Worldcoin Ditches USDC, Adopts WLD for Orb Operator Payments
The Worldcoin Foundation is making significant changes, moving toward paying its Orb Operators with the native WLD token rather than USDC. This shift, set to be completed by next month, marks a key transition in their ecosystem. In addition, the foundation unveiled details about the growing circulating supply of WLD tokens, highlighting their strategy and distribution.
Worldcoin’s Shift to WLD Payments
According to a company update from October 22, the Worldcoin Foundation is introducing a pivotal change in how it compensates Orb Operators, the individuals responsible for scanning people into the Worldcoin network. This shift entails moving away from using USD Coin (USDC) and transitioning to the native WLD token. This change is expected to be fully implemented as early as next month, marking a significant shift in their payment methodology.
Meanwhile, the move to pay Orb Operators solely in WLD tokens represents a transitional phase following the official launch of Worldcoin on July 24. Notably, it aligns with the project’s mission to expand its network, ensuring human participation globally.
As part of this transition, the Worldcoin, co-founded by OpenAI CEO Sam Altman, initiated a pilot program, offering select operators payments in WLD tokens, a strategic step towards enhancing the token’s circulation and adoption. However, it’s important to note that access to Worldcoin tokens is currently unavailable to individuals and entities residing in the United States and certain other restricted territories.
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Expanding Token Supply
In its recent announcement, the Worldcoin Foundation revealed insights into the evolving supply of its WLD token. Since its launch, the token’s circulating supply has witnessed steady growth, with the count rising from approximately 100 million at launch to around 134 million as of the latest data available.
Meanwhile, this supply growth comprises a distribution strategy that encompasses various components, including 100 million WLD tokens allocated as loans to market makers. As these loans were originally set to expire on October 24, 2023, the Worldcoin Foundation has opted to extend the loan agreements until December 15 of this year, although with a reduced loan amount of 75 million WLD tokens. Notably, this extension allows market makers the option to return or purchase the remaining 25 million tokens according to predetermined terms.
These changes signal Worldcoin’s adaptability and commitment to fine-tuning its token distribution and payment mechanisms to navigate evolving market dynamics.
Meanwhile, the Worldcoin price was down 6.67% to $1.57 as of writing on October 23, while its volume over the past 24 hours fell 2.13% to $69.22 million.
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