Worldcoin WLD/USD has experienced a substantial 40% price increase following an announcement by Tools for Humanity (TFH) regarding an extension of token lockup periods for early contributors.
What Happened: This news has sparked renewed interest in Worldcoin, which aims to create a global identity and financial network.
According to a recent blog post by the Worldcoin Foundation, TFH has informed them that the unlock schedule for 80% of the WLD tokens held by TFH’s team members and investors will be extended from 3 to 5 years.
This decision aligns with the long-term vision of the Worldcoin project and has been well-received by the market.
The original unlock schedule was set to begin on July 24, 2024, with tokens becoming available daily in a linear fashion over two years.
Under the new plan, while the first year remains unchanged, the subsequent unlocking will occur more gradually over four years, concluding by the end of July 2028.
Also Read: Multicoin Capital Announces $1M Match For Pro-Crypto Senate Candidates In Solana Donations
Why It Matters: This extension is expected to have a significant impact on WLD’s circulating supply.
The daily unlock rate will decrease from approximately 3.3 million WLD to 2 million WLD, effectively slowing the rate at which new tokens enter the market by about 40%.
It’s important to note that this change does not affect WLD grants for verified World ID holders, which constitute the majority of tokens in circulation.
As of the announcement, more than 211 million WLD have been claimed by World ID holders, representing over 77% of the 275 million WLD currently circulating.
The Worldcoin project, which boasts more than 6 million unique humans participating in its network, continues to focus on its mission of becoming the world’s largest identity and financial network.
The project emphasizes the importance of proving human uniqueness in an era of increasing AI influence.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
