TBW - Silently, the World project (formerly Worldcoin) continues to expand its global reach

Launched by Sam Altman, Worldcoin aimed to rethink digital identity by relying on biometrics, an integrated wallet and a native token. Two years after its launch, the project has been widely deployed on a global scale, while attracting criticism and support. On-chain data, successive fund-raisings and debates around privacy show an ecosystem in constant evolution.

But what do the uses really say? Does the business model hold up? And above all: can Worldcoin impose its universal identification system against the backdrop of the rise of AI?

>> Worldcoin (WLD) : Analysis of the flagship AI project in cryptos

A new round of $135 million raised

The World network now claims more than 26 million users in over 160 countries, 12.5 million of whom have obtained a World ID via biometric verification thanks to the famous Orbs.

After raising $240 million since its inception, the project strengthened its resources in April 2025 with a sale of WLD tokens for $135 million at market price. This transaction was led by World Assets, Ltd, an entity affiliated to the World Foundation, in order to support the growth rate of Orb verifications, which hovers around 480,000 new users per month over the period from July 2023 to April 2025.

Purchasers include Andreessen Horowitz and Bain Capital Crypto, two investors who have been present since the first rounds.

Other historical backers of the project include Selini Capital, Mirana Ventures and Arctic Digital. The stated aim remains unchanged: to provide an identity layer capable of distinguishing between humans and artificial intelligences in an increasingly automated world. In the long term, the World Network intends to operate autonomously, thanks in particular to the introduction of protocol fees.

Understanding the project's architecture

Imagined in 2021 by Sam Altman (also head of OpenAI), Alex Blania and Max Novendstern, Worldcoin is based on a simple idea: provide a digital identity to each individual, and distribute a cryptocurrency in exchange for this proof of existence. The system is based on three complementary pillars: World ID, the Orb, and World App.

World ID: proof of human uniqueness

The heart of the protocol is World ID. This is a proof of unique personality based on the concept of "Proof of Personhood". In practical terms, each user has their iris scanned to certify that they are indeed a human being, and that they have only one identity within the system. The scan produces a non-reversible cryptographic hash, without retaining an identifiable biometric image.

This mechanism is designed to address a structural problem of the internet and Web3: the proliferation of bots, fake accounts, or impersonations. Worldcoin's approach is based on a strict principle: one person = one identity = one vote. In the future, World ID could be integrated into other platforms as part of the identification infrastructure. In this scenario, the service would be free for users, but monetised from corporate clients, similar to the verification APIs used in current web services.

Revenue streams are also envisaged for network operators and for the World Chain protocol, once it has achieved a sufficient level of decentralisation. This model is inspired by mechanisms already in place in other segments, such as Captcha solutions or KYC providers.

The Orb: the biometric scanning device

Validation of a World ID is based on the Orb, a metal sphere-shaped device equipped with optical sensors capable of capturing a detailed image of the iris. This scan generates a unique identifier, which is compared with existing records to avoid any duplication.

Worldcoin is aiming for mass deployment of these devices, particularly in underbanked countries. The challenge is to provide access to digital identity for populations excluded from traditional systems. Today, Orbs are supplied free of charge to certified operators, which represents a significant logistical cost for the project. But this infrastructure could eventually be monetised in the form of sales or licences, particularly to institutional players wishing to integrate a biometric layer into their own tools: authentication, social programmes, or digital voting.

World App: the wallet and user interface

World App is the protocol's main interface. It enables users to manage their World ID, store and transfer cryptocurrencies - in particular WLD - and access a range of web services3. Designed to run on low-powered smartphones, the application is aimed primarily at users in emerging markets.

In the longer term, World App could become a platform for Web3 applications, integrating third-party services. The protocol would then take a commission on the revenue generated, in the same way as Apple or Google stores. This avenue is still in the experimental stage, but it does sketch out the contours of a monetisable identity-based ecosystem.

A business model that does not yet exist

Worldcoin's business model is still in the exploratory phase. The main objective today is to maximise the number of users, which requires ongoing investment in infrastructure and incentives. Each Orb scan thus entitles the user to a WLD reward, which supports adoption but also fuels controlled token inflation.

This strategy is being deployed massively in countries where the economic environment makes the offer attractive. According to the application's data, more than 76% of downloads come from countries such as Colombia, Indonesia, Argentina, Peru and Chile. In these regions, where local currencies are often devalued and wages low, the equivalent of €50 in cryptocurrencies represents a significant incentive.

The protocol has concentrated its deployment there. Of 1,551 Orbs deployed worldwide, 1,075 are in South America and Asia, compared with 138 in Europe. Distribution figures follow this logic: almost 60% of WLD tokens distributed (i.e. around 347 million out of 581 million) were in South America. This geographical concentration also responds to a regulatory reality: in many emerging jurisdictions, the free distribution of cryptocurrencies encounters fewer legal obstacles than in Europe.

In Europe, on the other hand, the collection of biometric data raises reservations. In France, the CNIL has expressed doubts about Worldcoin's compliance with the RGPD, which limits the possibilities of large-scale deployment on the continent.

A buoyant market as a backdrop

Worldcoin's positioning is part of a growing market dynamic. According to several studies, the global digital identity verification market was estimated to be worth $33-34 billion in 2023, with projections of up to $141 billion by 2031. This structural trend reinforces the relevance of the project in a context of increased automation of services, driven by the rise of artificial intelligence.

The challenge for Worldcoin will be to move towards an economically sustainable model, taking advantage of the network effect, without depending indefinitely on incentive rewards.

A surge in on-chain activity driven by the app

Since the launch of the Worldcoin network, the adoption dynamic has gone through several phases. After an initial phase of rapid growth, the number of new users declined, before levelling off in spring 2025. Since April, there has been a slight recovery, although the user base remains broadly constant. On the other hand, on-chain activity is experiencing an entirely different pace: the volume of daily transactions has risen sharply, tripling since its April lows.

The contrast between a stable number of users and a sharp rise in activity is intriguing. When daily transaction volumes are compared with those of the other main Layer 2 solutions, Worldcoin now ranks just behind Arbitrum, overtaking Optimism and Unichain on certain days. This positioning reflects high usage intensity on the network, despite relatively moderate population growth.

Comment expliquer cette dynamique ? The hypothesis of an increase in decentralised trading is not enough. Since 1 April, DEXs operating on Worldcoin have generated a cumulative volume of around $186 million. This is well below the performance of Unichain, which was able to record almost $490 million in volume on a single day, even though the number of transactions seen on Worldcoin is often higher.

The most likely source of this increase lies elsewhere: in the growing use of Mini Apps available via World App. Since the beginning of 2025, more than 235 mini-apps have been launched, generating significant activity. They count more than one million unique users per day and have enabled the transfer of more than 11 million WLD tokens. This surge in activity is largely due to technical optimisations: faster loading, customisation of the interface, and the ability to pin applications to the home screen. These improvements encourage frequent interaction, even without a massive influx of new users.

World App's place in the download rankings reflects this dynamic. The app is currently in the top 50 in the finance category, with over one million downloads in the last 30 days. That's more than well-established benchmarks such as Metamask, Coinbase Wallet or Phantom.

Another highlight: the official arrival of World App on the US market since the end of April. This launch seems to coincide with the acceleration in on-chain transactions, adding a geographical factor to the growth in usage.

Also, almost 60% of transactions on World Chain come from the account abstraction. This means that the majority of users do not directly handle crypto wallets. Interactions are triggered by a simple action in the mobile application, with transaction processing handled in the background. This approach considerably reduces friction, particularly for users unfamiliar with Web3 technical standards. Feedback from users also points in this direction: the application seems to have been designed primarily for a Web2 audience.

A Layer 2 that's already profitable

As well as its use, World Chain's economic performance is also starting to attract attention. Like many Layer 2 protocols, it uses a centralised sequencer to aggregate transactions, which enables it to capture network costs. Over the last six months, World Chain has generated an estimated net on-chain profit of around $150,000.

In comparison, Arbitrum records weekly revenues of between $130,000 and $140,000, with a much higher volume of transactions. Other Layer 2s are still a long way from this level: Scroll, zkSync and Zora all post balance sheet deficits, or weekly profits of less than $1,000.

TVL inflated by WLD

As far as liquidity indicators are concerned, Worldcoin has a TVL of around $560 million, putting it in fifth place among the main Layer 2 solutions. However, this figure needs to be qualified: almost 90% of this value is made up of the native token, the WLD. This concentration makes the metric difficult to interpret, as it reflects less the actual economic activity of the network than the temporary capitalisation of a single asset.

Comparisons with other L2s highlight this bias. Arbitrum, for example, only includes around 11% of $ARB in its TVL, while Base, which does not yet have a native token, has a much more diversified value.

Until Worldcoin's TVL relies more heavily on third-party assets used within real-world applications, it will remain poorly indicative of the protocol's actual adoption.

Does this mean Worldchain can be compared to other generalist Layer 2s? Partially.

While the comparison allows us to situate certain on-chain indicators, it has its limits. Worldchain is not seeking to position itself as a DeFi network or an exchange hub like Arbitrum or Optimism. The objective is different: to provide a universal identity infrastructure and develop an ecosystem of applications around World App.

This distinction is reflected in the volume of activity on the network's DEXs, which is largely marginal. The majority of transactions come from interactions with the integrated mini-apps, not from traditional financial activities.

It is therefore a functionally specialised network, not a neutral infrastructure open to all Web3 applications.

Focus on the WLD token: inflation under surveillance

The WLD is capped at 10 billion units until 2038. After that date, annual inflation of 1.5% may be decided by the governing body. Today, around 1.7 billion tokens are in circulation, representing 15.7% of the maximum supply. Of these, 24.7% are allocated to founders and investors, a level to be monitored with a view to potential dilution.

The remaining 75% are theoretically intended for the community, split between 60% for users, via a system of incentives spread over 15 years, and 15% for the Worldcoin Foundation, responsible for funding developments and the growth of the ecosystem.

The distribution mechanism is visible as soon as the application is installed: by validating their World ID, users can receive the equivalent of around 50 euros in WLD. While the amount of the reward gradually decreases, the rate of issuance remains high. This pattern is contributing to the steady increase in circulating supply.

With only 15.7% of tokens in circulation, the majority have yet to be unlocked. And recent figures confirm the acceleration: between 6 June and 6 July 2025, 159 million WLDs are due to be issued, equivalent to around $173 million at current prices. This corresponds to an increase in supply of more than 10% in one month.

This rate implies a continuous need for demand to absorb the new units. However, even if market capitalisation mechanically increases, the WLD price remains stable or even slightly down. This indicates selling pressure that is difficult to contain and absorption by the market that is showing its limits.

This observation is a reminder of an important principle: in highly dilutive models, the dynamics of the token become as decisive as the adoption of the protocol. Poorly controlled inflation can weaken long-term prospects, regardless of the success of use cases.

The Big Whale's opinion

Worldcoin continues to develop at a steady pace. On-chain statistics are improving, mini-apps are multiplying and the infrastructure is gradually being rolled out, including in new markets such as the United States. However, this growth is still largely based on strong incentives, which are keeping inflationary pressure on the token.

The majority of tokens have been distributed in developing countries, where the value of the financial incentive is particularly high. This targeting enables rapid adoption, but could limit the depth of user engagement over the long term.

The project's architecture is based on a structuring idea: combining biometric identity, integrated wallet and native token in a single application. For this vision to hold up over the long term, two conditions will have to be met: the generation of stable use cases around World ID, and rigorous management of tokenomics to avoid weakening the WLD.

The experienced management team has laid the foundations for a coherent ecosystem. But as is often the case in the crypto world, viability will be measured by the protocol's ability to maintain a balance between growth, real adoption and economic sustainability.

>> The Big Whale report - AI and Web3, the great convergence

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