Worldcoin, the cryptocurrency project known for its innovative use of eye-scanning technology, is making significant changes to its payment system for Orb Operators.
These operators, responsible for scanning people’s irises in exchange for Worldcoin (WLD) tokens, will no longer be compensated in USD Coin (USDC) starting next month, according to an announcement made on October 22.
This shift will impact most regions where the project operates.
Worldcoin views this transition as a crucial phase in its development, following its official launch on July 24.
A pilot program initiated by the Worldcoin Foundation on October 10 already began granting selected operators payment in WLD tokens, and it aims to complete this transition process by November 2023.
Notably, Worldcoin tokens are currently unavailable to individuals and companies residing in the United States and certain other restricted territories.
Data from Worldcoin’s official Dune Analytics dashboard reveals that the supply of WLD tokens has increased from approximately 100 million at launch to around 134 million at the time of this announcement.
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Out of the 134 million WLD tokens issued, 100 million were allocated as loans to market makers, while the remaining 34 million were distributed to Orb operators and new users through free user grants.
Five market-making entities received the initial 100 million WLD loans, originally set to expire on October 24, 2023.
However, Worldcoin has decided to extend the loan expiration date to December 15, reducing the amount to 75 million WLD.
The announcement states that market makers will either return or purchase the remaining 25 million WLD tokens as part of the agreement.
Worldcoin’s native WLD token experienced a rollercoaster ride in its price since its launch.
After reaching an all-time high of $2.65 on July 27, it witnessed a 63% drop, hitting as low as $0.97 on September 13.
As of now, the token is trading at $1.64, marking a slight recovery in recent weeks, as per TradingView data.
These developments mark a significant evolution in Worldcoin’s strategy as it continues to develop its cryptocurrency ecosystem.
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