Recently, the Worldcoin Foundation unveiled the launch of its community grants program, beginning with its first phase, Wave0. In the crypto economy, Worldcoin’s WLD token has not experienced the growth that other crypto assets have enjoyed, declining over 3% in the past fortnight. This downturn followed the departure of CEO Sam Altman from Openai, a notable Worldcoin backer.
Worldcoin Debuts Three-Tiered Grants Program
The community grants program, as outlined by the Worldcoin Foundation, commits an initial pool of two million WLD across three distinct grant tracks in its initial stages. Worldcoin details that these tracks include community grants, project grants, and open track grants, each catering to different scales and scopes of community projects.
Community grants, capped at 5K WLD, focus on events, sponsorships, and hackathon projects. The announcement details that project grants, offering up to 25K WLD, target larger-scale initiatives. The largest of the grant projects fall under open track grants, which have no predefined budget limit.
The native token WLD took a hit losing 3% against the U.S. dollar when Sam Altman was let go by Openai’s board members. However, after frenzied discussions about the future of the company, he was reinstated and has returned to Openai as the CEO. Altman helped co-create Worldcoin as he is the chairman and co-founder of Tools for Humanity, the firm that’s been building and scaling the Worldcoin project.
Worldcoin’s latest announcement discusses decentralization and the “Worldcoin Tech Tree.” At the time of writing, 980,401 unique wallets hold the WLD token. However, the top 100 wallets command 90.68% of the supply. The project’s grants initiative excludes individuals or companies based in the United States and other specified restricted territories. The application period for the grants is set from December 6 to December 22, 2023, with recipients to be announced in January 2024.
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