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- The Worldcoin update that batch transactions reduced the Optimism load by two-thirds.
- Since the on-chain update, the Worldcoin application recorded its highest-ever single-day transaction volume at more than 500K.
Leading human identity and financial network, Worldcoin (WLD), recently undertook an extensive update geared towards improving the performance of its blockchain. Notably, the Worldcoin core developers, led by the Worldcoin Organization, announced the completion of a network upgrade that helps reduce the overall load on Ethereum’s Optimism by about two-thirds.
According to the company, the updates used several techniques to achieve lower transaction fees including batching up and data compression, thus significantly slashing layer one fees.
Following the network update, the World App recorded its highest daily transaction volume of about half a million. Moreover, the Worldcoin network continues to register more users with more than 2.3 million sign-ups already registered. In the past seven days, about 35k new Worldcoin accounts were created from about 120 different countries.
A new record pic.twitter.com/4IDXdvDN2u
— Worldcoin (@worldcoin) September 5, 2023
Why the Worldcoin Network Update Matters
The Worldcoin project, although it has experienced notable growth setbacks due to its data collection methods, has not been detected from developing a human identity network on the blockchain. In the latest network update, the Worldcoin developers enabled multicall contracts to batch transactions and reduce the overall overload. The recent Worldcoin update also worked on reducing the transaction size in a bid to compress data and enable mass batching.
“One particular optimization technique that was developed and upstreamed to Consensys gnark involves compressing Groth16 proofs. This technique modifies the Golang contract template of the Groth16 proof verifier in the gnark library to optimize the verifier for both L1 and L2 gas consumption,” Worldcoin explained.
Notably, Worldcoin’s Groth16 verifier was audited and verified by Least Authority, a global team of security consultants. As a result, the World Appl users can rest assured that layer one has fees have significantly been slashed thus reducing the overall overload on Optimism layer two.
Market Outlook
The Worldcoin project still awaits more individual users to register and claim their free airdrops in WLD token that is redeemable to top liquid coins Ethereum, Bitcoin, Circle USDC, and Tether USDT. According to the official Worldcoin website, about 30.3 million WLD tokens have been claimed by users, hence a circulating supply of around 130 million out of a total supply of 10 billion units.
Trading around $1.4 on Wednesday, Worldcoin (WLD), had a total market capitalization of about $181 million, an FDV of $14 billion, and a 24-hour average traded volume of approximately $97 million.
Amid the Bitcoin-led crypto recovery, Worldcoin (WLD) price has gained approximately 40.7 percent in the past seven days but is still 57 percent down from its ATH. From a technical standpoint, WLD price is about to experience a bullish golden cross between the 50 and 200 Moving Average in the 4-hour time frame.
