- Worldcoin intends to reward Orb Operators with WLD tokens, replacing USDC, starting next month.
- The Worldcoin Foundation has reduced the loan amount with market makers from 100 million WLD to 75 million WLD.
- Worldcoin’s transition to WLD-based compensation and adjustments to loan agreements hold the potential to drive growth.
Worldcoin (WLD) is set to make a big change in how it compensates its Orb Operators. Worldcoin has been rapidly gaining attention from the public, and this shift aims to enhance its ecosystem. Let’s delve into the details of these changes:
Rewarding Iris Scanning with WLD Tokens
In a recent announcement, Worldcoin revealed its plans to change how it rewards Orb Operators for scanning people’s irises. Instead of receiving USDC tokens, they will now be compensated with the native Worldcoin (WLD) tokens. This transition is scheduled to commence next month.
This shift not only marks a significant change for Orb Operators but also reflects the evolving dynamics in the cryptocurrency industry. Worldcoin has gained substantial traction since its launch, and this change signifies a new chapter in its development.
A Successful Launch
Worldcoin’s official debut in July 2023 was nothing short of remarkable. It quickly captured the attention of both new and existing Orb-verified users. To date, almost 800,000 users have claimed approximately 34 million WLD tokens through free user grants. This has contributed to the steady increase in the total supply of WLD tokens, which now stands at just over 134 million, representing 1.34% of the overall 10 billion token supply.
A Major Shift for Orb Operators
Starting on October 22, Worldcoin declared its intention to cease payments to independent operators who scan irises in exchange for USDC tokens, effective November. The compensation for these operators will now be exclusively in WLD tokens. This sudden shift underscores Worldcoin’s commitment to strengthening its position in the market. The Worldcoin Foundation initiated a pilot program on October 10, in which selected operators started receiving their payments in WLD tokens instead of USDC.
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Loan Agreement Revisions
Worldcoin’s subsidiary, World Assets Ltd., has decided to revise its loan agreements with five market makers. The primary objective of this revision is to reduce the loan amount from the original 100 million WLD to 75 million WLD. This alteration will remain in effect until December 15, 2023. These agreements were initially established to ensure an ample supply of WLD tokens for trading on centralized exchanges outside the United States. This move aimed to boost price discovery and enhance the stability of the token’s market price.
As part of this agreement revision, market makers have committed to returning 25 million WLD tokens on or before October 24th. Additionally, they have the option to purchase tokens up to the total loan amount to be returned. This decision will subsequently lead to a decrease in the circulating supply of WLD tokens, dependent on the number of tokens acquired by the market makers.
Conclusion
In a strategic move, Worldcoin is shifting its compensation structure for Orb Operators from USD coins to WLD tokens. Simultaneously, it is reevaluating its loan agreements with market makers to enhance liquidity and price stability. These dynamic adjustments are aimed at propelling the growth of Worldcoin and its ecosystem. It will be interesting to see where these changes take this project.
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