Worldcoin announced adjustments to the terms of its WLD loans to market makers in addition to abandoning USDC for its native token.
As of next month, Worldcoin will begin paying its Orb Operators, who are rewarded for scanning people’s eyes, with its native Worldcoin (WLD) token, transitioning out of USD Coin USDC.
Orb Operators, who are “independent ecosystem participants” entrusted with scanning people’s irises in exchange for WLD tokens, will no longer be paid in USDC beginning in November, per an announcement made by Worldcoin on October 22. The modification will affect the majority of jurisdictions.
Worldcoin explained that the decision to pay orb operators exclusively in WLD was part of a “transitional phase” following the project’s official launch on July 24. The Worldcoin Foundation launched a pilot program to pay select operators in WLD tokens on October 10.
“In November 2023, the Worldcoin Foundation expects that the transition process will be completed such that all Operators will receive WLD going forward.”
In a blog post, Worldcoin stated that the Worldcoin tokens are presently unavailable to U.S. residents and “certain other restricted territories.”
According to data from Worldcoin’s official Dune Analytics dashboard, the WLD token supply has increased from approximately 100 million at launch to around 134 million at the time of publication.
100 million of the approximately 134 million WLD tokens issued to date were distributed as loans to market makers. At the same time, the remaining 34 million were allocated to Orb operators and new users as “free user grants.
Five market-making entities received the 100 million WLD loans that were due to expire on October 24, 2023, according to Worldcoin. However, Worldcoin announced that it would extend the maturity date of these loans to December 15 with a reduction in the principal amount to 75 million WLD.
“The market makers will return or, alternatively, purchase some or all of the remaining 25 million as part of the agreement,” the announcement stated.
In recent weeks, the price of Worldcoin’s native WLD token has recovered marginally after an extended post-launch decline.
WLD attained its all-time high of $2.65 on July 27 before plummeting 63% to $0.97 on September 13. According to data from TradingView, it is presently changing hands at $1.64.
