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.

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.

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.

A previous series of tweets from a World Mobile contractor do not reflect the views of @wmtoken.⁰⁰We have always embraced a multichain vision, continuously supported by IOHK.⁰⁰You will have the freedom to move your $WMTX across chains as you wish, including staying on…
— Mr.Telecom (@MrTelecoms) June 28, 2024

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 is the world leader in decentralized infrastructure, and we are very excited to see their technology integrate Cardano's partnerchains framework to connect the billions of unconnected throughout the world, including Gillette, Wyoming.
This initiative has always been… https://t.co/vAod6PptHX
— Charles Hoskinson (@IOHK_Charles) June 28, 2024

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

Together, we're unstoppable. 🤝 https://t.co/hJ49lWkTgg
— World Mobile (@WorldMobileTeam) June 28, 2024

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.

A lot of people celebrating the temporary, minor fall in the price of $WMT based on confusion around the expansion of #WorldMobile. It was thinly veiled attempt to pump their other bags. If you listened, let that be a lesson to you.
Bet on winners. Ignore the noise. $WMTX pic.twitter.com/YwU2Z8oKR3
— ADA ape 🌍|| "APE" (Pool) (@TheADAApe) June 28, 2024