By November, all Orb operators are expected to be paid entirely in WLD instead of USDC.
Worldcoin Foundation has announced Starting in November 2023, it will pay its Orb operators in WLD tokens instead usdc Stable Coins. These operators are responsible for operating specialized imaging devices called orbs, which play a central role in WorldCoin’s cryptocurrency project.
Up to this point, Orb operators were receiving temporary compensation in USDC as part of a pilot program. However, WorldCoin has begun to make changes to its native cryptocurrency, WLD, over the past few weeks. In October, WorldCoin launched a pilot program in which selected operators began receiving WLD token rewards. By November, all Orb operators are expected to be paid entirely in the Foundation’s native token instead of USDC. It is important to note that the availability of the token is limited to certain regions and is not accessible to individuals or companies in the United States or other restricted territories. However, World ID and related services will remain available in the US
WorldCoin transition and circulating supply of WLD
WorldCoin Foundation’s change in compensation for Orb operators is in line with the project’s broader token distribution strategy. WorldCoin intentionally launched WLD with a relatively low initial circulating supply, with the goal of expanding the network by distributing tokens over time to new users through grants.
The circulating supply of WLD consists primarily of 100 million tokens lent to market makers, 34 million tokens distributed as user grants, and a small amount earned by Orb operators. WorldCoin extended the loan agreement with market makers until mid-December but reduced the loan amount to 75 million WLD. As a result, 25 million WLD could return to WorldCoin by October 24, unless market makers choose to buy some or all of that amount. This potential reduction in circulating supply is in line with WorldCoin’s move to further decentralize the token through grants, as opposed to making larger allocations to specific entities.
WorldCoin’s commitment to growing its native crypto
value of Worldcoin’s WLD It has been fluctuating between $1.4 and $1.8 since mid-September, a significant decline from its all-time high of over $5 in July. The transition to rewarding operators in the Foundation’s native token is expected to impact the price in the short and long term. By moving the rewards system from USDC to the WLD token, WorldCoin demonstrates a deep commitment and trust in its parent cryptocurrency. This change encourages Orb operators to contribute to the growth of the overall WorldCoin ecosystem.
However, this change also alerts Orb operators to the potential volatility of the WLD token price. The Foundation will need to ensure that the rewards maintain sufficient value and purchasing power for operators. As cryptocurrency projects continue to mature, such changes from stablecoins to native token compensation are likely to become more common. WorldCoin’s decision to embark on this development is noteworthy, and many will be watching closely to see how they successfully pass this milestone.
Temitope is a writer with over four years of experience writing across various fields. He has a special interest in the Fintech and Blockchain sectors and enjoys writing articles in those areas. He has bachelor’s and master’s degrees in linguistics. When he’s not writing, he trades Forex and plays video games.
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