Worldcoin to Start Paying Orb Operators in WLD by November
Worldcoin is phasing out USDC as early as next month.
By: Camila Russo •Crypto News
Worldcoin will start phasing out USDC to pay Orb Operators in its native WLD token as early as November, according to an Oct. 22 announcement.
This move from USDC to WLD forms part of what Worldcoin calls a "transitional phase" following the official project's roll-out on July 24.
The Worldcoin Foundation launched a pilot program in October, allocating WLD tokens as rewards to select operators. By November 2023, it anticipates completing this process such that every operator will start receiving WLD.
WLD is down 4.5% today, while ETH and BTC jump by more than 7% and 10% respectively, according to Coingecko.
Orb Operators are independent ecosystem participants who operate Orbs, devices developed by Tools for Humanity (TFH), exclusively for the Worldcoin project. Operators are rewarded for verifying the uniqueness and humanness of individuals.
Worldcoin, which wants to connect people's irises with cryptocurrency and their digital identities, was founded in 2019 by OpenAI chief executive Sam Altman, Max Novendstern, and Alex Blania, it is backed by VC Andreessen Horowitz.
Worldcoin tokens are not currently accessible to individuals or companies residing in the United States and some other "restricted territories."
WLD Market Makers
Worldcoin highlighted the growth of the WLD token from a circulating supply of roughly 100M at the time of launch to around 134 million currently. This increase is the result of distributing almost 34 million tokens to Orb Operators and new users as 'free user grants', while 100 million were offered in loans to market makers.
Five market-making entities collectively received the 100M WLD loans, originally due to expire on Oct. 24. Worldcoin plans to extend these loans until Dec. 15, but with a reduced amount of 75M WLD. This change means that market makers will either return or opt to buy some or all of the remaining 25M tokens in line with the agreement.