Eyeball-scanning cryptocurrency project Worldcoin transitions operator rewards to native coin WLD
Eyeball-scanning cryptocurrency project Worldcoin, co-founded by Sam Altman, announced on Sunday that operators of the biometric imaging device Orb will receive rewards in its native coin WLD instead of USD Coin (USDC) stablecoins. The transition from USDC to WLD will be completed by next month and is not available to users in the United States.
“In November 2023, the Worldcoin Foundation expects that the transition process will be completed such that all Operators will receive WLD going forward.”
Rise in WLD Circulating Supply
In a company update, Worldcoin mentioned that the circulating supply of its native token has increased from around 100 million to just above 130 million, representing 1.34% of the total supply. The increase is attributed to Orb-verified users claiming approximately 34 million WLD in free user grants since the launch of the native token in July.
The circulating supply consists of 100 million WLD tokens in loans extended to market makers, 34.3 million in user grants claimed, and tokens received by operators as rewards. The loans are set to expire on October 24 and will be renewed until December 15 with a reduced loan amount of 75M WLD in total.
“Thus, on October 24, 2023, the market makers will return 25M WLD of the currently outstanding loan, or alternatively they may elect to purchase any amount of tokens up to the loan amount to be returned.”
Operational Challenges for Worldcoin
Last month, Sam Altman acknowledged the significant operational challenges faced by Worldcoin. He highlighted the difficulties in manufacturing the orbs and overcoming “biometrics resistance” as ongoing obstacles for the project.
Hot Take: Worldcoin Shifts Operator Rewards to Native Coin WLD
Worldcoin has announced a transition from paying operator rewards in USD Coin (USDC) stablecoins to its native coin, WLD. The change, which will be completed by next month, applies to operators of the Orb biometric imaging device. This move aims to incentivize operators with WLD tokens for verifying personhood. Worldcoin has also seen an increase in its circulating supply, with the native token supply rising from around 100 million to over 130 million. The rise is attributed to user grants, loans to market makers, and operator rewards. Despite these developments, Worldcoin still faces operational challenges, particularly related to manufacturing orbs and addressing biometrics resistance.
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