The Worldcoin Foundation has announced its plans to strategically transition its Orb device operators’ payments from USDC to the native WLD tokens. This decision comes as the circulating supply of WLD tokens surpasses 1% of its total token supply of 10 billion tokens. WLD Token’s Rise to 1% Circulating Supply The Worldcoin Foundation intends to remunerate orb operators responsible for enrolling individuals into the Worldcoin network by utilizing WLD tokens instead of USDC stablecoins. According to the announcement, the foundation expects to finalize this transition within the coming month. This development coincides with the WLD token’s circulating supply surpassing 1% of its total supply of 10 billion tokens. Since its launch on July 24, 2023, the circulating supply of
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The Worldcoin Foundation has announced its plans to strategically transition its Orb device operators’ payments from USDC to the native WLD tokens.
This decision comes as the circulating supply of WLD tokens surpasses 1% of its total token supply of 10 billion tokens.
WLD Token’s Rise to 1% Circulating Supply
The Worldcoin Foundation intends to remunerate orb operators responsible for enrolling individuals into the Worldcoin network by utilizing WLD tokens instead of USDC stablecoins.
According to the announcement, the foundation expects to finalize this transition within the coming month. This development coincides with the WLD token’s circulating supply surpassing 1% of its total supply of 10 billion tokens.
Since its launch on July 24, 2023, the circulating supply of the WLD token has consistently grown from over 100 million WLD, driven by the Foundation’s dedication to establishing an extensive user network.
As of October 22, 2023, the circulating supply includes 100 million WLD tokens loaned to market makers, approximately 34.3 million distributed through free user grants, and a portion of coins awarded to Orb operators as incentives.
Market-maker agreements, particularly the renewal of agreements with World Assets Ltd., a subsidiary of the Worldcoin Foundation, play a significant role in influencing the token’s circulating supply. Initially, they made deals with five international market makers during the token’s launch.
A Closer Look at Market Maker Extensions
Initially, the market makers were granted loans amounting to 100 million WLD, with an expiration date of October 24, 2023, as specified in the Worldcoin Whitepaper.
In a recent decision, World Assets Ltd. has extended these loan agreements until December 15, 2023. However, the loan amount will be reduced to 75 million WLD, while all other terms of the agreements remain unchanged.
As a result, on October 24, 2023, the market makers will return up to 25 million WLD of the outstanding loan. Additionally, they can purchase any quantity of tokens up to the amount being returned.
The following formula will determine the price per WLD for this purchase: $2.00 + ($0.04 * X), where X represents the number of tokens being purchased divided by one million.
This renewal of market maker agreements with reduced loan amounts is expected to impact the circulating supply of WLD tokens, reducing it by up to 25 million coins, depending on the market makers’ decisions regarding token purchases.