Worldcoin extends token locks for early contributors. WLD price increased by 20%

WorldCoin has announced that it has extended the token lock for early project contributors from 3 years to 5 years.
WLD's price jumped after the announcement, rising more than 20% to $2.42.

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

Although the price of WLD showed modest gains on the day alongside other cryptocurrencies, the market picked up momentum after seeing news from Tools for Humanity, the developer team contributing to Worldcoin's growth.

Worldcoin extends WLD token locks to groups and investors

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

“Beginning July 24, 2024, WLD tokens allocated to investors and members of the Tools for Humanity (TFH) team, early contributors to the Worldcoin project, are scheduled to begin unlocking in a daily linear fashion.” Blog. “This week, TFH informed the Worldcoin Foundation that – in line with the long-term nature of Worldcoin's mission – the 80% WLD holdings held by TFH team members and investors may be extended from 3 to 5 years.”

The new lock-in program, however, does not affect WLD grants intended for verified World ID holders.

According to WorldCoin, the project has seen more than 6 million people get verified with Orb Scan for World ID.

World ID holders have claimed more than 211 million WLD tokens since WorldCoin launched in July 2023, and total token claims account for 77% of the cryptocurrency's current circulation of 275 million WLD.

As of Tuesday, the Worldcoin community pool still contains 7.22 billion WLD tokens, which the Worldcoin Foundation manages with its partner World Assets Limited to support the project's long-term sustainability.

The value of the WLD token has fallen below $5 since WorldCoin was ordered by Hong Kong authorities to stop collecting biometric data.