Key Insights
- Worldcoin (WLD) project plans to switch operator rewards from USDC stablecoins to WLD tokens on October 24, increasing the token’s circulating supply.
- The move is part of an effort to create a more widespread user base by distributing the majority of WLD tokens as user grants over the coming years.
- WLD token prices fell nearly 6% to $1.52 in the past 24 hours in response to this announcement.
The Worldcoin (WLD) project has announced a major shift in its reward system. Starting October 24, operator rewards will transition from the widely recognized USDC stablecoins to the project’s native WLD tokens. This decision is expected to have a substantial impact on the circulating supply of WLD tokens within the open market.
WLD tokens to be distributed as user grants in the future
This move comes as part of Worldcoin’s ambitious and somewhat controversial strategy. When the WLD token was initially launched, it boasted a relatively modest circulating supply, slightly surpassing 100 million WLD.
According to a recent statement by Worldcoin, this deliberate approach was rooted in the project’s overarching objective: to create a global network encompassing as many individuals as possible.
The forthcoming shift in the distribution of WLD tokens is a pivotal aspect of this plan. Rather than concentrating the tokens in the hands of a select few, Worldcoin intends to distribute the majority of its WLD token supply to both new and existing users in the form of user grants, a distribution set to unfold over the years to come. This decision aligns with their vision of fostering a more inclusive and widespread user base.
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Worldcoin’s vision
Worldcoin, an identity protocol, carries the backing of none other than Sam Altman, the founder of OpenAI. The protocol operates by employing a unique hardware unit referred to as an ‘Orb.’ This specialized device is designed to perform iris scans, a process that authenticates and identifies individuals, ensuring they are indeed human.
Worldcoin’s vision extends beyond identity verification, aiming to seamlessly integrate these verified individuals into the broader realms of cryptocurrency and artificial intelligence ecosystems.
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Users who have been successfully verified by the Orb will have the opportunity to claim WLD tokens through the project’s dedicated app, provided they adhere to the regulatory frameworks in place. Meanwhile, the operators of these Orb devices were previously compensated with USDC tokens for each iris scan performed. The exact compensation structure for these operators, however, remains somewhat veiled in ambiguity.
In light of this announcement, it’s notable that the market responded to the news. In the past 24 hours, the price of WLD tokens experienced a decline of nearly 6%, with each token currently valued at $1.52.
