Worldcoin mainnet launches, WLD token soars 60% on major exchanges

Worldcoin, the Sam Altman-backed digital identity project, has launched its mainnet, and its native WLD token jumped by more than 60% after being listed across major exchanges, including Binance, Bybit, Huobi, and others.

The mainnet went live earlier today, July 24, and WLD’s value spiked above $2.50 within an hour of its launch, according to data from Coingecko.

Worldcoin mainnet launch

According to a July 24 statement, Worldcoin was launched to create a new identity and financial network for everyone.

“Worldcoin consists of a privacy-preserving digital identity network (World ID) built on proof of personhood and, where laws allow, a digital currency (WLD). Every human is eligible for a share of WLD simply for being human. “

The project stated that its launch could help to increase “economic opportunity, scale a reliable solution for distinguishing humans from AI online while preserving privacy, and enable global democratic processes.”

The project has been in development for over three years, raising $115 in a May Series C funding round led by Blockchain Capital. However, the project has attracted significant criticisms for targeting people in the global south and privacy concerns.

WLD token

According to its tokenomics, the token has an initial supply of 10 billion, with 75% allocated to its community, 9.8% to the development team, and 13.5% to Tools for Humanity investors.

Early community members, over 2 million people who have been verified, were allocated over 43 million WLD tokens.

Blockchain analytical firm 0xScope stated that the Worldcoin airdrop has begun with more than 90,000 addresses eligible, and most can only claim around 25 WLD tokens each.

The Worldcoin mobile app has also been updated, and people can reserve their share of the WLD tokens through the app. However, to earn WLD tokens, users must visit a Worldcoin Orb location where they will be scanned to verify their human identity and provide proof of their humanity.

The WLD token is unavailable in the U.S. due to unclear cryptocurrency regulations.

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