Highlights of the Announcement: The Worldcoin Foundation plans to switch from Circle’s USD Coin (USDC) to its own WLD token as the reward for Orb operators. This transition will begin in November 2023, marking the end of the “transitional period”.
Background: Since its launch on July 24, 2023, the Worldcoin project has been compensating Orb Operators with USDC. This transitional phase is nearing completion, and starting from November 2023, all Operators will be rewarded in WLD.
WLD Token Dynamics: The announcement also mentioned the impressive growth of the WLD token. Initially, there were around 100 million WLDs in circulation, but now the supply has increased to 134 million. Out of this, 100 million WLDs have been allocated as loans to market makers, and a small portion has been granted to select operators since October 10. Additionally, 34.4 million WLDs have been designated as “free user grants”.
Insights into the Loan Program: The Worldcoin Foundation revealed that it has entered into loan agreements with five market makers. The primary aim of this program was to ensure sufficient liquidity for WLD on external centralized exchanges, promote price discovery, and enhance price stability for WLD. The loan program will continue until December 15, with a reduced total loan amount of 75M WLD, and an expected return of 25 million WLD on October 24.