Artificial intelligence (AI)-based privacy project Worldcoin (WLD) is seeing a huge jump in price after the lock-up period for investors extends.
In a new blog post, the developers behind the altcoin say that early investors and team members will have to wait two years longer to have their locked tokens allocated to them.
“Starting July 24, 2024, the WLD tokens allocated to the investors and team members of Tools for Humanity (TFH), early contributors to the Worldcoin project, are scheduled to begin unlocking daily in a linear fashion.
This week, TFH informed the Worldcoin Foundation that – in a move aligned with the long-term nature of Worldcoin’s mission – the unlock schedule for 80% of the WLD held by TFH’s team members and investors is being extended from three to five years.”
Worldcoin, an eye-scanning identification protocol, launched in 2023 and was founded by Sam Altman, the chief executive of OpenAI.
The tokens were originally locked to allow them to mature before the groups were granted access to them, according to the blog post. However, starting July 24th, the tokens will start being unlocked and added to the circulating supply of the project.
“Starting on July 24, 2024, approximately 2 million WLD held by TFH investors and team members will unlock every day. The extended unlock schedule has reduced this number by approximately 40% from the original amount (approximately 3.3 million WLD per day).
As the figure shows, the extended unlock schedule has the effect of slowing the increase in circulating supply.”
WLD is trading for $3.03 at time of writing, a 17% increase during the last 24 hours.
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