The Worldcoin Foundation is changing dramatically, switching from using USDC to pay its Orb Operators to the native WLD currency. The completion of this change by the end of the month will signal a significant shift in their environment. Furthermore, the foundation disclosed information regarding the increasing amount of WLD tokens in circulation, emphasizing their allocation and tactics.
The Switch from Worldcoin to WLD Payments
The Worldcoin Foundation is implementing a significant shift in the way it pays Orb Operators, the persons in charge of scanning users into the Worldcoin network, according to a business update dated October 22. This change means switching to the native WLD token and avoiding USD Coin (USDC). As early as next month, this modification is anticipated to be fully deployed, signaling a significant shift in their payment methodology.
In the meanwhile, the switch to paying Orb Operators only in WLD tokens is a transitional stage that comes when Worldcoin launches officially on July 24. Interestingly, it fits in with the project’s goal of growing its network and guaranteeing human involvement everywhere.
In an effort to increase the token’s circulation and uptake, Worldcoin, which OpenAI CEO Sam Altman co-founded, launched a test scheme as part of this shift that pays certain operators with WLD tokens. It’s crucial to remember that people and organizations that live in the US and several other restricted regions are presently unable to obtain Worldcoin tokens.
Increasing the Token Supply
The Worldcoin Foundation disclosed information about the changing supply of its WLD token in a recent release. The number of tokens in circulation has steadily increased since launch, going from about 100 million at launch to over 134 million as of the most recent data available.
Concurrently, the expansion of supply involves a distribution plan that includes several elements, such as the loaning of 100 million WLD tokens to market makers. The Worldcoin Foundation has chosen to extend the loan agreements until December 15 of this year, albeit with a lower loan amount of 75 million WLD tokens, since these loans were initially scheduled to expire on October 24, 2023. Interestingly, this addition gives market makers the choice to exchange or buy the remaining 25 million tokens according to predetermined terms.
These modifications demonstrate Worldcoin’s flexibility and dedication to adjusting its token distribution and payment systems in response to shifting market conditions.
As of October 23, the price of Worldcoin had decreased by 6.67% to $1.57, while its 24-hour volume had decreased by 2.13% to $69.22 million.