Grayscale filed an S-1 application with the SEC for a Worldcoin ETF, revealing that just 100 wallets hold approximately 90% of all circulating WLD, a level of centralization that contradicts the project’s initial promises. The filing also notes that governance remains substantially guided by the World Foundation, World Chain’s sequencer operates on a centralized basis, and governance votes have been nearly non-existent. WLD was trading near $0.40 at time of publication, down 20% year-to-date and 96% below its March 2024 peak of $11.74. The foundation had promised full decentralization by late 2026 but is not on track to meet that deadline.
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