Thursday, July 25, 2024

Worldcoin to Stop Using USDC for Orb Operator Rewards – Here’s the Latest News. Cryptured

The Worldcoin Foundation has disclosed a significant modification to the compensation scheme for Orb device operators: they are now compensated in WLD tokens rather than the well-known stablecoin USD Coin (USDC).

The Worldcoin Operators, who contribute to the ecosystem, have been compensated in USDC throughout the “transitional phase” that followed the launch.

The Foundation is leaving the stablecoin when this period comes to a conclusion.

The Worldcoin Foundation launched a test program on October 10 where prizes are given to “select operators” in Worldcoin (WLD).

It was discovered that the circulating supply of WLD is also increased by these rewards.

The Sunday notice stated that:

“The Worldcoin Foundation anticipates that by November 2023, the transition to WLD payments for all operators will be finalized, ensuring that they are compensated solely in WLD from that point onwards.”

The Worldcoin Operators are autonomous members of the ecosystem who control specialized imaging tools called Orbs and are compensated for confirming “people’s uniqueness and humanness.”

The WLD token was introduced on July 24 and is not accessible to people or businesses based in the United States or “certain other restricted territories.”

More than 800,000 Orb-verified users have claimed over WLD 34 million in free user grants since the token launch, according to the Foundation.

It claimed that as a result, the amount of WLD in circulation increased from 100 million to 134 million, or 1.34% of the entire supply of 10 billion.

According to the Worldcoin Foundation,

“As of October 22, 2023, the circulating supply of WLD consists of three components: (a) 100 million WLD provided as loans to market makers, (b) around 34.3 million WLD claimed by users through grants, and (c) a minor portion of WLD distributed to operators as rewards.”

Red in WLD

WLD was down 5.2% in a day at the time of writing (9:15 UTC on Monday morning), and it was trading at $1.54. Over the past week and month, it has decreased by about 3% and almost 2%, respectively.

On the day of its inception, it reached an all-time high of $3.30; it has since dropped by 53%. However, it reached its all-time low of $0.97 in September; the price has increased by 59% since then.

With $207.2 million in market value, WLD is ranked 146th by CoinGecko.

In order to “ensure sufficient liquidity” for the WLD tokens traded on centralized exchanges outside of the US, a Foundation subsidiary under the name of World Assets Ltd. executed loan agreements with five market makers operating outside of the US at launch.

100 million WLD in loans were given to the five firms, and they were slated to expire on October 24.

The loan agreements have been extended by the subsidiary until December 15, with a WLD 75 million loan amount reduction.

As a result, the circulating supply will decrease this Tuesday when it returns WLD 25 million or buys a token amount equal to the loan amount to be returned.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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