Announcement Highlights: The Worldcoin Foundation has declared its intention to transition from Circle’s USD Coin (USDC) to its proprietary WLD token as the reward for Orb operators. This significant change is slated to begin in November 2023, marking the end of what the foundation terms as a “transitional period.”
Background: Since its inception on July 24, 2023, the Worldcoin project has been compensating Orb Operators using USDC. This three-month phase, described as a “transitional period,” is drawing to a close. The foundation’s announcement emphasized, “Come November 2023, we anticipate the transition to be complete, ensuring all Operators will be rewarded in WLD.”
WLD Token Dynamics: The announcement also touched upon the impressive growth trajectory of the WLD token. Initially launched with a modest supply of nearly 100 million WLDs, the token’s circulating supply has now surged to 134 million. Out of this, 100 million WLDs have been allocated as loans to market makers, with a minor segment granted to select operators since October 10. An impressive 34.4 million WLDs have been designated as “free user grants.”
Loan Program Insights: Shedding light on its loan initiative, the Worldcoin Foundation revealed that it had entered into loan agreements with five market makers. The primary objective was to guarantee “ample liquidity for WLD on external centralized exchanges, fostering price discovery and bolstering WLD’s price stability.” Although the loan program is set to last until December 15 with a reduced total loan amount of 75M WLD, a return of 25 million WLD is expected on October 24.
