Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Worldcoin is preparing to start compensating its Orb Operators — individuals rewarded for scanning people’s irises — with its native Worldcoin (WLD) token, discontinuing the use of USD Coin (USDC) as soon as next month.
As stated in an announcement on Oct. 22, Worldcoin indicated that Orb Operators — described as “independent ecosystem participants” responsible for scanning individuals’ irises in exchange for WLD tokens — will stop receiving payments in USDC beginning in November. This change will impact most regions.
Worldcoin explained that the decision to fully compensate orb operators in WLD is part of a “transitional phase” following the official launch of the initiative on July 24. On Oct. 10, the Worldcoin Foundation initiated a pilot program to provide selected operators with payments in WLD tokens.
“In November 2023, the Worldcoin Foundation anticipates that the transition process will be finalized so that all Operators will receive WLD moving forward.”
In the blog post, Worldcoin highlighted that the Worldcoin tokens are presently unavailable to individuals or entities residing in the United States, as well as “certain other restricted territories.”
Data from Worldcoin’s official Dune Analytics dashboard reveals that the supply of the WLD token has increased from roughly 100 million at launch to about 134 million at the time of this report.
The current circulating supply of Worldcoin (WLD) tokens. Source: Dune Analytics
Related Posts
Out of the approximately 134 million WLD tokens issued to date, 100 million were allocated as loans to market makers, while the remaining 34 million were distributed to Orb operators and new users as “free user grants.”
Related: Parliamentary committee calls for shutdown of Worldcoin in Kenya
According to Worldcoin, a total of five market-making entities received the 100 million WLD loans, which were set to expire on Oct. 24, 2023. However, Worldcoin announced that it would extend the expiration date of these loans to Dec. 15, with a reduced total of 75 million WLD.
“The market makers will return or, alternatively, purchase some or all of the remaining 25 million as part of the agreement,” the announcement stated.
The price of Worldcoin’s native WLD token has experienced a slight recovery in recent weeks after a somewhat extended post-launch decline.
WLD achieved an all-time high of $2.65 on July 27, before dropping 63% to a low of $0.97 on Sept. 13. It is currently trading at $1.64 according to data from TradingView.
Worldcoin reached its all-time high in late July before declining to as low as $0.97. Source: TradingView
AI Eye: Real uses for AI in crypto, Google’s GPT-4 rival, AI edge for bad employees
