World Network Launches Ethereum Layer 2 'World Chain'

The Sam Altman-founded World Network — previously known as Worldcoin, has launched its new Ethereum Layer 2 blockchain, dubbed World Chain.

Launched on Oct. 17, the activation marks a key step in World Network’s plans to expand its ecosystem and introduce more functionality for its native token, Worldcoin.

Data from Dune Analytics reveals that World Chain had 11,508 daily active users on its launch day, with total user accounts reaching over 17,000 today. The network also processed 737,928 transactions within 24 hours of going live.

World Chain has partnered with major blockchain providers like Optimism for interoperability, Alchemy for on-chain development, and decentralized exchange Uniswap for asset swaps.

It also integrates Zerion for real-time APIs, Dune for data analysis, and Etherscan for chain exploration. Safe offers multi-signature wallet support, while Fireblocks handles institutional custody.

World Chain offers benefits to users who have verified their identity via the biometric “World ID,” allowing them to interact with the chain.

Users who have undergone the biometric verification process, which involves scanning one’s iris through the company’s chrome "Orb" device, will be granted priority access to blockchain resources, including reserved block space and an allowance of free gas for transactions.

Currently, over 6.9 million users are verified on the World Network.

The World Chain was first announced in April.

WLD surged 12% over the past 24 hours to $2.38, according to The Defiant's price feeds. However, it remains down 80% from its all-time high of $11.74 on March 10.

Expanding the World Network

The blockchain launch comes on the heels of a recent rebranding from Worldcoin and the introduction of the new version of its Orb device.

The new Orb, which allows for World’s identity verification process, is built with Nvidia hardware, which World claims makes it five times more powerful than its predecessor. The new device has 30% fewer parts, increasing its efficiency.

The Orb’s biometric scanning capabilities are essential to creating a World ID for each user.

World ID 3.0, the latest iteration of the project’s digital identity system, comes with new features like World ID credentials, which allow users to store information from NFC-enabled passports within the World App, enabling users to prove their age, nationality, and passport ownership without exposing personal data.

The controversial project continues to face scrutiny from regulators globally due to its biometric data collection methods. Countries like Germany, the UK, and Kenya have all raised concerns over the use of iris scans to verify users' identities, with several nations launching formal investigations into the project.

However, World claims its practices are in line with privacy regulations, and the project remains active in over 160 countries.

Memecoin Frenzy

While World Chain’s launch has driven a surge in transactions and user activity, it’s also become a breeding ground for memecoins.

Data from Dune indicates two memecoins — World Moondeng and Bowser — are garnering significant attention shortly after the chain’s debut.

According to Dexscreener, Moondeng skyrocketed with a market cap of $3.4 million, up a staggering 65,000% within its first 24 hours. Bowser, another meme token, reached a market cap of $3.4 million, with 3,712 transactions logged within 24 hours.