WorldCoin to Reward Operators in WLD Token Instead of USDC – Here’s Why

The WorldCoin Foundation has announced that Orb device operators will now get paid in their own WLD tokens instead of the well-known USDC stablecoin. Previously, Worldcoin Operators, vital to the ecosystem, were remunerated in USDC during the post-launch “transitional phase”.

On October 10, the foundation created a program where certain operators received their rewards in Worldcoin (WLD), marking a serious change in the circulating supply of WLD.

According to WorldCoin.org’s blog post made on Sunday, October 22, “On October 10, 2023, the Worldcoin Foundation kicked off a pilot program, granting rewards to select Operators in WLD. Thus, as of October 10, 2023, the Operator rewards paid out in WLD are also contributing to the growing circulating supply of WLD.”

By November 2023, this transition process will be completed and all Orb operators will receive their remuneration in WLD, although this may depend on the availability of the token in the countries in question.

WLD Market Dynamics

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Since its launch on July 24, the WLD token has witnessed substantial momentum, although there are territorial restrictions – it isn’t accessible to those residing or based in the US and certain other regions. The token’s availability hasn’t stunted its growth—over 800,000 Orb-verified users have claimed roughly 34 million WLD in free grants.

This outreach initiative WorldCoin Foundation has propelled the circulating supply from an initial 100 million WLD to a staggering 134 million, which equates to 1.34% of the total 10 billion supply.

The fluctuating dynamics of WLD’s market value reveal an intricate play of supply, demand, and strategic decisions. As of October 22, 2023, the circulating supply showcased 100 million WLD in loans to market makers, about 34.3 million in user grants, and a nominal amount received by Operators. Despite its influential start, where it reached an all-time high of $3.30 on the launch day, the token value witnessed a dip, standing at $1.54 recently, marking a 5.2% drop in a day.

Ensuring market liquidity has been a priority for Worldcoin. Through its subsidiary, World Assets Ltd., the Foundation forged loan agreements with five external market makers, ensuring a steady flow of WLD tokens in exchanges outside the US.

These loan agreements, originally set to end on October 24, 2023, have seen extensions. However, they have a reduced loan quantum of 75 million WLD, impacting the circulating token amount.

This adjustment means that by October 24, market makers will reintroduce up to 25 million WLD into the ecosystem. The purchasing price of these tokens is set by a formula: $2.00 + ($0.04 * X), where ‘X’ denotes the purchased token amount divided by a million. As these loan terms alter, the circulating supply is poised for another shift, potentially reducing it by up to 25 million, contingent on the market makers’ purchasing decisions.