- Worldcoin Foundation to reward Orb operators in WLD tokens, replacing Circle’s USDC.
- Since the launch of the WLD project, the operators have been rewarded in USDC.
- The change takes effect in November when the transitional period will come to an end.
In a recent announcement dated October 22, the Worldcoin Foundation revealed its decision to use the platform’s native token, WLD, to reward Orb operators, replacing Circle’s USD Coin (USDC). The announcement also sheds light on the unavailability of the Worldcoin (WLD) tokens to individuals or institutions in America and some other restricted regions at present.
Since the launch of the Worldcoin project on July 24, 2023, the Worldcoin Orb Operators utilizing Orbs devices, etc., were rewarded by paying in USDCs. Acknowledging these 3 months as a “transitional period”, and stating that the period is towards its end, the platform claimed that the operators will receive rewards in WLD from November 2023. The announcement read,
In November 2023, the Worldcoin Foundation expects that the transition process will be completed such that all Operators will receive WLD going forward.
The Worldcoin post highlighted the increasing supply of the WLD token since its launch. As per the post, the token started with a relatively low supply of almost 100 million WLDs. However, the token has exhibited a remarkable growth in circulating supply, currently reaching 134 million. While 100 million WLDs are distributed as loans among market makers and a small portion are provided as grants to select operators since October 10, an approximate amount of 34.4 million WLDs were provided as “free user grants”.
Further, elaborating on the loan program, the Worldcoin Foundation stated that the platform initiated loan agreements with five market makers earlier intending to ensure “sufficient liquidity for WLD traded on centralized exchanges outside the US, to facilitate price discovery and to enhance price stability of WLD.” While the loan program extends till December 15, with a reduced loan amount of 75M WLD total, the entities will return 25 million WLD on October 24.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
