On-Chain Data Highlights Surrounding Worldcoin (WLD) Token

On July 24th, the community's attention has been largely focused on developments surrounding the "iris scanning" project Worldcoin, which has launched its token WLD today and is set to be listed on major exchanges such as Binance, OKX, Bybit, Huobi,...

On-Chain Data Highlights Surrounding Worldcoin (WLD) Token

Additionally, users who previously underwent iris recognition are now eligible to receive the WLD token.

Below, we will overview some notable wallets receiving WLD, their activities on Etherscan, and the distribution of WLD tokens to users on Optimism as well as trading activities on DEX.

Follow the Coin68 series "Guide to Using On-Chain Tools" with articles on: Arkham | Etherscan | Watchers | Dune Analytics | Blockchain.com | DeBank | DEX Screener

1. Finding Large Wallets Receiving WLD Tokens with Etherscan

Following Etherscan's introduction of the new Advanced Filter feature, filtering transactions based on specific criteria has become increasingly straightforward. We will use this tool to identify noteworthy wallets.

Locate the smart contract address of the WLD token. Then, select Token Tracker.

Select Token Tracker

Next, choose Advanced Filter and filter by Amount from 10 million to 30 million tokens.

Choose Advanced Filter

Some Wallets Receiving Large Amounts of WLD Tokens

The noteworthy point here is that we observe the address named GnosisSafeProxy: 0x59a0f98345f54bAB245A043488ECE7FCecD7B596 is the address distributing tokens to wallets on Ethereum.

Transactions Distributing WLD Tokens

1. On-Chain Analysis of Some Notable Wallets

Using tools like Scopescan and DeBank, we can see:

• Wallet 0x07B6c7bC3d7dc0f36133b542eA51aA7Ac560E974 received nearly 12 million WLD. Subsequently, this wallet transferred 10 million tokens to exchanges such as Binance, OKX, Gate, Bybit, and Kucoin.

In reality, upon closer inspection, this wallet did not directly receive WLD from Worldcoin. The actual receiving wallet is: 0x6dADEFCEde8D12b8E46707a0a6737c6C3688aF26.

Check wallet information with Scopescan

Transactions Moving WLD Tokens to CEX with Arkham Intelligence

• Wallet 0xD4c9E8329032b62637440D3fE170d8eEe99b0E93 received 11 million WLD and subsequently transferred 10.5 million WLD gradually to Gate, Huobi, and Binance. This wallet was created today to receive WLD.

Check wallet information with Scopescan

Transactions Moving Tokens to Exchanges with DeBank

• Wallet 0x37F9542d847CD98843256251200e7AE1d5BC3c06 received 12 million WLD and then transferred 6 million tokens to Binance and Kucoin.

Check wallet information with Scopescan

Transactions Moving Tokens to Exchanges with DeBank

• Other significant wallets include:

Wallet 0x55697d6ef379C6324e41f350A3db4ee19BAb82A0 created 3 days ago and received 28 million WLD. Subsequently, this wallet transferred 20 million tokens to other wallets and interacted with multiple wallet addresses on both Optimism and Ethereum.

Transactions Moving WLD on Ethereum and Optimism

Wallet 0x2aBBd7b745F2A984C4724E8Ca4c00E205657d490 received 24 million WLD. In fact, this wallet is a newly created wallet by Amber Group 11 days ago.

Amber Group's WLD Receiving Wallet

Transactions Paying Fees for Sub-wallet

Wallet 0xab4392b4cEC116414e2994378493fc901483d566 created 11 hours ago and only had transactions receiving ETH from Binance wallet 20 as a fee to receive 11 million WLD. Subsequently, the wallet also engaged in transactions moving WLD to OKX, Bybit, and Kucoin.

Transactions Moving WLD to CEX

1. Overview of Wallet Transactions

Based on insights from @21co team on Dune Analytics, I have reanalyzed the data to provide a more comprehensive overview of transactions from the aforementioned wallets.

Overall, the majority of wallets are transferring a significant portion of WLD tokens to exchanges. In my opinion, these wallets are likely associated with funds or Market Makers, albeit not yet labeled.

Token Distribution of WLD and Wallet Balance Changes. Source: @dragon_cat on Dune Analytics

1. Airdrop of WLD on Optimism

Since the announcement of the WLD airdrop until now, 90,000 individuals have qualified to receive this distribution and have claimed WLD on Optimism. According to data on Dune Analytics, most wallets received around 25 tokens each. Subsequently, some wallets made additional purchases while others sold their WLD.

Claiming WLD on Optimism. Source: @dragon_cat on Dune Analytics

Unlike transactions moving WLD tokens on Ethereum, data on Optimism indicates that the amount of WLD tokens distributed per wallet in the airdrop event is relatively modest compared to the ARKM airdrop event last week. The selling pressure from these wallets is not significant, except for those larger wallets mentioned above, which may impact price movements.

Therefore, you can use on-chain tools to monitor transactions of large wallets and assess their actions if you are considering investing in WLD tokens.

1. WLD Trading on DEX

Analyzing WLD trading on DEX reveals that the number of buy transactions (72.7%) currently dominates over sell transactions (27.3%).

WLD Buy and Sell Transactions on DEX. Source: @springzhang on Dune Analytics

However, looking solely at transaction numbers may not suffice; we need to examine trading volumes for a more accurate assessment. In reality, trading volume for buys and sells is nearly equal, with a ratio of 50.1% and 49.1%, respectively.

Volume of WLD Buy and Sell on DEX. Source: @springzhang on Dune Analytics

1. Conclusion

Above are some on-chain insights I have compiled using tools such as Etherscan, Arkham Intelligence, DeBank, Scopescan (formerly Watchers), and Dune Analytics. With this article, Coin68 hopes you will learn how to conduct on-chain checks for upcoming projects and gain valuable perspectives for your investment decisions.