In a groundbreaking move, the Worldcoin Foundation will phase out payments in USDC (USD Coin) for Orb Operators, opting instead to reward them with the native Worldcoin (WLD) altcoin project. This change in payment method is expected to be fully implemented early next month, marking a significant milestone for the Worldcoin project. Here are the details…
Worldcoin will start payments with altcoin WLD
Orb Operators, defined as “independent ecosystem participants” responsible for scanning individuals’ irises in exchange for WLD tokens, will no longer receive compensation in USDC starting in November, Worldcoin announced on October 22. This transition will affect most jurisdictions involved in the project. Worldcoin is justifying this change as part of a “transition phase” that begins with the project’s official launch on July 24. On October 10, the Worldcoin Foundation launched a pilot program to pay select operators in WLD tokens, setting the stage for the upcoming change.
According to the Worldcoin team, by November 2023, the full transition to compensating Orb Operators exclusively in WLD is expected to be completed. However, it is worth noting that, as highlighted in a blog post, Worldcoin tokens are currently not available to individuals and companies residing in the United States and some other restricted regions. Moreover cryptokoin.com As we reported, it is under investigation in several countries, especially the UK and Argentina. Data from Worldcoin’s official Dune Analytics dashboard reveals significant growth in WLD token supply. The supply, which was approximately 100 million tokens at launch, has increased to approximately 134 million tokens at the time of this publication.
Millions of dollars in loans to market makers
Of these approximately 134 million WLD tokens, 100 million were allocated as loans to market makers, while the remaining 34 million were distributed to Orb operators and new users through “free user grants.” Interestingly, five market-making institutions initially received the WLD 100 million loan, which will expire on October 24, 2023. However, Worldcoin decided to extend the expiration date of these loans until December 15, albeit with a reduced amount of 75 million WLD. Worldcoin’s announcement states that market makers will have the option of returning the remaining 25 million tokens or alternatively purchasing them as part of the deal. This move demonstrates Worldcoin’s commitment to fostering a thriving ecosystem and liquidity for its native token.
The price of Worldcoin’s native WLD token has shown signs of recovery in recent weeks after experiencing a post-launch decline. The altcoin dropped 63% from its all-time high of $2.65 on July 27 to $0.97 on September 13. As of the latest data from TradingView, WLD is currently trading at $1.64. In summary, Worldcoin’s transition to rewarding Orb Operators exclusively with WLD tokens has been critical.
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