WLD falls 4% as Worldcoin replaces USD Coin rewards with native token for Orb operators
Worldcoin will reward Orb operators exclusively in its native WLD token, replacing the USD Coin (USDC) stablecoin, starting in November.
On Oct. 22, the Worldcoin Foundation clarified that the USDC rewards were distributed “during a transitional phase” of their project. However, operators will be rewarded with WLD tokens as this phase concludes.
The Foundation disclosed that the WLD reward program, initiated on Oct. 10, will be accessible to all operators by November. This shift is aimed at bolstering the token’s overall supply.
Dune Analytics data compiled by Worldcoin shows that the Foundation has paid out 9,500 WLD tokens as rewards to its operators since it began this initiative.
It should be noted that the availability of the WLD rewards is contingent on the token’s accessibility in the respective operator’s location. Per the statement, WLD is unavailable to businesses or people in the “United States or certain other restricted territories.”
Foundation reschedules loan settlement period for market makers
The announcement further revealed that the Worldcoin Foundation has adjusted its loan settlement timeline for its market makers.
According to the statement, the Foundation loaned five market makers 100 million WLD tokens whose settlement date is due on Oct. 24. However, this loan has now been extended to Dec. 15, 2023, at a revised rate of 75 million WLD tokens.
It added:
“The market makers will return 25M WLD of the currently outstanding loan, or alternatively they may elect to purchase any amount of tokens up to the loan amount to be returned.”
Meanwhile, the loan repayment adjustment is anticipated to impact the total number of WLD tokens in circulation, as the Foundation stated that the circulating supply may reduce by up to 25 million WLD on Oct. 24.
WLD falls 4%.
Data from CryptoSlate shows that the token has reacted negatively to news of the WLD reward payment, falling by around 4% to $1.56039 as of press time.
The digital asset, which has faced persistent challenges since its inception, achieved a record peak of $2.90 on July 24. However, despite the prevalent bullish market sentiment, it has been on a declining trajectory since then.
The project continues to face high regulatory scrutiny in several countries, including Kenya, France, and Germany, over how it handles the private data it collects.
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Filed under: Bitcoin - @ October 23, 2023 10:10 am