Less than a month after its launch, the team behind the controversial Worldcoin (WLD) cryptocurrency has already spent BRL 2.4 million on transaction fees. In a comment, an investor referred to Ethereum as the “new oil”after all, Ether is the currency needed in these transactions.
Despite its growing popularity, Worldcoin is still a long way from the smart contracts that most Ether issues.
According to on-chain data, ether (ETH) transactions, stablecoins, decentralized exchanges, staking services, NFCS and second-tier solutions are still at the top.
Even without new trends, Ethereum continues to benefit from the market
In the past, Ethereum has benefited from several industry trends such as ICOs, NFTs, the metaverse and, more recently, memecoins. But even with no clear trends at the moment, demand for ETH remains.
In analysis, an investor comments on the number of ethers (ETH) used by the team of Worldcoin (WLD), a cryptocurrency founded by the CEO of ChatGPT, and is confident in the future of Ethereum.
“Worldcoin authority filing zk-proof eyeball scan spent $500,000 (R$2.4 million) in fees in 40 days”wrote Ryan Sean Adams, who estimates the annual value will be $4.5 million.
“Companies will need to collect ETH in the same way as other essential commodities. Ethereum is the new oil.”
The Worldcoin authority submitting zk proofs of eyeball scans spent $500,000 on gas over 40 days.
$4.5 million a year in gas costs.
Companies will need to hoard ETH in the same way as other essential commodities.
Ethereum blockspace is the new oil. pic.twitter.com/vdudW2JmJA
— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) August 9, 2023
Moving on, it’s worth remembering that Worldcoin’s ultimate goal is far from sending its cryptocurrencies to everyone in the world. At the moment, about 2.2 million people have already registered on its platform, a small fraction of the 8.7 billion inhabitants. That is, the demand for ETH to pay the fees can still grow tremendously.
Worldcoin’s use of Ethereum is still small compared to other projects
While the 2.4 million spent on Worldcoin fees may seem high, other projects require even more ethers (ETH). According to data from Ultra Sound Money, more than US$10 billion (R$50 billion) has been burned in the past two years.
Of this value, the transactions of ETH, NFTs, stablecoins and decentralized exchanges are the leaders. For example, Worldcoin is not even on the list of 100 smart contracts.
Ultimately, as Bitcoin struggles to be seen as the next gold, many believe Etherem is the next oil, or else, according to an executive at MicroSoft, the new App Store. No wonder these are the two largest cryptocurrencies in the industry, collectively worth US$794 billion (R$3.9 trillion).
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Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
