Worldcoin consists of a privacy-preserving digital identity (World ID) and a digital currency (WLD) received simply for being human. The mission of the Worldcoin project is to build the world’s largest identity and financial network by giving ownership to everyone through its WLD token. Worldcoin (WLD) is an ERC-20 token on Ethereum mainnet, however, individuals will receive their user grants on Optimism mainnet. Therefore, most WLD transactions will likely take place on the Optimism network. If needed, the token can be bridged back to Ethereum. The WLD token is designed as a utility token with governance properties with an initial supply cap of 10B tokens. Following its launch on July 24, 2023, the Worldcoin Foundation will govern the project and work towards decentralizing the ecosystem. This goal will be aided by giving the majority of the WLD token supply to participants of the Worldcoin protocol – simply for being a unique human.

According to Worldcoin Tokenomics, the supply cap is fixed to 10B WLD for 15 years following launch. After 15 years, governance may decide to implement an inflation rate of up to 1.5% per year if it deems it necessary. Governance will also decide how to allocate these newly minted tokens (if any).

• Worldcoin Community: Most of these tokens will be allocated to users. Some of them will be used for the ecosystem fund and network operations. The Worldcoin Foundation will govern the allocation of these tokens to gradually decentralize governance of token management decision-making.

• Initial Development Team: Tools for Humanity (TFH) and other service providers took the initial steps to develop Worldcoin. TFH currently provides services to the Worldcoin Foundation and operates World App.

• TFH Investors: TFH investors provided funding that enabled TFH to support the multi-year pre-launch phase of the Worldcoin project. In particular, TFH developed the Orb, a biometric imaging device, the first version of the protocol, and World App, and the first wallet for the Worldcoin ecosystem.

• TFH Reserve: Following the launch, TFH will retain a reserve of 170M WLD to address the future needs of TFH.

Unlocked supply denotes the total amount of WLD tokens that are either part of the circulating supply or are unlocked but subject to the protocol's governance discretion on their rate of release into the circulating supply.

Ahead of the launch, all 7.5B WLD allocated to the Worldcoin Community will be minted; however, the vast majority of those tokens will unlock over 15 years. The unlock schedule of tokens is enforced by four smart contracts (Worldcoin's Vesting Wallet 1, 2, 3, 4). Importantly, the tokens allocated to users and Operators are not locked up.

The WLD amounts shown in the following table unlock across the specified periods. Within each period, an equal amount of tokens unlocks each calendar day.

The tokens allocated to TFH investors will be contractually locked up for 12 months after those investors exercise their respective token warrants (which they can do at launch) and then unlocked on a daily basis evenly over the following 24 months.

The tokens that have already been allocated to past and current team members will be contractually locked up for 12 months after launch and are then unlocked on a daily basis evenly over the following 24 months.

The tokens allocated to the TFH Reserve will be contractually locked up for at least as long as the lock-up period applies to TFH investors and team members. The exact lock-up period will depend on when these tokens are allocated.

Two other addresses (1, 2) collectively hold 2.5B WLD tokens allocated to TFH investors, TFH Reserve, and the development team

Circulating supply denotes the total amount of WLD tokens that are freely circulating without any specific transfer restrictions. The maximum circulating supply of WLD at launch is 143M WLD, consisting of:

• 43M WLD allocated to users who verified with the Orb during the pre-launch phase of the project
• 100M WLD loaned to market makers operating outside of the US (the loan expires after 3 months)

The addresses holding the unlocked tokens were excluded from the measurement to calculate the circulating supply.