Worldcoin Foundation Announces Shift to WLD Tokens for Orb Device Operators
In a significant development in the world of cryptocurrency, the Worldcoin Foundation has announced a transformative shift in the way they reward Orb device operators. As of October 10, 2023, these operators will receive their compensation in WLD tokens, moving away from the previous payout in USDC. This move is part of the foundation’s larger strategy to expand its user base and accelerate the adoption of WLD tokens.
Since the launch of the WLD token on July 24, 2023, the Worldcoin Foundation has seen remarkable growth in its token’s circulating supply. Starting with a relatively modest supply of just above 100 million WLD tokens, it has now exceeded 134 million, accounting for more than 1% of its total token supply of 10 billion tokens. This expansion has been primarily attributed to the foundation’s commitment to granting WLD tokens to new and existing users through free user grants.
The surge in circulating supply was further amplified by more than 800,000 new and existing Orb-verified users who have claimed approximately 34 million WLD in free user grants. This demonstrates the foundation’s dedication to inclusivity and achieving a network of as many human participants as possible.
A substantial portion of the circulating supply, approximately 100 million WLD, is comprised of loans extended to market makers, with the aim of ensuring liquidity for WLD trading on centralized exchanges outside of the US. To maintain this liquidity, World Assets Ltd., a subsidiary of the Worldcoin Foundation, has decided to renew its agreements with market makers, albeit with a reduced loan amount. This extension allows the market makers to continue their operations until December 15, 2023, with a reduced loan amount of 75 million WLD.
The impending renewal date on October 24, 2023, will see market makers either return 25 million WLD from the outstanding loan amount or purchase tokens equivalent to the amount to be returned. The price for this purchase is calculated based on a formula of $2.00 plus $0.04 multiplied by the number of tokens being purchased divided by one million.
Notably, this move will result in a reduction in the circulating supply of WLD by up to 25 million tokens, depending on the choices made by the market makers.
Worldcoin Operators, who play a crucial role in verifying individuals’ uniqueness and humanness through custom imaging devices called Orbs, will also see a significant change in their compensation structure. Following a transitional phase where Operator rewards were paid in USDC, a pilot program initiated on October 10, 2023, has started granting rewards to select Operators in WLD tokens. This shift marks the gradual transition toward WLD rewards for all Worldcoin Operators.
The foundation expects this transition to be completed in November 2023, provided there is sufficient availability of WLD tokens in the respective countries. This move underscores the Worldcoin Foundation’s commitment to using its native token for ecosystem participants, promoting its utility, and ensuring the growth and stability of the WLD token in the digital currency landscape.
The Worldcoin Foundation’s decision to pay Orb device operators in WLD tokens, alongside the careful management of the token’s circulating supply, represents a significant step forward in achieving their goal of creating a broad and diverse network of users and participants within the world of cryptocurrency. It will be interesting to see how these changes affect the dynamics of the WLD token and the broader cryptocurrency market in the coming months.
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