The Worldcoin cryptocurrency has seen significant interest following the Worldcoin Foundation’s decision to abandon USDC and instead compensate operators with WLD.
The Worldcoin Foundation is undergoing substantial changes, shifting its approach to compensate Orb Operators using the native WLD token, replacing USDC. This transition, scheduled for completion next month, represents a pivotal development within their ecosystem.
Furthermore, the foundation has shared insights into the expanding circulating supply of WLD tokens, shedding light on their strategy and distribution.
Worldcoin Foundation Shifts Payment Method for Orb Operators
In a significant update from October 22, the Worldcoin Foundation has announced a pivotal change in how it compensates Orb Operators, the individuals responsible for scanning people into the Worldcoin network. This transformation involves moving away from using USD Coin (USDC) and making the switch to the native WLD token. The full implementation of this change is anticipated to take place as early as next month, signifying a noteworthy shift in their payment approach.
This move to exclusively compensate Orb Operators in WLD tokens is part of a transitional phase following Worldcoin’s official launch on July 24. It’s particularly noteworthy because it aligns with the project’s mission to broaden its network, ensuring global human participation.
To facilitate this transition, Worldcoin, co-founded by OpenAI CEO Sam Altman, initiated a pilot program offering selected operators payments in WLD tokens. This strategic move is aimed at enhancing the token’s circulation and adoption. It’s important to be aware that access to Worldcoin tokens is currently restricted to individuals and entities residing in the United States and certain other specific territories.
Evolving WLD Token Supply
The Worldcoin Foundation, in a recent announcement, provided insights into the changing supply of its WLD token. Since its initial launch, the circulating supply of the token has experienced gradual growth, increasing from approximately 100 million at the time of its launch to roughly 134 million in the latest available data.
This growth in supply is part of a deliberate distribution strategy that includes different components. Notably, 100 million WLD tokens were initially allocated as loans to market makers. Originally, these loans were set to expire on October 24, 2023. However, the Worldcoin Foundation has chosen to extend the loan agreements until December 15 of this year, albeit with a reduced loan amount of 75 million WLD tokens. It’s worth mentioning that this extension provides market makers with the flexibility to either return or purchase the remaining 25 million tokens based on predetermined terms.
These adjustments underscore Worldcoin’s ability to adapt and its dedication to refining its token distribution and payment mechanisms to address changing market dynamics.
Meanwhile, as of October 23, the Worldcoin price saw a 6.67% decrease to $1.57, and its trading volume over the past 24 hours dropped by 2.13% to $69.22 million.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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