Worldcoin, the cryptocurrency project, has announced that it will begin paying its Orb Operators with its native Worldcoin (WLD) token, gradually phasing out USD Coin (USDC) payments. The change is expected to take effect as early as next month. Orb Operators, who are responsible for scanning people's irises in exchange for WLD tokens, will no longer receive payments in USDC. This transition is part of a larger plan following the official launch of Worldcoin in July. The Worldcoin Foundation has already initiated a pilot program to grant select operators payment in WLD tokens.
Transitioning to WLD Payments
Worldcoin aims to complete the transition process by November 2023, ensuring that all Orb Operators will be paid exclusively in WLD going forward. The decision to shift away from USDC payments is a significant step towards integrating the native token into the Worldcoin ecosystem.
Impact on Jurisdictions and Availability
The change in payment method will affect Orb Operators in most jurisdictions. However, Worldcoin tokens are currently not available to individuals or companies residing in the United States and certain other restricted territories. This limitation may impact the accessibility of WLD tokens for potential users in these regions.
Current Token Supply
According to data from Worldcoin's official Dune Analytics dashboard, the supply of WLD tokens has increased from approximately 100 million at the time of launch to around 134 million. Out of the 134 million tokens issued, 100 million were distributed as loans to market makers, while the remaining 34 million were given to Orb operators and new users as free grants.
Market Maker Loans
Five market-making entities received the 100 million WLD loans, which were initially set to expire on October 24, 2023. However, Worldcoin has extended the expiration date to December 15, with a reduced amount of 75 million WLD. The market makers will have the option to return or purchase the remaining 25 million tokens as part of the agreement.
Price Performance
The price of Worldcoin's native WLD token has experienced some fluctuations since its launch. After reaching an all-time high of $2.65 on July 27, the price dropped by 63% to a low of $0.97 on September 13. Currently, the token is being traded at $1.64.
In conclusion, Worldcoin is transitioning from USD Coin payments to its native WLD token for Orb Operators. This shift marks a significant step towards the integration of WLD into the Worldcoin ecosystem. The availability of WLD tokens is currently limited to specific jurisdictions, excluding the United States and certain restricted territories. With the gradual increase in token supply and the extension of market maker loans, Worldcoin continues to navigate the ever-evolving world of cryptocurrency.
Did you miss our previous article...
https://trendinginthenews.com/crypto-currency/bitcoin-pioneer-hal-finney-not-satoshi-nakamoto-new-analysis-suggests
