Transitioning to WLD: A New Phase
Worldcoin’s latest announcement reveals a decisive move towards fostering a self-sustaining ecosystem. By November, the payment to Orb Operators—individuals tasked with scanning people’s irises in return for WLD tokens—will transition from USD Coin (USDC) to Worldcoin’s native token, WLD. This change aligns with Worldcoin’s efforts to create a more autonomous financial ecosystem post its official launch on July 24.
Implications for Orb Operators
The shift from USDC to WLD means that Orb Operators, termed as “independent ecosystem participants”, will now be rewarded in the native cryptocurrency. According to the Oct. 22 announcement, this transition encapsulates most jurisdictions, aiming to complete the process by November 2023.
Changes to WLD Loan Terms
Additionally, Worldcoin has updated the terms surrounding WLD loans allocated to market makers. Initially, a total of 100 million WLD tokens were loaned to five market-making entities, with an expiration date set for Oct. 24, 2023. However, the expiration date has now been extended to Dec. 15, with a revised total of 75 million WLD. The market makers have the option to return or purchase some or all of the remaining 25 million WLD as part of the agreement.
Worldcoin’s Token Performance
The transition comes at a time when the WLD token shows signs of recovery, regaining value after a post-launch dip. From an all-time high of $2.65 on July 27, the token experienced a 63% decrease, hitting a low of $0.97 on Sept. 13. However, recent data shows a rebound, with WLD currently valued at $1.64. The move to a more self-contained ecosystem might further influence the token’s performance in the market, paving the way for a steadier growth trajectory.
The strategic shift by Worldcoin from utilizing USDC to its native WLD token for compensating Orb Operators exemplifies a maturation phase in the project’s lifecycle, aligning more closely with its foundational ethos of creating a self-sustaining ecosystem. This transition, along with the revised terms for WLD loans to market makers, not only showcases Worldcoin’s adaptive strategies but also sets a precedent for other blockchain projects on how they could manage their native tokens and ecosystem participants. As Worldcoin navigates through these changes, the crypto-community will be keenly watching the impact on WLD’s market performance and the broader adoption of Worldcoin’s innovative eye-scanning technology. The unfolding dynamics will be a test of resilience and a journey towards achieving a balanced, autonomous digital economy within the Worldcoin network.