(a) Problem the project solves

World builds a trust layer for the internet based on private proof of human identity and human-first financial infrastructure. World ID lets individuals prove they are unique humans online without revealing personal information, while World Chain and World App support internet services that prioritize humans over bots and duplicate accounts.

(Source: World, World ID, World Chain)

(b) Operational priorities

The project funds ongoing development and operations by scaling World ID verification, expanding World Chain usage, progressively decentralizing governance, and building protocol sustainability through WLD-denominated fee surfaces. World Foundation supports and grows the network until it becomes self-sufficient. World ID fees charge applications rather than end users and are payable in WLD. World Assets, Ltd. also conducts periodic treasury sales of WLD to fund core operations, research and development, Orb manufacturing, and ecosystem development.

(Source: World Foundation, Introducing World ID Fees, The Block)

(c) High-level project overview

World is a protocol composed of World ID, World App, World Chain, and the WLD token. WLD is an ERC-20 token deployed on Ethereum Mainnet. Individuals claiming user tokens receive bridged WLD on World Chain Mainnet, an OP Stack Layer 2 on Ethereum, and most WLD access and use now occurs on World Chain. Individuals verify unique humanness at a physical imaging device called the Orb, which issues an Orb-verified World ID that unlocks recurring WLD user token claims where available.

(Source: World Whitepaper, World Chain, WLD Circulating Supply Explainer)

(d) Primary token functions

WLD is a cryptocurrency with governance properties. WLD functions as a means of payment within World App and the broader network, and applications are charged World ID fees in WLD at the protocol level under the World ID fee mechanism. WLD owners can participate in guiding protocol governance where available.

(Source: World Whitepaper, Introducing World ID Fees, World Risk Disclosures)

(e) Control surface reliance

World Foundation currently acts as steward of the protocol. Governance is currently implemented through the Foundation and is designed to become increasingly decentralized over time. The Foundation's founding documents contemplate DAO-driven governance and establish a prescribed process through which a DAO can make recommendations to the Foundation's board, which the board is bound to implement on a best efforts basis subject to directors' fiduciary duties and legal requirements. Inflation beyond the initial 10 billion WLD supply can begin only on or after July 24, 2038, is capped at 1.5% per year, and both the inflation rate and the allocation of any newly minted tokens are determined by protocol governance.

(Source: World Whitepaper, World Foundation)

Blockworks note: The project launched on July 24, 2023 as Worldcoin and rebranded to World in October 2024.

(Source: Worldcoin Project Launches)

(a) IP ownership & control

The project does not have an operational DAO. No DAO owns or controls project IP. World Foundation holds and licenses intellectual property relating to World Network per its Articles of Association.

(Source: World Chain, World Foundation)

(b) Contract/admin powers

The project does not have an operational DAO executing protocol administration. The Foundation's founding documents contemplate DAO-driven governance and establish a prescribed process through which a DAO can make recommendations to the Foundation's board of directors. The board is bound to implement DAO recommendations on a best efforts basis, subject to directors' fiduciary duties and legal requirements. Governance over user token amounts, the post-2038 inflation rate, the allocation of any newly minted tokens, and the user token emission mechanism is currently implemented through World Foundation.

(Source: World Foundation, World Whitepaper)

(c) Locked-token rights (conditional)

No locking or staking mechanism confers additional governance rights to WLD holders. Eligibility to claim user tokens flows from recognized World ID credentials rather than from token locking.

(Source: World Whitepaper, WLD Circulating Supply Explainer)

(d) Value accrual & holder rights

WLD enables protocol interaction and functions as a means of payment. WLD does not convey ownership rights, equity interests, dividends, or distribution rights in World or any related entity. Tokenholders hold no current rights over revenue distribution or treasury assets beyond governance-related participation and payment-related utility.

(Source: World Risk Disclosures, User Terms and Conditions)

(e) Dissolution authority

The project does not have a DAO to dissolve. World Foundation, which currently holds the governance functions a DAO would otherwise hold, is wound up by a winding-up resolution passed by its directors designating a liquidator, per its Articles of Association.

(Source: World Foundation)

(a) Entity

World Foundation is an exempted limited guarantee foundation company incorporated in the Cayman Islands under the Foundation Companies Act, 2017. The Foundation is memberless, with no shareholders or beneficial owners. Its registered office is Suite 3119, 9 Forum Lane, Camana Bay, George Town, Grand Cayman KY1-9006, Cayman Islands.

(Source: World Foundation, World Chain)

(b) IP ownership & control

World Foundation's principal purpose under its Articles of Association includes holding and licensing intellectual property relating to World Network. The World, Worldcoin, World Foundation, and World Assets names and logos and related trademarks are marks of World Foundation, Worldcoin Foundation, and World Assets. The Foundation is the sole member and sole director of World Assets, Ltd., a business company incorporated in the British Virgin Islands on December 7, 2022 with BVI Company Number 2113558. World Assets, Ltd. issues the 7.5 billion WLD allocated to the World community and is solely responsible for the content of the World whitepaper documentation.

(Source: World Chain, User Terms and Conditions, World Foundation)

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

World Foundation serves as steward of World. The Foundation is the sole member and sole director of World Assets, Ltd., governs the allocation of the 75% World Community WLD allocation in line with its Articles of Association and decentralization mandate, and is entrusted with stewardship of the protocol's token treasury and project capitalization. Governance over user token amounts is currently implemented through World Foundation.

(Source: World Foundation, World Whitepaper, Building a WLD-Native Economy)

(d) Powers over DevCo

World Foundation does not hold a publicly disclosed ownership or governance position in Tools for Humanity. The public relationship between the two entities is contractual. Tools for Humanity provides software development, hardware manufacturing, and market operations logistical support as a service provider to the Foundation, and the Foundation settles payment for those services in WLD, including a 93.7 million WLD transfer to Tools for Humanity announced on December 26, 2025 as the first WLD settlement for services tied to 2025 milestones.

(Source: Building a WLD-Native Economy, Biometric Update)

(e) Contract/admin powers

The Foundation's Articles of Association vest management of the Foundation's business and affairs in its directors. The directors may appoint or remove directors, appoint supervisors, adopt or revoke bylaws, create committees, local boards, or agencies, appoint officers and signatories, and appoint a managing director. Because the Foundation has no members, it must have at least one supervisor able and willing to supervise management. The Foundation is wound up upon a winding-up resolution of the directors designating a liquidator.

(Source: World Foundation)

(f) Current economic arrangements and distribution policies

World Foundation governs the 75% World Community allocation. Most of those tokens are allocated to users, with the remainder allocated to network operations and an ecosystem fund, and the Foundation holds an aspirational goal of directing at least 60% of all WLD to users. The Foundation is entrusted with stewardship of the protocol's token treasury and project capitalization and increasingly settles expenditures in WLD. Named WLD-settled uses include Orb operator remuneration, ecosystem grants, and growth and integration partnerships. The Foundation transferred 93.7 million WLD to Tools for Humanity on December 26, 2025 as the first WLD settlement for TFH services tied to 2025 milestones. No mechanism directs protocol resources to equityholders, because the Foundation is memberless and has no equityholders.

(Source: WLD Circulating Supply Explainer, Building a WLD-Native Economy, World Foundation)

(a) Entity

The primary development company is Tools for Humanity Corporation, a Delaware corporation incorporated in 2019 with Delaware company number 7487684, headquartered in San Francisco with a second hub in Munich. Tools for Humanity GmbH, a wholly-owned German subsidiary, is the contracting entity for users in the European Union, EFTA states, and the United Kingdom. Tools for Humanity took the initial steps toward developing the protocol and transitioned the protocol to the independent World Foundation prior to launch in late July 2023.

(Source: OpenCorporates, Tools for Humanity User Terms, Worldcoin Project Launches)

(b) IP ownership & control

Tools for Humanity holds the intellectual property for World App, the first wallet app on World Network, and owns and operates World App. Protocol-level intellectual property relating to World Network is held and licensed by World Foundation rather than by Tools for Humanity.

(Source: Introducing World ID Fees, Token Lock-Ups Extended, World Chain)

(c) Powers over DAO, treasury, protocol-controlled resources, and token administration

Tools for Humanity holds no publicly disclosed formal powers over DAO governance, treasury actions, protocol-controlled resources, or token administration. Tools for Humanity is the project's largest service provider, developed the protocol prior to launch, operates World App, and manages the project's bug bounty program in collaboration with the Foundation.

(Source: Introducing World ID Fees, Bug Bounty Program)

(d) Powers over Foundation

No mechanism by which Tools for Humanity can direct World Foundation decision-making is publicly disclosed. Tools for Humanity transitioned stewardship of the protocol to the independent Foundation before launch and now acts as a contracted service provider whose governance is separate from the Foundation.

(Source: Worldcoin Project Launches, Biometric Update)

(e) Contract/admin powers

Tools for Humanity holds no publicly disclosed pause, upgrade, or governance-executor authorities over the protocol's smart contracts, and no multisig thresholds attributable to Tools for Humanity are publicly disclosed.

(Source: World Foundation)

(f) Current economic arrangements and distribution policies

The current publicly disclosed WLD allocation table assigns 11.1% of total supply to Team, 13.6% to TFH Investors, and 0.3% to TFH Reserve, and the internal split within the 25% TFH bucket changed after launch. Approximately 80% of the WLD held by TFH team members and investors moved from a three-year to a five-year unlock schedule in July 2024, with unlocking concluding by the end of July 2028. The Foundation settles payment for TFH services in WLD, including the 93.7 million WLD settlement announced on December 26, 2025.

(Source: World Whitepaper, Token Lock-Ups Extended, Building a WLD-Native Economy)

(a) Launch supply totals

The initial supply cap is 10 billion WLD, all minted at launch on July 24, 2023. Under the World Community unlock schedule, 0.5 billion WLD unlocked at launch. Launch circulating supply was approximately 100.7 million WLD, consisting of approximately 700,000 WLD migrated from the pre-launch phase and 100 million WLD loaned to trading firms operating outside the United States. Approximately 2 million verified humans had been allocated 43 million Beta WLD in the pre-launch phase.

(b) Recipient categories & use of funds

The current publicly disclosed allocation table is the April 28, 2025 tokenomics table. The internal split within the 25% TFH bucket changed after launch, while the 75% World Community allocation was unaffected by those later internal changes. | Category | Allocation | Use of funds / purpose | Vesting / release | | ----- | ----- | ----- | ----- | | World Community | 75% of total supply | Most tokens are allocated to users. The remainder funds network operations and an ecosystem fund, with an aspirational goal of at least 60% of all WLD going to users. | 0.5B WLD unlocked at launch. 3.5B unlocks through the end of year 3. 1.75B unlocks through years 4 to 6. 0.875B unlocks through years 7 to 9. 0.875B unlocks through years 10 to 15. Tokens claimed by users and paid to operators are not locked. | | Team | 11.1% of total supply | Team allocation within the TFH bucket. | Subject to lock-up. Approximately 80% of TFH team and investor WLD moved from a three-year to a five-year unlock schedule in July 2024, concluding by the end of July 2028. | | TFH Investors | 13.6% of total supply | Investor allocation within the TFH bucket. | Subject to lock-up on the same three-year and five-year schedule described above. | | TFH Reserve | 0.3% of total supply | Reserve retained for future TFH needs. | Contractually locked for at least one year of full lockup plus two years of linear unlock from allocation. |

(c) Initial price per token (if applicable)

No fixed offering price was set at launch. Launch distribution occurred through user token claims and 100 million WLD in liquidity loans to trading firms outside the United States, with a contractual purchase option for those firms priced at $2.00 plus $0.04 multiplied by X, where X equals the number of tokens purchased divided by one million. Subsequent treasury sales by World Assets, Ltd. occurred at prevailing market prices.

(d) Ticker / market symbol

The ticker is WLD.

(e) Total supply & supply regime

Total supply is 10 billion WLD with a default inflation rate of 0%. Inflation beyond the initial 10 billion WLD can start only on or after July 24, 2038 at 4:00 a.m. UTC, is capped at 1.5% per year, and both the inflation rate and the allocation of newly minted tokens are determined by protocol governance. Circulating supply is approximately 3.59 billion WLD as of August 17, 2026.

(f) Initial vesting / release schedules

Tokens claimed by users are not locked. The original TFH team and investor schedule imposed a one-year no-transfer period from the July 24, 2023 launch followed by daily linear unlocks over the ensuing two years. In July 2024, approximately 80% of TFH investor and team member WLD was extended from a three-year to a five-year unlock schedule, with unlocking concluding by the end of July 2028. A community unlock tranche covering 52.5% of total supply began vesting on July 23, 2026 at a daily linear rate of approximately 4.79 million WLD.

Blockworks note: Circulating supply grows continuously with user claims, treasury sales, and time-based unlocks.

(Source: World Whitepaper, Decrypt, Token Lock-Ups Extended, WLD Circulating Supply Explainer, Market Maker Loan Update, World $135M Raise, User Terms and Conditions, Bybit, The Block)

• Planned but not yet executed airdrop: This sub-item does not apply. The project's user token distribution launched with the protocol on July 24, 2023 and is already operating.

  (Source: World Whitepaper)

• Executed airdrop: WLD user token claims operate as a continuous distribution surface rather than a one-time launch giveaway. User tokens were previously called user grants or the WLD airdrop. Every verified unique human is eligible to claim user tokens subject to availability, and claims are made through recognized World ID credentials.

  Covered user segments and allocation method are as follows. Individuals with a recognized World ID credential, including proof-of-human holders and, where available, passport or government-ID credential holders, can claim a first user token amount after credential recognition and then recurring monthly user token amounts. The amount is set by protocol governance, is equal across eligible individuals in applicable countries at a given point in time, and decreases over time. The first claim amount constitutes approximately one third of the total per-user allocation, with the remainder claimable over the following 11 months in decreasing monthly tranches. Eligible U.S. early adopters received the Pioneer Grant of 150 WLD, announced May 1, 2025 for U.S. users who downloaded World App before that announcement.

  World has not published a per-address distribution source such as a CSV, TSV, or JSON file, a Dune table keyed to per-address claim amounts, a full Merkle dump, a GitHub repository embedding per-address allocations, or an RPC endpoint exposing claim and amount data. Aggregate claim totals are published through the project's tokenomics disclosures and its Dune dashboard.

  (Source: World Whitepaper, WLD Circulating Supply Explainer, At Last, Trust In the Age of AI, User Terms and Conditions)

• No airdrop planned or conducted: This sub-item does not apply. The project has conducted and continues to conduct user token distributions.

  (Source: World Whitepaper)

• Market Maker Name: Five market makers operating outside the United States. Their identities are not publicly disclosed.
  • Token Allocation Committed: 100M WLD at launch, equal to 1.0% of total supply. An October 2023 amendment reduced the aggregate outstanding loan to 75M WLD and required the return or purchase of up to 25M WLD on October 24, 2023.
  • Term Duration: Launch loans were due to expire on October 24, 2023 and were extended through December 15, 2023 with all other terms unchanged.
  • Structure Name: Loan for liquidity support with a purchase option priced at $2.00 plus $0.04 multiplied by X, where X equals the number of tokens purchased divided by one million.
• Market Maker Name: Unnamed trading firm operating outside the United States.
  • Token Allocation Committed: 2M WLD, equal to 0.02% of total supply, received on October 9, 2024 to support initial WLD liquidity on World Chain.
  • Term Duration: Initial term of 2 months, with the loan to be returned in full at expiry.
  • Structure Name: Loan.

Blockworks note: World Assets, Ltd. entered new agreements with five trading firms in December 2023 alongside the transition of Orb operator rewards from USDC to WLD. The identities of the launch-era market makers and the trading firms, and the complete nonpublic commercial terms of those agreements, are not publicly disclosed. Ongoing WLD sales to trading firms are token sales rather than loans and are disclosed in Question 10.

(Source: Worldcoin Updates December 2023, Market Maker Loan Update, World Chain Open to Every Human)

Blockworks note: World Assets, Ltd. and World Foundation state that they are not responsible for the availability of WLD on third-party platforms such as centralized or decentralized exchanges.

(Source: World Launches in the USA, User Terms and Conditions)

• Series Name: Ongoing private placements to institutional trading firms operating outside the United States, announced April 2024 and extended
  • Investment Vehicle: Direct token sale via private placement. No early-stage instrument label is publicly disclosed.
  • Date Of Sale: 2024-04 onward, ongoing
  • Number of tokens sold: 0.5M to 1.5M WLD per week planned at announcement. World Assets sold approximately 1.8M WLD per week on average over the six months preceding the program's most recent extension.
  • Vesting Schedule: Resale restrictions preventing flowback into the United States, including lock-up periods of up to 40 days on resales by trading firms.
• Series Name: Private institutional treasury sale by World Assets, Ltd. to investors including Selini Capital, Mirana Ventures, and Arctic Digital
  • Investment Vehicle: Direct token sale. No early-stage instrument label is publicly disclosed.
  • Date Of Sale: 2024-12
  • Number of tokens sold: 59.5M WLD from treasury, equal to 0.6% of total supply.
  • Vesting Schedule: One-year lock-up followed by 3 months of daily linear unlock.
• Series Name: Market-price WLD sale by World Assets, Ltd. to Andreessen Horowitz and Bain Capital Crypto
  • Investment Vehicle: Direct token sale at market prices. No early-stage instrument label is publicly disclosed.
  • Date Of Sale: 2025-05
  • Number of tokens sold: $135M of WLD sold at market prices. World did not disclose a token count or percentage of supply.
  • Vesting Schedule: No lock-up terms are publicly disclosed.
• Series Name: Over-the-counter treasury sale by World Assets, Ltd. to four counterparties
  • Investment Vehicle: Direct token sale via OTC private placement.
  • Date Of Sale: 2026-03, first settlement on March 20, 2026
  • Number of tokens sold: Approximately 239M WLD, equal to 2.4% of total supply, sold for $65M at an average price of approximately $0.2719 per token.
  • Vesting Schedule: Tokens representing $25M of the raise are subject to a six-month lock-up. The remainder carried no lock-up.
• Series Name: Strategic locked token sale by World Foundation, first close led by Pantera Capital with Bain Capital Crypto, Eightco Holdings, Selini Capital, and Susquehanna Crypto
  • Investment Vehicle: Direct token sale via strategic private placement.
  • Date Of Sale: 2026-07, announced July 24, 2026
  • Number of tokens sold: Approximately 217.4M WLD, equal to 2.2% of total supply, sold for $52.5M.
  • Vesting Schedule: All WLD sold is subject to a 12-month lock-up.

Blockworks note: Tools for Humanity separately raised approximately $240 million in venture equity. Those raises were equity financings of the development company rather than token sales, and TFH investors were allocated locked WLD within the 13.6% TFH Investors bucket for their contributions. Including the July 2026 first close, total project funding across equity and token sales is approximately $492.5 million per the Foundation. Individual counterparties in the weekly trading firm placements, and the complete dated schedule of every historical tranche, are not publicly disclosed.

(Source: Trading Firm Sales Update, The Block April 2024, World $135M Raise, The Block March 2026, Business Wire, The Block July 2026, KuCoin News, World Whitepaper)

(a) Date & component affected

No exploit affecting the WLD token contract, token supply, tokenholder balances, minting controls, burn mechanics, or custody of token supply has occurred as of 2026-08-18.

(Source: Security Audit Reports)

(b) Exploit vector summary

Not applicable. No exploit has affected the native token.

(c) Quantified impact

No loss of tokenholder funds or protocol token supply has occurred as of 2026-08-18.

(Source: Security Audit Reports)

(d) Remediation/response taken

Not applicable to a token incident. As preventive measures, Nethermind and Least Authority audited the protocol beginning in April 2023, covering the World ID contracts, the World ID state bridge, the WLD grants contracts, the WLD ERC-20 token contract and its associated vesting wallet, and the protocol's cryptography. Of the 26 items Nethermind surfaced, 24 were fixed, one was mitigated, and one was acknowledged. The project also operates a public bug bounty program managed by Tools for Humanity covering mobile apps, smart contracts, hardware, web applications, and APIs, with rewards scaled by CVSS severity.

(Source: Security Audit Reports, Bug Bounty Program, Enhanced Bug Bounty Program)

(e) Current status

Not applicable. No token-affecting incident exists to resolve.

(f) References (optional)

(Source: Security Audit Reports, Bug Bounty Program)

Blockworks note: In May 2023, attackers used password-stealing malware to compromise the credentials of some Orb operators and access the operator dashboard. That incident affected operator accounts and did not affect the WLD token contract, token supply, tokenholder balances, minting controls, or custody of token supply.

(Source: DailyCoin)

(a) Regulatory, Legal & Tax Risks

(a) Impact of regulatory change on TGE and listings

The regulatory framework governing the protocol and WLD remains uncertain. Enforcement actions or regulatory classification decisions could halt WLD distribution or the project entirely. WLD is unavailable in New York and certain other restricted territories, and these restrictions affect token distribution, continued product availability, and venue access in affected jurisdictions.

(Source: World Risk Disclosures, User Terms and Conditions)

(b) Entity-level regulatory impact

World Foundation, together with subsidiary entities, was established to build and steward the protocol, and the relevant contracting and operating entities include World Foundation, World Assets Limited, World Chain LLC, and, for certain European users, World Network (Europe) GmbH. The protocol is experimental, under continuous development, and subject to regulatory uncertainty that could affect operations and token utility. Data protection authorities in Spain, Kenya, Brazil, Indonesia, South Korea, Hong Kong, and the Philippines have investigated, restricted, suspended, or fined aspects of the project's biometric data collection, and the project continues to engage with regulators as it expands.

(Source: World Risk Disclosures, User Terms and Conditions, CryptoRank)

(c) Tokenholder tax treatment

The tax treatment of WLD is uncertain across many jurisdictions. Purchases, sales, payments, and other token transactions can trigger withholding, income, or capital gains consequences plus reporting obligations. Compliance with applicable law is the user's responsibility, World does not provide financial, legal, or professional advice, and tokenholders are responsible for understanding their own tax obligations and consulting their own advisers.

(Source: World Risk Disclosures, User Terms and Conditions)

(d) Jurisdictional and user access restrictions

Users must be at least 18 years old, must comply with sanctions, export-control, KYC, AML, CFT, and related rules, and must not use VPNs or similar methods to evade restrictions. Users located in or resident of Cuba, Iran, Syria, North Korea, Russia, Venezuela, and the Crimea, Donetsk, Kherson, and Zaporizhzhia regions are excluded. WLD eligibility is restricted based on geography, age, and other factors, WLD is unavailable in New York and certain other restricted territories, and not all features are available in every country or language. These restrictions create the risk that users lose access to features or tokens based on jurisdiction and that the project's addressable distribution shrinks under future regulatory change.

(Source: User Terms and Conditions, Tools for Humanity User Terms, World Risk Disclosures)

(b) Protocol, Technology & Security Risks

(a) Bugs and design flaws

The protocol and WLD are experimental technologies. The underlying technology can contain flaws or fail to operate as intended, and coding errors or unintended functionalities can adversely affect WLD. The protocol depends on smart contracts spanning the World ID contracts, the World ID state bridge, the WLD grants contracts, the WLD ERC-20 token contract and its vesting wallet, and on cryptographic constructions including the Semaphore protocol, each of which is a live attack surface. Nethermind and Least Authority reviewed these components across smart contracts, cryptography, key management, information exposure, DDoS resistance, and permissions.

(Source: World Risk Disclosures, Security Audit Reports)

(b) Security measures and their limitations

The project ran pre-launch protocol audits with Nethermind and Least Authority, fixed or mitigated 25 of the 26 items Nethermind surfaced, and operates a bug bounty program covering mobile apps, smart contracts, hardware, web applications, and APIs. These measures do not guarantee uninterrupted or fully secure operation. The protocol and WLD remain exposed to malicious cyberattacks and exploitable vulnerabilities, and attacks including double-spend or 51% scenarios could materially harm tokenholders or the protocol.

(Source: Security Audit Reports, Bug Bounty Program, World Risk Disclosures)

(c) Token Economics, Unlocks & Incentive Risks

Circulating supply grows with user claims and network usage, user token claim amounts decrease over time, and governance can alter the user token emission mechanism. Supply-side risk is concentrated in three surfaces. First, TFH team and investor tokens unlock daily through the end of July 2028 under the three-year and five-year schedules adopted in July 2024. Second, a community unlock tranche covering 52.5% of total supply began vesting on July 23, 2026 at approximately 4.79 million WLD per day, although the aggregate WLD unlock rate decreased 43% in July 2026 relative to the prior schedule. Third, World Assets conducts recurring treasury sales, including weekly private placements to trading firms averaging approximately 1.8 million WLD per week over the six months preceding the program's most recent extension, the $65 million OTC sale in March 2026, and the $52.5 million locked sale in July 2026. Governance currently implemented through World Foundation can set user token amounts, the post-2038 inflation rate up to 1.5% per year, and the allocation of newly minted tokens, and changes to these parameters can adversely affect tokenholders. WLD may have no immediate monetary value, quoted market prices can be distorted by manipulative activity, and adoption or marketplace failures could leave holders unable to realize value. Protocol self-sufficiency depends on adoption of World ID fees paid in WLD by applications, and failure of that fee assumption extends the project's reliance on treasury sales.

(Source: World Whitepaper, Token Lock-Ups Extended, The Block March 2026, Trading Firm Sales Update, Introducing World ID Fees, World Risk Disclosures)