized - a number that is difficult to accept if the goal is price increase.
- The issue here is not adoption, but tokenomics. Without a clear deflationary mechanism, any level of growth is insufficient to offset the selling pressure from the massive unlocks.
4. World ID Credentials: Expanding Accessibility
- Worldcoin has opened identity verification for NFC Passport holders from countries like the US, Japan, and South Korea without the need for an Orb. The mechanism to prove attributes like 'I am over 18' or 'I am a US citizen' still keeps data local on the user's device - similar to what Humanity Protocol is doing.
- This is a strategic move to scale the ecosystem without relying entirely on Orb hardware.
5. Personal Conclusion
- The Worldcoin ecosystem is progressing faster than initially predicted - especially in the mini app sector and ID expansion. However, the biggest bottleneck still lies in the token structure. High inflation and a harsh unlock schedule are burdens that are not easy to remove.
*Currently, the token price is $0.9 but the market cap is $1.7 billion, whereas in March 2024 the token price was $9.7 with a market cap of nearly $1.5 billion.
- If Worldcoin really wants to become the identity layer of the Internet, they will have to address the tokenomics issue soon - otherwise, user growth won't save the price of $WLD.
*In summary: This is a project with a big vision, long-term potential, but not great potential in the short term. For those who bet on the boom of 'onchain identity'.
- What are your thoughts?
