Worldcoin has updated its token unlock schedule, causing the WLD price to rise 30% in just 24 hours. The project, led by Sam Altman of OpenAI, will unlock tokens for early contributors on July 24.
Additionally, the unlock period for 80% of the tokens held by the team has been extended from 3 years to 5 years. Worldcoin says this extended schedule will slow down the increase in the amount of tokens available in circulation.
Worldcoin Updates Token Unlock Schedule, Boosting Price and Market Impact
Worldcoin has recently updated its token unlock schedule by extending the vesting period for 80% of its tokens held by team members from three to five years. This change is intended to promote long-term project stability and commitment and has been positively received by the market.
As a result, the Worldcoin token (WLD) surged over 30% in just 24 hours, trading at $2.67. This increase marks a significant recovery from a recent drop where the token price fell below $2.
Worldcoin uses a distinctive token distribution method that includes a human verification process, where individuals receive World IDs after their irises are scanned by a device known as the orb.
Despite some privacy concerns and reported data deletions, over 211 million WLD tokens have been claimed by verified World ID holders, representing more than 77% of the current supply of 275 million WLD tokens. This initiative, led by CEO Alex Blania and Tools for Humanity, integrates advanced technology with cryptocurrency incentives.
Starting July 24, 2024, investors and team members of Tools for Humanity (TFH) will receive their first distributions of WLD tokens. Approximately 2 million WLD tokens will be unlocked daily, a 40% reduction from the originally planned 3.3 million WLD per day.
Worldcoin aims to manage market disruptions and support community initiatives with this adjusted release schedule. The World Assets fund holds an extensive 7.22 billion WLD designated for this purpose.
Worldcoin Faces Regulatory Challenges Amid Token Unlock Update
Despite recent positive developments, including a significant 30% surge in Worldcoin’s (WLD) price, the project continues to face regulatory scrutiny, particularly concerning privacy issues.
The Spanish Agency for Data Protection (AEPD) has forced Worldcoin to suspend its operations in Spain until at least the end of 2024 due to an ongoing investigation. Similarly, Hong Kong’s Office of the Privacy Commissioner for Personal Data (PCPD) had previously issued a cease-and-desist order, further complicating the project’s operations.
In summary, Worldcoin’s decision to extend its token unlock schedule seems to be a strategic move to ensure the project’s long-term stability and success. While the market has responded positively with a notable price increase, Worldcoin must continue to address regulatory challenges to maintain trust and compliance. How effectively Worldcoin navigates these hurdles while integrating advanced technology with its cryptocurrency framework will be crucial in determining its future trajectory.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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