Worldcoin (WLD) Price Surges as Project Adds Gas Fee Subsidy Supported by Bots and Institutional User Fees

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.

Worldcoin project, now rebranded as “World,” has introduced a gas fee subsidy, supported by bot and institutional user fees. This update sparked optimism, leading to a price surge for World’s native cryptocurrency, WLD.

World’s Gas Fee Subsidy

In a recent speech, World Foundation Advisor Liam Horne announced the new gas subsidy scheme and 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 is integrating the new gas subsidy scheme into the recently launched World Chain, an Ethereum Layer-2 protocol. As reported by CNF, World Chain aims to showcase the project’s new direction as an ecosystem, rather than a token initiative.

Liam described the new subsidy initiative as a gas allowance for users, comparing it to the 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 will no longer need to pay high gas fees.

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

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

This “very fun idea,” as Horne described it, appears to have instilled 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 in 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. Thus, the daily surge is also likely connected to broader market sentiments.

World’s Goal to Onboard 1B Users

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

For context, World uses Orb devices to scan irises unique to their owners, proving 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, improving its utility and enabling 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.