Worldcoin Switches Operator Rewards from USDC to its Native WLD Tokens
Worldcoin, initiated by OpenAI founder Sam Altman, is undergoing a transformation in its operator reward system and token distribution, aiming for increased circulation and integration into the crypto and AI ecosystems.
Worldcoin has unveiled a substantial shift in its operator reward system, a move orchestrated by OpenAI founder Sam Altman. This initiative marks a transition from compensating operators of the Worldcoin Orb – a sophisticated hardware unit dedicated to authenticating users via iris scanning – with USDC tokens, to rewarding them in Worldcoin’s native WLD tokens starting November. This strategic alteration aims to enhance the token’s circulation, aligning with the project’s ambitious goal of establishing an extensive network.
The issuance of WLD tokens initially stood slightly above 100 million, a deliberate choice to foster network growth and reach a broad user base. The primary allocation of these tokens is set for user grants, targeting both new and existing participants. However, the operator reward revision further amplifies their distribution. Operators, pivotal in the identity verification process with their Orbs, play a crucial role in this ecosystem. Post-authentication, users in compliant regions can claim their WLD tokens through the Worldcoin app, although the exact operator earnings per scan remain confidential.
This reward restructuring is part of a broader “transitional phase” following Worldcoin’s official debut on July 24. A pilot program was introduced on October 10, applying this new payment method to a select group of operators, with the intention of encompassing all operators by November 2023. It’s noteworthy that, due to regulatory constraints, Worldcoin tokens are not accessible to U.S. residents and certain other regions.
Concerning token distribution, of the roughly 134 million WLD tokens in circulation, 100 million were initially loaned to market makers. The remaining tokens found their way to Orb operators and new users via free user grants. Initially set to be returned on October 24, 2023, Worldcoin opted to extend the deadline for the 100 million WLD loan to December 15 and reduce the loan amount to 75 million WLD, with market makers having the option to return or purchase the remaining 25 million tokens.
Since its introduction to the market, the WLD token has experienced price volatility, peaking at $2.65 on July 27 and subsequently dropping 63% to $0.97 on September 13. Despite this downturn, the token has shown resilience, recovering to a current trading price of $1.64, as per TradingView data. This pricing journey reflects the dynamic nature of cryptocurrency markets and underscores the evolving state of the Worldcoin project.
