Worldcoin to Shift from USD Coin to Native Tokens as Payment for Orb Operators
Summary:
Worldcoin plans to switch from USD Coin (USDC) to its native Worldcoin (WLD) tokens as payments to its Orb Operators from next month. The company indicated that this move forms part of a transitional phase following Worldcoin's official launch in July. The Worldcoin Foundation started a pilot scheme in October to test this new payment system. Currently, WLD tokens are not available to those in the U.S and some other restricted territories. The supply of WLD tokens has risen from about 100 million at launch to roughly 134 million, with the majority formed from loans to market makers.
As of next month, Worldcoin will usher in a new payment scheme for its Orb Operators – personnel responsible for eye scanning – substituting its proprietary Worldcoin (WLD) token as payment instead of the current USD Coin (USDC). An announcement on October 22 reported that Orb Operators, or autonomous ecosystem members responsible for iris scanning to receive WLD tokens, will no longer be compensated in USDC from November. Most jurisdictions will be affected by this shift.
Worldcoin stated that the decision to fully remunerate orb operators in WLD is part of a gradual change following the project's official unveiling on July 24. The Worldcoin Foundation initiated a trial scheme on October 10 to compensate a select group of operators with WLD tokens. According to Worldcoin's blog post, "By November 2023, we anticipate all Operators will be receiving their compensation exclusively in the form of WLD tokens."
It is noteworthy that Worldcoin tokens are currently impermissible for use by individuals or companies residing in the United States and some other restricted territories.
Data extracted from Worldcoin’s official analytics tool, Dune Analytics, reveals that the supply of WLD tokens has risen from around 100 million at launch to roughly 134 million at present.
Out of the 134 million WLD tokens currently in circulation, 100 million were loaned out to market makers, and the remaining 34 million were awarded to orb operators and new users as "free user grants". Worldcoin disclosed that five market-making entities received these 100 million loaned WLD tokens, set to mature on October 24, 2023. Nevertheless, Worldcoin has decided to extend these loans to December 15, offering a reduced total of 75 million WLD. According to them, "The market makers can either return the tokens or opt to purchase some or all of the remaining 25 million, as per the agreement."
Following a slight slump after its launch, the value of the native WLD token of Worldcoin has recently experienced a slight rise. On July 27, WLD hit a record high of $2.65 before witnessing a 63% decline to drop as low as $0.97 on September 13. As per the latest data from TradingView, it is currently trading at $1.64.
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Published At
10/23/2023 5:48:35 AM
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