July 22, 2024
Is World Mobile Token (WMT) leaving Cardano? Not Really...

Is World Mobile Token (WMT) leaving Cardano? Not Really...

The World Mobile Token (WMT) is a very good example of how to integrate blockchain technology with a decentralized infrastructure. Recently however, WMT’s multi-chain approach has sparked positive but also negative reactions within the crypto community, and especially the Cardano community.

Where the Drama Started

On June 28th, a World Mobile contractor tweeted that WMT would expand to other chains with a liquidity focus on Base, an Ethereum Layer 2 solution. Below is the protected tweet.

WMTX

This statement caused a quick panic sell among Cardano community members, who feared that their preferred blockchain was losing prominence in World Mobile’s strategy. The price of WMT saw an immediate – and rather large – dip as a result of this announcement.

WMTUSD chart

Immediate Backlash Countered

Shortly after the initial tweet, Micky Watkins, the founder of World Mobile, announced on Twitter that the information was incorrect and “do not reflect the views of World Mobile”. He stressed that World Mobile’s vision had always been to embrace a multi-chain approach, but there was no plan to focus liquidity on a specific chain. This correction quickly helped stabilize the market, and the price of WMT almost fully recovered by the next day.

Charles Hoskinson, the founder of Cardano, responded to the situation with disappointment over the statements made by the contractor. However, he soon after reiterated his support for World Mobile’s multi-chain vision, aligning it with Cardano’s philosophy of leveraging the power of partner chains.

World Mobile from its side quickly stepped in to support the Cardano founder.

Prominent Cardano community member and World Mobile advocate, ADA ape, tweeted that the panic was unwarranted and urged WMT holders to stay focused on the mission ahead. He expressed his belief that WMT has the potential to reach a top 10 position among all cryptocurrencies.

World Mobile to Announce New Token

Amidst the drama, World Mobile announced an upcoming YouTube webinar where they plan to cover WMTX, recent partnerships and growth metrics.