AI Entrepreneur’s Cryptocurrency ‘Ethereum Competitor’ Worldcoin Soars 40%: What’s Happening?

Worldcoin has seen a notable 40% surge in its price following an announcement by Tools for Humanity (TFH) regarding an extension of token lockup periods for early contributors. This development has reignited interest in Worldcoin, a project with the goal of establishing a global identity and financial network.

In a recent blog post by the Worldcoin Foundation, TFH communicated that the unlock schedule for 80% of the WLD tokens held by TFH’s team members and investors will now span 5 years instead of the initially planned 3 years. This decision is in line with Worldcoin’s long-term vision and has been positively received by the market.

Initially, the token unlock process was slated to commence on July 24, 2024, with tokens gradually becoming available over two years. Under the revised plan, the unlocking process will extend over four years after the first year, reaching completion by the end of July 2028.

This adjustment is anticipated to have a significant impact on the circulating supply of WLD. The daily unlock rate will decrease from around 3.3 million WLD to 2 million WLD, effectively slowing down the introduction of new tokens into the market by approximately 40%.

It is worth noting that this modification will not affect WLD grants for verified World ID holders, who hold the majority of tokens in circulation. At the time of the announcement, more than 211 million WLD had been claimed by World ID holders, constituting over 77% of the current circulating supply of 275 million WLD.

With over 6 million unique individuals engaged in its network, the Worldcoin project remains dedicated to its mission of becoming the premier global identity and financial network. The project underscores the significance of validating human uniqueness in an era marked by increasing AI influence.

The extension of the token lockup period by TFH reflects a strategic move by Worldcoin to manage its token supply dynamics and align with its overarching objectives. This development showcases the project’s commitment to fostering a sustainable and robust ecosystem for its community of users and stakeholders.

As Worldcoin continues to evolve and expand its network, the market response to these recent developments underscores the project’s growing significance within the cryptocurrency landscape. The project’s emphasis on identity verification and financial inclusion resonates with the broader narrative of blockchain technology’s potential to reshape traditional systems and empower individuals globally.