Worldcoin extends token lock-ups for early contributors; WLD price jumps 20%

• Worldcoin has announced an extension of token lock-up for early project contributors from 3 years to 5 years.
• WLD price jumped after the announcement, rising more than 20% to reach highs of $2.42.

Worldcoin (WLD) price jumped on Tuesday, rising more than 20% to hit intraday highs of $2.42.

Although WLD price saw slight gains alongside other cryptocurrencies on the day, the pace increased sharply after what the market sees as bullish news from Tools for Humanity, the developer team contributing to Worldcoin’s development.

Worldcoin extends WLD token lock-ups for team and investors

On Tuesday, Worldcoin announced that TFH had extended the lock-up period for tokens held by team members and investors – from 3 years to 5 years.

“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,” the Worldcoin Foundation wrote in a blog. “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 3 to 5 years.”

The new lock-up schedule however does not impact WLD grants meant for verified World ID holders.

According to Worldcoin, the project has seen over 6 million people get verified for a World ID via the orb scan.

World ID holders have claimed over 211 million WLD tokens since Worldcoin’s launch in July 2023, with total token claims accounting for 77% of the cryptocurrency’s current circulating supply of 275 million WLD.

As of Tuesday, the Worldcoin Community pool still held 7.22 billion WLD tokens, which the Worldcoin Foundation administers alongside its affiliate World Assets Ltd to support the project’s long-term sustainability.

WLD token’s price remains below $5 where it dropped amid Hong Kong authorities’ order that Worldcoin ceases its biometric data collection.