Worldcoin has revealed plans to change how it compensates its “Orb Operators;” it is transitioning from using the USDC stablecoin to its native token, WLD, starting next month.
In an announcement on October 22, Worldcoin stated that this shift signifies a “transitional phase” following its mainnet launch in July 2023.
The pilot phase of the plan began on October 10 and allowed selected operators to receive WLD payments. The full transition, where all Orb operators will be compensated with WLD instead of USDC, is expected to be completed by November 2023.
Orb Operators play a pivotal role within the Worldcoin ecosystem. They manage the thousands of orbs, which are iris-scanning devices used to verify the human identity of new users and grant them WorldIDs. Additionally, operators are responsible for distributing WLD rewards to users who sign up. So far, more than 34 million WLD tokens have been distributed to verified users.
This transition to compensate operators in WLD aligns with Worldcoin’s broader objectives of increasing the utility and circulation of its native token.
In another effort to enhance token circulation, Worldcoin has announced the extension of an expiring loan of 100 million WLD tokens provided to market makers during the project’s launch. The loan’s expiration date has been pushed to December 15, with 25 million tokens slated to be returned or repurchased.
However, WLD has struggled to maintain value since launching at $0.97 in July 2023. Despite initially surging to $2.65 shortly after launch, WLD’s value has experienced a nearly 40% decline and currently trades around $1.64, according to data from TradingView.
Notably, Worldcoin’s operations have raised privacy concerns, with some prominent figures in the cryptocurrency community expressing worries about the collection of personal information, including gender, ethnicity, and medical conditions, which could compromise individual privacy.
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