Worldcoin Shifts to Rewarding Operators in WLD Tokens
Starting in November, Worldcoin will no longer use USDC stablecoins to reward its operators. Instead, it will exclusively pay them in its native WLD tokens. This change is part of a transitional phase as Worldcoin aims to increase the circulation of its token.
However, due to regulatory restrictions, WLD tokens are currently unavailable to recipients in the United States and certain other areas. The shift to WLD rewards has already caused a 4% drop in the token’s price as more supply enters the market.
Extension and Reduction of WLD Loans
Worldcoin has extended the loans provided to market makers but has reduced the amount from 100 million WLD to 75 million WLD. Originally set to expire on October 24th, these loans will now be due for repayment in December.
This adjustment in loan repayment terms may result in a reduction of up to 25 million WLD tokens from its circulating supply on October 24th.
Volatility and Regulatory Challenges
While these changes are essential for Worldcoin’s growth, they have introduced some volatility into the struggling WLD token since its mainnet launch in July. Additionally, Worldcoin is still facing bans or restrictions in multiple countries due to privacy concerns associated with its iris scanning practices.
The Pursuit of Broad Distribution
Despite regulatory hurdles, Worldcoin remains committed to building a global identity layer on the blockchain powered entirely by WLD incentives. The project prioritizes the broad distribution of its native token, even if it means enduring short-term challenges.
Hot Take: Worldcoin Shifts Rewards to Boost Token Circulation
The controversial biometrics project Worldcoin is taking a significant step towards increasing the circulation of its native WLD token. By transitioning to rewarding its operators solely in WLD tokens, the project aims to achieve broader distribution. While this move has caused a temporary decline in the token’s price, it underscores Worldcoin’s commitment to establishing a global identity layer on the blockchain. Despite facing regulatory challenges and privacy concerns, Worldcoin is forging ahead with its mission, emphasizing the importance of widespread adoption of its token. As the project enters a transitional phase, it remains to be seen how these changes will impact its long-term success.
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