Worldcoin’s native token, WLD, experienced a significant 15% price jump following an announcement regarding an extension of lockups for early investors and team members. The token is currently trading at $2.457, up by 26% in the past 24 hours from $2.147. This extension in lockup duration from three to five years aims to reduce the planned increase in circulating supply, providing more stability to the token’s value.
The decision to extend the unlock schedule for 80% of WLD held by TFH’s team members and investors will now result in a more gradual vesting schedule until 2029, compared to the original plan. While token unlocks are typically viewed as bearish events as they increase circulating supply, in this case, it has positively impacted the token’s price.
Worldcoin, led by OpenAI CEO Sam Altman, is a decentralized identity project that raised $115 million in a Series C round to advance its mission of providing decentralized IDs to people worldwide. The current circulating supply of WLD stands at 275 million, with 77% initially claimed by World ID holders. With the extension of the lockup period, the circulating supply is expected to reach 400 million in September instead of August as originally projected.
The project’s recent developments include a Layer 2 launch, a protocol update featuring a digital passport, and a major expansion of its eye-scanning identity platform. These advancements highlight Worldcoin’s commitment to revolutionizing decentralized identity solutions in the crypto space.
As the project continues to evolve and expand its offerings, investors and the crypto community are closely monitoring its progress. The recent price surge following the lockup extension demonstrates the market’s positive response to Worldcoin’s strategic decisions and vision for the future.
In conclusion, Worldcoin’s decision to extend lockups for early investors and team members has had a significant impact on the price of its native token, WLD. This move reflects the project’s commitment to long-term growth and stability in the crypto space. With ongoing developments and expansions in its identity platform, Worldcoin remains a key player to watch in the evolving world of decentralized finance.
