Worldcoin Ushers WLD for Operator Rewards, USDC Sidelined

Worldcoin Orbs operators will start receiving rewards in WLD as the project phases out USDC gradually.

Eyeballs and Worldcoins ( WLD) coming out the orb.
Created by Kornelija Poderskytė from DailyCoin
  • Worldcoin to phase out USDC in operator rewards.
  • All Orbs operators to start receiving rewards in the project’s native token.
  • Market makers have a new deadline for loan repayments.

In a move seen to bolster ecosystem maturity and enhance the circulating supply of WLD, Digital identity network Worldcoin has announced significant changes that will phase out the use of USDC in settling Orbs operator rewards.

Orbs operator rewards are paid to independent ecosystem participants who operate custom imaging devices that scan users’ eyes to enable them to access the Worldcoin project.

Worldcoin has been paying all Orbs operator rewards in USDC until October 10, when the project initiated a pilot program for rewarding select operators in WLD.  

Transitioning to WLD Operator Rewards

In a blog announcement dated October 22, Worldcoin stated that the transitional phase following the project’s official launch was nearing an end, after which all operators would start receiving their rewards in WLD tokens.

The project confirmed that the October 10 pilot program is a success, noting that the operator rewards that have already been paid out in WLD have contributed to the token’s growing supply.

In November 2023, the Worldcoin Foundation expects that the transition process will be completed such that all Operators will receive WLD going forward (subject to the “Availability” of WLD in the corresponding country).” The announcement read.

While some of Tools for Humanity’s products are available in the U.S., such as the World App and the World ID, Worldcoin reiterated that residents or companies within the country and from other “certain” restricted jurisdictions won’t be able to access WLD tokens.

Aside from ditching USDC, Worldcoin has also renewed its loan agreements with market makers.

Renewed Market Maker Loan Agreements

Per the October 22 announcement, Worldcoin Foundation’s subsidiary World Assets Ltd. entered into loan agreements totaling 100M WLD with five market makers outside the U.S.

World Assets Ltd. has pushed the deadlines for these loans from October 24, 2023, to December 15, 2023, with a total reduced loan amount of 75M WLD.

All the other loan agreements remain unchanged.

Read why Worldcoin’s CEO was recently grilled in Kenya:
Worldcoin CEO Grilled by Kenyan Parliamentary Ad Hoc Committee

Read more about the genesis of Worldcoin:
How Worldcoin Wooed Investors to Inject $115M in an Ambitious Eye-Scanning Project

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.