Worldcoin Will Gradually Stop Paying Orb Operators in USDC

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Last Updated on October 23, 2023 by Bitfinsider

Following the formal launch of the project on July 24, Worldcoin (WLD) is planning to switch from paying its Orb Operators in USD Coin (USDC) to using its native Worldcoin token as early as next month.

According to a statement released by Worldcoin on October 22, its Orb Operators, who are referred to as “independent ecosystem participants” who are in charge of scanning people’s irises in exchange for WLD tokens, will stop receiving USDC payments as of November.

Most jurisdictions are anticipated to be affected by this development.

The switch to paying Orb Operators only in WLD tokens is a part of a transitional stage in the growth of Worldcoin. On October 10, the Worldcoin Foundation launched a pilot program to pay chosen operators with WLD tokens, with the goal of completing the switchover by November 2023.

The supply of the WLD token has increased from around 100 million at the time of its inception to about 134 million at the time of this announcement, according to data from Worldcoin’s official Dune Analytics dashboard.

100 million of the 134 million WLD tokens that have so far been produced have been given to market makers as loans, while the remaining 34 million have been given as “free user grants” to Orb operators and new users.

Five market-making companies received the 100 million WLD loans, which were initially due on October 24th, 2023, according to a statement from Worldcoin. Worldcoin has lowered the loan amount to 75 million WLD while extending the loan’s expiration date to December 15.

Market makers will, in accordance with the agreement, either return or buy part or all of the 25 million additional WLD tokens.

Due to privacy issues, Worldcoin has been under heightened attention in a number of nations. Other nations are looking into Worldcoin’s data practices, including the UK, France, and Germany, which have also raised privacy concerns.

Due to similar worries, Kenya had already suspended Worldcoin activity.

The Argentinean government has also opened a probe into Worldcoin’s data handling procedures. It’s vital to remember that people or businesses located in the United States and several other restricted territories were unable to purchase Worldcoin tokens as of the time of publication.

WLD was trading at $1.52 at the time of writing, according to CoinMarketCap.

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