Worldcoin Rebrands as ‘World,’ Launches Gas Fee Subsidy Plan Funded by Bots

• WLD price is riding the broader industry’s bullish momentum.
• World has introduced a gas fee subsidy to fuel innovation as a rebranded project.

The Worldcoin project, recently rebranded as “World,” has added a gas fee subsidy supported by bots and institutional user fees. This update has raised optimism among users, causing price surges for World’s native cryptocurrency, WLD.

World’s Gas Fee Allowance 

During a recent speech, World Foundation Advisor Liam Horne announced the new gas subsidy plan and described its benefits for users.

Free gas on World Chain: “We’re going to take from the bots & we’re going to give to the humans.” pic.twitter.com/5vS397cQ56

— World (@worldcoin) November 5, 2024

World aims to introduce the new gas fee subsidy plan into the recently launched World Chain, an Ethereum Layer-2 protocol. As CNF mentioned, World Chain is designed to showcase its new direction as an ecosystem rather than a token initiative.

Liam described the new subsidy initiative as a gas allowance for users and likened it to Robinhood style. He stated that the initiative takes fees accumulated from bots, MEV arbitragers, and firms to create a gas subsidy for humans. As a result, private blockchain users no longer need to worry about paying huge gas fees.

The new feature is available for every transaction on any wallet. Therefore, wallets supporting WorldChain and World ID can use this feature, meaning free user transactions. This initiative aligns with the World’s vision of validating human identity and user credentials.

World is specifically concerned with AI, deepfakes, and other digital impersonation methods, but institutional clients are classified as “non-human.” Horne did not claim subsidies would free gas for private users but simply said they would attempt to do so.

As Horne described it, this “very fun idea” appears to have ignited positive sentiments about the WLD token. Before the rebrand, WLD consistently traded in the red zone for several weeks. At press time, WLD is back on the green, trading at $1.98, up 5.06% in the last 24 hours.

However, the WLD’s price has decreased by 1.1% in the past week. The daily trading volume also dropped by 22.5%, falling to $292 million. Therefore, the daily surge is also likely connected to improved sentiments in the broader market.

Can World Reach its 1B User Goal?

Following its rebrand, World revealed its vision of onboarding 1 billion users. World introduced new biometric Orb devices for identity verification and World Chain to achieve this goal. As reported by CNF, the new Orb devices offer more advanced technologies than previous versions. 

For context, World uses Orb devices to scan irises unique to their owners to prove their realness. This verification helps reduce scams, imposters, and AI bots that mimic humans. Thus, the upgrade on Orb devices allows World ID proof of human verifications to scale quickly and efficiently.

The team also upgraded the World App to version 3.0, improved its utility, and enabled the World Network to scale to more people. With over 15 million users on the network, these enhancements could help World meet its 1 billion user goal.