Worldcoin Foundation Shifts Reward System to WLD Tokens
The Worldcoin Foundation has made a significant change in its reward system for Orb device operators. Previously, these operators were paid in USD Coin (USDC), but now they will receive their rewards in Worldcoin (WLD) tokens instead. This shift comes as the foundation moves away from using stablecoins.
Pilot Program for WLD Rewards
Starting on October 10, the Worldcoin Foundation initiated a pilot program where select operators receive their rewards in WLD tokens. These rewards also contribute to the circulating supply of WLD. The foundation expects that by November 2023, all operators will receive WLD as their reward going forward.
About Worldcoin Operators and WLD Token
Worldcoin Operators are independent participants in the ecosystem who operate custom imaging devices called Orbs. They verify people’s uniqueness and humanness and receive rewards for doing so. The WLD token was launched on July 24 and is not available to individuals or companies located in the United States or certain other restricted territories.
Growth of Circulating Supply
Since the token launch, over 800,000 Orb-verified users have claimed approximately 34 million WLD in free user grants. This has resulted in the growth of the circulating supply from 100 million WLD to 134 million WLD.
WLD Price Update
As of now, the price of WLD is down 5.2% in a day, trading at $1.54. It has experienced a decline of nearly 3% over the past week and almost 2% over the past month. Since its launch, WLD reached an all-time high of $3.30 and an all-time low of $0.97.
Loan Agreements and Circulating Supply
World Assets Ltd., a subsidiary of the Worldcoin Foundation, signed loan agreements with five market makers at launch to ensure liquidity for WLD tokens traded on centralized exchanges outside the US. These entities received loans of 100 million WLD, which were set to expire on October 24. However, the loan agreements have been extended until December 15, with a reduced loan amount of 75 million WLD.
Hot Take: Worldcoin Adjusts Reward System, Embracing Its Native Token
The Worldcoin Foundation’s decision to shift its reward system from USDC to WLD tokens marks an important step in the platform’s development. By utilizing its native token, Worldcoin aims to strengthen its ecosystem and align its incentives with the growth of WLD. This transition will not only benefit the operators but also contribute to the circulating supply of WLD. As Worldcoin continues to evolve and expand globally, it faces regulatory challenges and strives to maintain sufficient liquidity for its token. Despite these hurdles, the foundation remains committed to its mission of verifying people’s uniqueness and humanness through its Orb devices.
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