The Worldcoin Foundation, a biometric crypto project, declared that Orb device operators will soon receive payments in WLD tokens rather than USDC. This strategic shift comes as the circulating supply of WLD tokens surpasses 1% of its total 10 billion token supply. According to the blog post, out of the 134 million WLD tokens in circulation, 100 million have been allocated to market makers as loans, while 34 million have been distributed to users and Orb operators in the form of grants.
Notably, the circulating supply is set to be reduced by up to 25 million WLD as the loan matures on October 24, 2023. During the project’s launch, Worldcoin’s subsidiary, World Assets Ltd., secured loan agreements with five non-US market makers. These agreements were designed to infuse liquidity for WLD trading on global centralized exchanges and enhance the stability of WLD prices. The initial loan of 100 million WLD provided to these entities was slated to expire on October 24, 2023.
In the latest move, World Assets Ltd. has opted to extend these loan agreements until December 15, 2023, but with a reduced total loan amount of 75 million WLD. On October 24, 2023, the market makers will return 25 million WLD of the outstanding loan. Alternatively, they may choose to purchase WLD tokens up to the loan amount to be returned. Consequently, the circulating supply of WLD tokens is set to decrease by up to 25 million, contingent on the market makers’ decisions.
Worldcoin’s Controversy Gamble
Worldcoin Operators, integral participants in the ecosystem, operate Orbs, custom imaging devices developed for the Worldcoin project by Tools for Humanity [TFH]. However, the project has raised eyebrows among regulators and privacy advocates around the world for its alleged lack of transparency regarding the methods the organization is using to collect people’s data.
Despite facing backlash, the firm remains steadfast, stating that these operators play a key role in verifying individuals’ uniqueness and authenticity. During a transitional phase post-launch, operator rewards were disbursed in USDC. This transitional period is now drawing to a close, ushering in a new era where Worldcoin Operators will be rewarded in WLD tokens.
The Worldcoin Foundation’s decision to shift Orb device operator payments to WLD tokens underscores its commitment to advancing the digital currency landscape as the project continues to innovate.