Worldcoin, the cryptocurrency project known for its plan to distribute tokens by scanning people's irises, has announced a transition away from using USD Coin (USDC) to pay its Orb operators. These operators are independent individuals responsible for iris scanning in exchange for WorldCoin (WLD) tokens. Starting in November, they will no longer be paid in USDC, marking a significant shift in how the project compensates its operators. This change will affect most jurisdictions.
According to Worldcoin, the move to pay Orb operators exclusively in WLD is part of a transitional phase following the project's official launch on July 24. To implement this change, the WorldCoin Foundation initiated a pilot program on October 10 to offer WLD tokens to selected operators. They anticipate completing the transition process by November 2023 to ensure that all operators will receive their compensation in WLD.
However, it's important to note that WorldCoin tokens are not available to individuals or companies residing in the United States and certain other restricted areas.
Worldcoin's data from its official Dune Analytics dashboard reveals that the supply of WLD tokens has grown from around 100 million at launch to approximately 134 million. Of these tokens, 100 million were allocated to market makers as loans, while the remaining 34 million were issued to Orb operators and new users as free user grants. Five market-making entities received 100 million WLD loans with a loan maturity date of October 24, 2023. However, the project decided to extend the maturity date of these loans to December 15 while reducing the amount by 75 million WLD. As part of the agreement, the market makers will return or purchase some or all of the remaining 25 million coins.
WorldCoin's native WLD token has shown signs of recovery in recent weeks after a prolonged post-launch decline. It reached an all-time high of $2.65 on July 27 but later experienced a 63% drop to $0.97 on September 13. Currently, it is trading at $1.64, according to data from TradingView.
