# The Watch List: World (WLD) _Is "human verified identity" a durable narrative in hiding?_ August 7, 2026 • Michael Nadeau --- # The Watch List: World (WLD) ## Is "human verified identity" a durable narrative in hiding? Michael Nadeau August 07, 2026 Hello readers, A quick reminder that we are currently offering 20% off an annual subscription to TDR Pro. If you’d like to lock in at $16.67/month, you can sign up [here](https://thedefireport.io/pro20?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld). Back to business. It’s our view that the internet is currently evolving from 1) Human-Default (early internet) —> 2) Bot-Saturated (today) —> 3) Human-Verified (future). World is trying to become the default infrastructure for step three. Its identity solution is designed to bolster bot-resistant internet services while enabling AI Agent services tied to human-verified accounts. Of course, it’s been a brutal bear market for WLD, with the token now trading 97% off its all-time high. Which begs the question. If human-verified identity is the future of the internet, is WLD dislocated? In this week’s edition of [*The Watch List*](https://thedefireport.io/price-targets?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld), we explore that question while providing an update on progress, fundamentals, and the roadmap. Topics covered: - [The Product & Business Model](#the-product-business-model) - [World App/World ID KPIs & Progress](#world-app-world-id-kp-is-progress) - [World Financials](#financials) - [World Fundamentals](#fundamentals) - [World Token Economics](#token-economics) - [Risks](#risks) - [Closing Thoughts](#closing-thoughts) Let’s go. # The Product & Business Model World’s core product is “proof of human.” Their goal is to create an onchain wallet ID linked to each person's biometrics. This would allow you to use an anonymous wallet (a normal blockchain address) while also enabling you to prove you are human and reveal important information about yourself as needed (such as home country, date of birth, SSN, etc.) using zero-knowledge proofs. As we enter an era of advanced AI, this could prove quite useful in solving fake accounts, bots, sybil attacks, etc. ##### Use Cases and Proof of Concept Work - Internet & social media platforms. Companies like Twitter/X have resorted to charging users an annual fee for a verified account. And those accounts still have to interact with all the bots and spam in the same app. World ID could solve this. - Messaging apps, e-commerce sites, and human-verified online games ([partnership with Razer](https://world.org/blog/announcements/new-world-razer-partnership-prioritizes-human-gamers-age-of-ai?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld)) - Banking, payments, & government services (voting). [Visa](https://world.org/blog/announcements/world-card-your-digital-assets-accepted-anywhere?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld) and [Stripe](https://idtechwire.com/stripe-integrates-fiat-to-crypto-onramp-into-world-app-for-u-s-users/?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld) have integrated with World. - Online dating via a human-verified badge. In April, [Tinder announced plans to expand its integration into the United States.](https://world.org/blog/announcements/the-new-world-id-and-the-partners-bringing-proof-of-human-to-the-internet?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld) - “[Concert Kit”](https://world.org/blog/announcements/the-new-world-id-and-the-partners-bringing-proof-of-human-to-the-internet?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld) allows ticketing platforms to reserve tickets for human-verified accounts, helping to prevent bots from accumulating inventory. - AI Agents tied to verified humans. World announced a [partnership with Coinbase](https://www.coindesk.com/tech/2026/03/17/sam-altman-s-world-teams-up-with-coinbase-to-prove-there-is-a-real-person-behind-every-ai-transaction?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld) in March. - “Deep Face” via human-verified web meetings. [Zoom is the first communications platform to integrate this product.](https://thenextweb.com/news/zoom-world-id-deep-face-verify-human-meetings-deepfake?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld) - Vercel has a [live integration](https://world.org/blog/announcements/browserbase-exa-okta-world-id-for-agentic-web?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld) that lets developers insert a human-verification step into AI Agent workflows using its Workflow SDK. This is interesting because Vercel reaches developers at the infrastructure layer, potentially making World ID easy to add to many applications. ##### OpenAI It’s no secret that Sam Altman is the founder of both OpenAI and World. While OpenAI has not announced a formal integration with World, it is increasingly clear that both are converging on the same core problem: how to distinguish humans from AI agents at internet scale. OpenAI is already implementing identity verification and exploring biometric “proof of personhood,” while World is building a global, reusable credential for exactly that purpose. Furthermore, we think it’s possible that OpenAI could seek to use World to link verified humans with AI Agents. This would enable transparency around “who owns AI Agents.” ##### Takeaway World’s initial focus was on expanding the global network of human-verified users. This becomes the product they can sell to internet native apps like X. What’s interesting is that communications from World of late have been clear that they are now in “Phase 3” of development: the commercialization and application distribution phase. # World App/World ID KPIs & Progress - Number of World IDs (mobile app downloads): 39.7m (up from 38.5m in March) - Verified World IDs (app downloads + scanned their iris with the Orb): 18.1m (up from 17.9m in March), with over 271m proofs issued. - Number of Apps: [655](https://www.miniapps.world/?sort=unique_users_7d&direction=desc&utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld) (up from 574 in November of last year). - Number of Orbs Globally: World currently operates roughly 2,000 biometric Orb verification locations across more than 35 countries worldwide, concentrated across regions in Europe, Latin America, Southeast Asia, and select major U.S. flagship cities. Growth has slowed meaningfully over the last year, as the stated goal for the end of 2025 was 50 million verified World IDs. The strategy moving forward: make getting verified as easy and ubiquitous as “using an ATM.” They seek to accomplish this with the new [“Orb Mini”](https://x.com/worldnetwork/status/1921232760510840879?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld) device, which can be rolled out in retail shops, events, enterprise settings, universities, and more. Apparently, the “Orb Mini” can also be used at point of sale (with purchases confirmed with your eyes, and the payment pulled from your World wallet). # Financials ##### Onchain Fees Data: The DeFi Report - Over the last 90 days, World has generated $58.5k in onchain fees, up 75% q/q, but down 86% y/y. - In terms of onchain profit, World generated just $36.9k over the last 90 days. ##### Takeaway The Chain itself is not the core product. It’s really just infrastructure for distributing and using the identity layer. That said, if enough apps natively run on World Chain, onchain fees *could* become meaningful in the future. # Fundamentals ##### Active Addresses Data: The DeFi Report - Over the last 90 days, World has averaged 137.7k active addresses per day, down 16% q/q and 68% y/y. ##### Transactions Data: The DeFi Report - Over the last 90 days, World has averaged 1.16m transactions per day, down 16% q/q and 21% y/y. ##### DEX Volumes Data: The DeFi Report - Over the last 90 days, World has generated $72.9m in DEX volumes, up 59% q/q, but down 72% y/y. - 100% of DEX volumes on World Chain come from Uniswap’s deployment. ##### Account Abstraction Transactions Data: The DeFi Report - There are currently [655 “mini apps”](https://www.miniapps.world/?sort=unique_users_7d&direction=desc&utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld) available via the World app. - The chart above indicates that roughly 60% of transactions on World Chain are “account abstraction” transactions — meaning the user is simply tapping the (mobile) app interface rather than dealing with a wallet and a separate browser. ##### Canonically Bridged Value to World Chain Data: The DeFi Report - World Chain currently has $294.7m of canonically bridged value (from L1), up 30% q/q, but down 48% y/y. - We think the decline is largely due to a drop in the WLD price, which represents 95% of the bridged value. # Token Economics Max Supply: 10 billion (capped until 2038, with potential for 1.5% inflation thereafter if needed) Circulating Supply: 3.57 billion (35.7%) ##### Token Unlock Schedule Data: The DeFi Report ##### Token Allocation - World Community: 75% - Investors: 13.8%. Unlocks began on 7/24/24 and will end in July of 2028 (5-year vesting schedule, including a 1-year lockup). 60% of the investor tokens are currently unlocked. Roughly 60% of the investor tokens are unlocked. - Developers/Team: 10%. Unlocks began on 7/24/24 and will end in July of 2028 (5-year vesting schedule, including a 1-year lockup). 60% of the developer/team tokens are currently unlocked. Roughly 60% of the team tokens are unlocked. - Reserves: 1.2% ##### Reduction in Token Emissions Investors should note that beginning July 24, the aggregate unlock rate of WLD emissions [*declines 43%*](https://world.org/blog/foundational-topics/tokenomics-milestone-wld-unlock-rate-to-decrease-by-43-in-july?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld)*,* from approximately 5.1m WLD/day to 2.9m WLD/day. This equates to a 50% reduction in World Community token unlocks and a 32% reduction in team + investor unlocks. The total team + investor unlocks through year-end are now 199.5m tokens ($63m at the current token price of $0.32). 244m community tokens will also unlock through year-end ($78m). ##### Takeaway World is currently a classic case of a project with an interesting business, but poor token economics. Investors should be mindful that the team and investors likely received tokens at discounts to the current price (which is down 97% from its cycle high). From what we can gather, the Series A investors (2021) came in at an FD valuation of $1b. The Series B investors came in at an FD valuation of $3b. With that said, another $135m was raised (from a16z, Bain Capital Crypto) in May of ‘25 via a direct sale at “market prices.” The FD valuation was roughly $4b at that time (it’s $3.1b today). On July 24th, World announced another $52.5m investment round led by Pantera Capital, with participation from Bain Capital, Eightco, Selini Capital, and Susquehanna Capital. The token price at that time was $0.38. # Risks - The Iris scan. It feels invasive and could create a barrier to entry. - Centralization concern. Crypto natives do not want to take World at its word that it doesn’t store user data. Of course, if it turns out that they are lying to all of us (this will come out if true), then the project likely goes to zero. We tend to think they are telling the truth (given audits), but it will take time for the market to build that trust. - Governments. World has encountered significant regulatory challenges across multiple countries, primarily due to concerns over biometric data collection, user consent, and data privacy. - Team execution. The World team has to get A LOT of things right for this to work in the long run. For example, they need the best hardware. They need to manufacture it at scale. They need to incentivize people (globally) to get a World ID. They need to bootstrap an “app store.” They need to integrate with key internet infrastructure and applications. They need to run an L2. They need to stay in compliance. That’s A LOT to execute on. - Low Token Float/unlocks. As noted, World is unlocking 258m tokens through the rest of the year. If the project cannot generate persistent demand for World ID (and the token), it could be a major headwind for the token's price. The caveat is that the current valuation (WLD is down 97% from its peak) is not far from where we think equity investors received tokens. - Monetization. World plans to charge applications for verification instead of users. Fees are proposed to have two components: 1) a credential fee (retained by the issuer of the credential), and 2) a protocol fee (accrues to the World ID protocol). Pricing could be per proof, per monthly active verified user, or structured with fee tiers and volume discounts. Payments would settle in WLD, even when a conventional company pays a third-party provider in dollars. We think this is all real, but it is largely theoretical today as integrations with apps are currently in “pilot” rather than commercial agreements. # Closing Thoughts We think World has: - The only human-verified identity solution for the next wave of the internet. This positions WLD to capture the opportunity as AI is integrated across society in the coming years/decades. - A strong mission-driven team. - Plenty of capital + strategic investors (a16z, Bain Capital, Blockchain Capital, Coinbase Ventures, Reid Hoffman). The team has raised $487m across multiple rounds. While the team is actively working to “decentralize” the distribution network onboarding (via Orbs located in retail locations and via partners) to make verification “as common as an ATM,” it hasn’t reached the mainstream. Now that the World team is firmly pressing into “Phase 3” of development, our attention is turning to key pilot programs and whether these relationships can bootstrap World ID into the default “human verified” identity solution for the next wave of the internet. As such, it should become clearer over the next year whether they have true product/market fit with apps. We view WLD as a high-risk/reward project and a potential 10-bagger. We currently hold a position (average cost $0.26) and may look to add more. If you’d like to access our portfolio to see the allocation, other assets, and receive alerts when we make changes, you can sign up for TDR Pro and get one month free [here](https://thedefireport.io/friends?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld). If you’re an existing Pro member and would like to lock in for a year at a 33% discount ($16.67/month), you can sign up [here](https://thedefireport.io/pro20?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld). ##### Related - [World Dashboard](https://dune.com/the_defi_report/world-chain?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-world-wld) Take a Report. And Stay Curious. ***Disclaimer****: Individuals have unique circumstances, goals, and risk tolerances, so you should consult a certified investment professional and/or do your own diligence before making investment decisions. The author is not an investment advisor and may hold positions in the assets covered. Certified professionals can provide individualized investment advice tailored to your unique situation. This research report is for general educational purposes only, is not individualized, and as such should not be construed as investment advice. The content contained in the report is derived from both publicly available information as well as proprietary data sources. All information presented and sources are believed to be reliable as of the date first published. Any opinions expressed in the report are based on the information cited herein as of the date of the publication. Although The DeFi Report and the author believe the information presented is substantially accurate in all material respects and does not omit to state material facts necessary to make the statements herein not misleading, all information and materials in the report are provided on an “as is” and “as available” basis, without warranty or condition of any kind either expressed or implied.*