Worldcoin Foundation Plans to Transition Orb Operators’ Payments to WLD Tokens
The Worldcoin Foundation has announced its decision to transition the payments for its Orb device operators from USDC stablecoins to the native WLD tokens. This move comes as the circulating supply of WLD tokens exceeds 1% of its total token supply of 10 billion tokens.
WLD Token’s Growth in Circulating Supply
In an effort to reward orb operators for enrolling individuals into the Worldcoin network, the foundation will utilize WLD tokens instead of USDC stablecoins. The transition is expected to be completed within the next month. This development coincides with the circulating supply of WLD tokens surpassing 1% of its total supply.
Since its launch in July 2023, the circulating supply of WLD tokens has steadily increased, driven by the foundation’s focus on building a broad user network. As of October 22, 2023, the circulating supply includes 100 million WLD tokens loaned to market makers, approximately 34.3 million distributed through free user grants, and coins awarded to Orb operators as incentives.
Market Maker Extensions and Impact on Circulating Supply
The renewal of market-maker agreements, particularly with World Assets Ltd., has a significant influence on the token’s circulating supply. Initially, five international market makers were involved in these agreements during the token’s launch.
World Assets Ltd. has recently extended these loan agreements until December 15, 2023. However, the loan amount will be reduced from 100 million WLD to 75 million WLD. All other terms of the agreements remain unchanged.
As a result, on October 24, 2023, the market makers will return up to 25 million WLD of the outstanding loan. They also have the option to purchase tokens up to the amount being returned, with the price per WLD determined by a specific formula.
This renewal of market maker agreements with reduced loan amounts is expected to impact the circulating supply of WLD tokens, potentially reducing it by up to 25 million coins based on the market makers’ decisions regarding token purchases.
Hot Take: Worldcoin Foundation Transitions Orb Operators’ Payments to WLD Tokens
The Worldcoin Foundation’s decision to shift payments for its Orb device operators from USDC stablecoins to WLD tokens marks a strategic move as the circulating supply of WLD tokens surpasses 1% of its total supply. By utilizing native tokens for operator remuneration, the foundation aims to further strengthen its user network and incentivize participation in the Worldcoin network. Additionally, the extension of market maker agreements with reduced loan amounts will play a role in shaping the circulating supply of WLD tokens. This transition showcases the foundation’s commitment to fostering growth and adoption of its cryptocurrency ecosystem.
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