This week, the iris-scanning Worldcoin project introduced a state bridge into its framework. This feature enables users to create and link their own bridge with the global identity, World ID, and any blockchain that’s Ethereum Virtual Machine (EVM) compatible. Data further shows that Worldcoin has registered about 2.35 million users, with over 700,000 distinct wallets holding the WLD, Worldcoin’s native cryptocurrency.
Worldcoin’s State Bridge, Growth, and Supply Concentration
On October 11, 2023, Worldcoin developers made changes to the state bridges, incorporating a design focused on gas efficiency and broader compatibility. The announcement explained that the new structure allows the formation of bridges for any EVM-compatible chain, giving users the ability to set up and control their state bridge. The goal is to facilitate the integration of World ID with a user’s chosen blockchain and application.
Worldcoin views this adjustment as a means to support applications based on sybil-resistant, proof-of-personhood principles. Beyond the state bridges update, Worldcoin’s official records indicate 2.35 million users have registered. Moreover, on September 7, 2023, around 591,633 unique wallets held WLD. By October 13, 2023, this number grew to 707,909. In a 77-day period, WLD transactions also increased from 887,482 to 7,701,38.
Despite the growth in WLD wallets, a substantial portion of the token remains significantly concentrated. The two largest WLD addresses, both managed by Worldcoin, together hold 70.8% of the total supply. The third biggest address, with 5.838% or over 10 million WLD, is associated with Binance’s cold wallet. Market maker Wintermute holds the fourth largest address, while the South Korean cryptocurrency exchange, Bithumb, has the fifth.
The top ten wallets account for 86.86% of the total supply, and the top 100 wallets hold 92.75% of all WLD in circulation. Regarding market trends, WLD increased by 46.2% against the U.S. dollar in the past 30 days, but it also declined by 18.4% in the last two weeks. As of October 13, with WLD priced at $1.47 per coin, it’s 55% below its highest value of $3.30, yet 51% above its record low of $0.973. Presently, WLD has a $197 million market cap which is ranked 148 out of the more than 10,000 crypto assets in existence.
What do you think about the Worldcoin project? Share your thoughts and opinions about this subject in the comments section below.
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