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Worldcoin's World App Introduces Staking Feature with 10% APY

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Aug 13, 2024 pm 06:00 PM

StakingWorldapp 10% APY

Worldcoin's World App has introduced a feature allowing users to stake their Worldcoins with an annual percentage yield (APY) of 10%.

Worldcoin's World App Introduces Staking Feature with 10% APY

Worldcoin users can now stake their WLD tokens within the World App, earning an annual percentage yield (APY) of 10%, the company announced on Monday. This development is part of Worldcoin's broader effort to build a global financial and identity network, powered by biometric verification through its World ID system. The staking feature aims to provide users with a way to generate returns on their Worldcoin holdings, potentially increasing user engagement with the platform.

The World App, created by Tools for Humanity, connects with the Worldcoin ecosystem, using Ethereum protocols for digital asset transactions and identity verification. It is designed to be user-friendly, offering services like gas-free transactions for those who hold verified World IDs. The app supports several cryptocurrencies, including Worldcoin (WLD), Wrapped Ethereum, and USD Coin, among others.

Co-founded by Sam Altman, Worldcoin is building a universal identity network to help solve challenges in the era of AI. The project has faced some criticism and regulatory scrutiny, especially over its biometric data collection practices. However, Worldcoin continues to expand its offerings, including partnerships for fiat conversions and exploring collaborations with major tech companies like OpenAI.

This staking feature is likely to appeal to users interested in cryptocurrency investment opportunities, particularly those who align with Worldcoin's vision of a decentralized financial network. But the project remains a subject of debate, with concerns ranging from market manipulation to the ethical implications of biometric data usage.

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