Crypto Project Worldcoin to Pay Orb Operators in Native Token, WLD, Phasing Out USDC Payments

Crypto Project Worldcoin to Pay Orb Operators in Native Token, WLD, Phasing Out USDC Payments

Crypto News – In addition to its shift away from using USD Coin (USDC) in favor of its native token, Worldcoin recently unveiled a series of changes to the terms of its WLD loans provided to market makers.

Worldcoin has announced plans to transition its Orb Operators – individuals rewarded for scanning people’s irises – to receive payment in its native Worldcoin (WLD) token, thereby phasing out USDC as early as the next month. The change, outlined in an announcement on October 22, impacts Orb Operators, described as independent ecosystem contributors who scan individuals’ irises in exchange for WLD tokens, and is set to take effect in most jurisdictions.

This shift from USDC to WLD payment for Orb Operators is seen as part of a transitional phase following the official project launch on July 24. As of October 10, the Worldcoin Foundation initiated a pilot program to grant select operators payment in WLD tokens, with the expectation that by November 2023, the transition process will be fully implemented for all Operators.

The official blog post also pointed out that Worldcoin tokens are currently unavailable to individuals or companies residing in the United States and certain other restricted regions.

According to data from Worldcoin’s Dune Analytics dashboard, the supply of WLD tokens has increased from around 100 million at the time of the project’s launch to approximately 134 million at the time of the announcement.

Out of the roughly 134 million WLD tokens issued, 100 million were provided as loans to market makers, while the remaining 34 million were distributed to Orb operators and new users in the form of free user grants.

Worldcoin explained that a total of five market-making entities had received the 100 million WLD loans, which were originally set to expire on October 24, 2023. However, the announcement stated that Worldcoin would extend the loan expiration date to December 15, with a reduced amount of 75 million WLD. The market makers will have the option to return or purchase some or all of the remaining 25 million tokens as part of the agreement.

The price of Worldcoin’s native WLD token has experienced a slight recovery in recent weeks following a period of decline after its initial launch. WLD reached an all-time high of $2.65 on July 27 but later dropped by 63% to a low of $0.97 on September 13. As of now, it is trading at $1.64, as per data from TradingView.