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Altcoin Update: Developers Alter Token Unlock Dates, Resulting in an Impressive Surge
The official blog site of this altcoin recently revealed that developers made changes to the token unlock schedule, leading to a remarkable surge in its value.
Author: Mete Demiralp
Date: 16.07.2024 – 21:27
Update: 6 hours ago
The Worldcoin Foundation made an announcement regarding the extension of the unlock period for WLD tokens held by Tools for Humanity (TFH) investors and team members from 3 years to 5 years. This modification impacts around 80% of the WLD tokens owned by these specific token holders.
TFH, an early supporter of the Worldcoin project, played a crucial role in its initial development and continues to contribute to the Worldcoin Foundation. They are also responsible for operating the World App, which serves as the first Worldcoin compatible wallet.
The WLD tokens were distributed to TFH’s investors and team members, including staff, advisors, and service providers, as a reward for their contributions since the company’s inception in 2019. These tokens were locked to allow the protocol to mature before these groups could access their allocations. As a result, these tokens have not yet been released into WLD’s circulating supply.
Commencing on July 24, 2024, the WLD tokens held by TFH investors and team members will gradually unlock and enter the circulating supply of WLD. Originally, these tokens were subject to a three-year lockup period, with no transfers permitted for one year after the Worldcoin protocol launch on July 24, 2023. Subsequently, the tokens were set to unlock daily and linearly over the following two years, with most of the TFH tokens being released from lockup by the end of July 2026.
However, this week, the unlock timeline for approximately 80% of TFH investor and team member WLD tokens was extended from 3 years to 5 years. The first year of the unlock program for these tokens remains unchanged. With this adjustment, the affected 80% of TFH tokens will be gradually unlocked over the next four years. The unlocking process for the majority of these tokens will conclude by the end of July 2028, five years after the protocol’s launch.
Following this development, a significant increase was observed in the price of the WLD token.
*Please note that this is not investment advice.
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