Worldcoin's Wild Rise

Weekly Recap: Unstoppable WLD, Unlockable STRK
David C David C Feb 24, 20243 min read
Worldcoin's Wild Rise

1️⃣ Worldcoin Keeps Running

OpenAI's preview of text-to-video offering Sora, Sam Altman's theorized $7 trillion raise, and strong Nvidia earnings have done wonders for Worldcoin (WLD) in the past two weeks, up ~240% overall thanks to another ~95% boost this week.

The project's first wallet, World App, also surpassed 1 million daily users. AI x Crypto has become the hottest narrative in our industry right now, with funds like Galaxy Digital and VanEck publishing their reports on why this intersection stands to be so important.

If you're an eyeball coin holders living large, it might be worth locking in your gains before massive insider token unlocks kick off in July

2️⃣ STRK Distribution and Unlock Drama

It’s been a big week of back and forth for Starknet. After officially launching their airdrop on Tuesday to more than 1.3 million users, they seemingly spent the rest of the week on defense.

On Thursday, Starkware announced an amendment to the token unlocking schedule that greatly slows the release of the 13.4% tranche of tokens originally intended to be unlocked in April. The rest will now be gradually released monthly til March 2027.

STRK responded positively to this news, jumping around ~10% in its aftermath. Also, if you’re a Bankless citizen, make sure to check your Claimables since, on average, citizens pocketed $1600 from the airdrop. Not bad. 

3️⃣ a16z's EigenLayer Investment

Everyone wants in on EigenLayer, especially Andreessen Horowitz, who announced this week they had invested $100M in Eigen Labs.

This round marks a 2x from the $50m Eigen raised in their Series A last year. The protocol now holds a total value locked (TVL) of ~$8B, nearly quadrupling in February. Before you rush to add your ETH to the pot though, it may be good to learn more about the risks of this hyped protocol and how EigenLayer approaches them.

4️⃣ Do Kwon Will Be Extradited to USA

At long last, Terraform Labs co-founder Do Kwon will be extradited to the United States to face fraud charges related to Terra’s collapse.

After being arrested in Montenegro last March for document forgery, Kwon spent four months in jail amid appeals from his lawyers. With his trial scheduled for March 25, we'll see how much of an example prosecutors attempt to make out of him. 

5️⃣ Kraken Fights Back Against SEC Overreach

On Thursday, Kraken moved to dismiss a suit the SEC had filed against them last May. Their blog outlines the timeline of the suit and what they believe to be the cause.

On May 10, 2023, Kraken testified before the House Financial Services Committee and House Agriculture Committee, calling for Congress, instead of the overreaching SEC, to make clearer laws protecting consumers and investors from the industry's grey areas. The next day, the SEC sued them, which Kraken sees as retaliation for their call for regulatory clarity. Kraken’s pushback argues that the SEC's lawsuit — claiming only that Kraken operates as an unlicensed security exchange instead of alleging fraud or consumer harm — lacks legal standing, introduces a new theory of securities, and unjustly extends the SEC’s jurisdiction. 

Overall, we can hope that this will be a rallying call for Congress to double down on developing sensible regulation. It will be in everybody’s best interest and is really not that hard.

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David C

Written by David C

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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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