Key Points:
- Worldcoin Foundation shifts Orb operator rewards from USDC to native WLD tokens in November 2023.
- WLD token’s circulating supply has significantly increased from 100 million to 134 million since its inception.
- Worldcoin’s loan program with market makers aims to ensure liquidity and price stability for WLD on exchanges.
Worldcoin Foundation has announced it transitioning from rewarding Orb operators with Circle’s USD Coin (USDC) to its native token, WLD. This change, set to take effect in November 2023, marks the end of what the foundation terms as a “transitional period.”
The Worldcoin project, introduced to the crypto community on July 24, 2023, had initially adopted USDC as the reward currency for its Orb operators. These operators, responsible for utilizing the Orb devices, have received their incentives in USDC for the past three months. However, this practice will soon be a thing of the past. Starting next month, all rewards will be disbursed as WLD tokens.
WLD Token’s Rapid Growth and Distribution
This decision comes after the Worldcoin Foundation observed the WLD token’s performance since its inception. Initially, the token had a modest circulating supply of around 100 million WLDs. Impressively, this figure has surged to 134 million in just a few months. Out of this, 100 million WLDs have been allocated as loans to market makers, while a minor fraction has been granted to select operators. Since October 10, 34.4 million WLDs have been distributed as “free user grants.”
Loan Program Details and Regional Restrictions
Diving deeper into the loan program’s specifics, the Worldcoin Foundation had earlier entered into loan agreements with five market makers. The primary objective behind this initiative was to guarantee ample liquidity for WLD when traded on centralized exchanges outside the United States. This was seen as a crucial step to aid in the price discovery process and bolster the WLD token’s price stability. As the loan program continues until December 15, the total loan amount will be reduced to 75 million WLD. Notably, 25 million WLD will be returned by the entities on October 24.
It is important to note that Worldcoin (WLD) tokens are now unavailable to individuals or institutions in America and certain other restricted regions. The Worldcoin Foundation is likely taking cautious steps to ensure compliance with regulatory standards and secure the network’s future.
Conclusion
The Worldcoin Foundation’s shift from USDC to WLD as the reward for Orb operators indicates their confidence in the native token’s potential. As the crypto world watches closely, it remains to be seen how this transition impacts the overall ecosystem of Worldcoin and its stakeholders.
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