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In a pivotal move, the Worldcoin Foundation, the driving force behind the controversial Worldcoin project, has announced a significant change in how it compensates Orb Operators.
The Worldcoin Orb Operators are the people responsible for scanning people’s irises, using custom imaging devices called Orbs, for network access.
Transition to WLD token
The Worldcoin Foundation has revealed its intention to cease payments to Orb Operators in USD Coin (USDC) and shift towards using its native token, Worldcoin (WLD).
This transition is scheduled to take effect as early as next month, marking a substantial shift in compensation for these independent ecosystem participants.
The shift towards payments in WLD will start with a pilot program initiating payments in WLD on October 10, 2023. The transition is set to conclude by November 2023, with all Operators expected to receive rewards in WLD going forward.
Worldcoin’s token growth since launch
Since the launch of the WLD token in July 2023, the circulating supply has experienced notable growth. Over 800,000 Orb-verified users have claimed approximately 34 million WLD in free user grants.
This has propelled the circulating supply from around 100 million WLD to just over 134 million, representing 1.34% of the total supply of 10 billion WLD. The goal is to foster a broader network of users and participants over time.
Market Maker agreements renewed
At the project’s outset, World Assets Ltd., a subsidiary of the Worldcoin Foundation, engaged with five market makers operating outside of the United States. These partnerships aimed to ensure liquidity, facilitate price discovery, and enhance the price stability of WLD on centralized exchanges.
Initially, these entities received loans totalling 100 million WLD, with the loans set to expire on October 24, 2023.
However, World Assets Ltd. has extended these loan agreements until December 15, 2023, albeit with a reduced loan amount of 75 million WLD. Market makers have the option to return 25 million WLD, or alternatively, they can purchase tokens based on a predetermined formula.
Worldcoin (WLD) availability restrictions
It’s important to note that Worldcoin (WLD) tokens are currently unavailable to individuals or companies in the United States and certain other restricted territories. However, the World ID and TFH’s World App remain accessible within the United States.
These developments highlight Worldcoin’s proactive efforts to address privacy concerns, adapt its payment methods, and manage the distribution of its native token as it continues to refine and expand its network of users and stakeholders.
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