According to a blog post dated July 16, Tools for Humanity (TFH), the developer behind the Worldcoin project, has announced a significant change to the unlock schedule for its native token.
According to a blog post dated July 16, Tools for Humanity (TFH), the developer behind the Worldcoin project, has announced a significant change to the unlock schedule for its native token, Worldcoin (WLD). Originally slated for a three-year unlock period, 80% of WLD tokens held by its team members and investors will now become accessible over five years, beginning on July 24, 2024.
With this revised schedule, the affected tokens will unlock gradually over the subsequent four years, concluding by the end of July 2028. By extending the unlock period, TFH aims to mitigate the risk of a sudden surge in token supply, which could potentially depress the token's price. Following the announcement, WLD tokens saw a nearly 27% increase. WLD is currently trading at $2.87, with a market cap of $793 million.
Currently, the majority of WLD tokens in circulation are held by these registered users with an orb-verified World ID. Since the project's launch in July 2023, more than 211 million WLD tokens have been claimed by World ID holders, accounting for over 77% of the 275 million WLD tokens in circulation, according to the foundation. The Worldcoin Community pool holds $7.22 billion worth of WLD tokens in its treasury.
Worldcoin, co-founded by OpenAI's Sam Altman, centers around the concept of "World ID," a digital identity verification system that uses iris scans via a device known as the "Orb" to confirm users' humanity. As of April 2024, the World App, associated with the project, reported having 10 million registered users.
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