Think of a gated community that advertises itself as open to everyone, but when you check the deed records, ninety of the hundred houses belong to the same three families. That's basically what I found buried in Grayscale's Worldcoin ETF filing.
The ETF isn't really the story. The disclosure is. Top 100 wallets hold roughly 90% of circulating WLD a number that never gets much airtime in the scan your iris, join the network narrative. I kept thinking about how ETF filings force this kind of honesty that whitepapers rarely do.
It's a strange contrast next to something like Babylon, where the whole design is built around avoiding exactly this kind of concentration self-custodial BTC, no pooled custody, no single entity holding the keys. Reading Babylon's docs right after this filing made the gap more obvious, not less.
World Chain still runs on a centralized sequencer, governance sits mostly with the World Foundation Babylon's model, whatever its own adoption struggles, at least starts from a different assumption about who should hold control.
I'm not saying don't touch WLD. I'm saying the ETF exposed more than it probably meant to, and Babylon's approach is a useful mirror for spotting it.
#baby $BABY @BabylonLabs_io
The ETF isn't really the story. The disclosure is. Top 100 wallets hold roughly 90% of circulating WLD a number that never gets much airtime in the scan your iris, join the network narrative. I kept thinking about how ETF filings force this kind of honesty that whitepapers rarely do.
It's a strange contrast next to something like Babylon, where the whole design is built around avoiding exactly this kind of concentration self-custodial BTC, no pooled custody, no single entity holding the keys. Reading Babylon's docs right after this filing made the gap more obvious, not less.
World Chain still runs on a centralized sequencer, governance sits mostly with the World Foundation Babylon's model, whatever its own adoption struggles, at least starts from a different assumption about who should hold control.
I'm not saying don't touch WLD. I'm saying the ETF exposed more than it probably meant to, and Babylon's approach is a useful mirror for spotting it.
#baby $BABY @BabylonLabs_io