Worldcoin Will Start Paying Rewards To Orb Operators In WLD: The Worldcoin Foundation is making a significant change to its reward system for Orb operators, phasing out USDC rewards in favor of Worldcoin (WLD) token rewards. This move aims to strengthen the position of the token and increase its circulating supply. The transition is expected to be completed by early November, and it will not affect operators in the United States. Additionally, the organization has decided to extend its agreement with market makers, albeit with a reduction in the total loan amount. Find out more about these developments below.
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Worldcoin Foundation Phasing Out USDC Rewards
The Worldcoin Foundation has made the decision to phase out USDC rewards and transition to a new reward system for its Orb operators. This change is set to take place by early November. Previously, operators were rewarded in USDC, but the foundation’s ecosystem development fund has decided to shift towards using Worldcoin (WLD) token rewards instead. This strategic move aims to strengthen the position of the token and increase its circulating supply.
Transition to Worldcoin (WLD) Token Rewards
In an effort to enhance the value and utility of the Worldcoin token, the Worldcoin Foundation launched a pilot program on October 10, 2023, where some operators were already rewarded in WLD. This transition to token rewards is expected to be fully completed by November 2023. By utilizing the WLD token as a reward, the foundation aims to create a more sustainable and decentralized ecosystem for its network participants.
Role of Orb Operators
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Orb operators play a crucial role in the Worldcoin network by conducting retinal scans of users who wish to join. These scans help ensure the security and integrity of the network. Previously, operators were compensated with USDC, but with the shift to WLD token rewards, their contributions will be recognized and incentivized in a new way. By aligning the rewards with the native token, the foundation aims to further engage and motivate Orb operators, fostering a stronger and more dedicated community.
Pilot Program and Token Strengthening
The Worldcoin Foundation has implemented a pilot program aimed at strengthening the Worldcoin (WLD) token and its overall ecosystem. This program, launched on October 10, 2023, involves rewarding a select group of operators in WLD instead of the previous USDC rewards. By testing this new approach, the foundation seeks to assess the effectiveness of token rewards in incentivizing and motivating operators within the network.
Rewarding Operators in WLD
As part of the pilot program, the Worldcoin Foundation has chosen to reward operators with WLD tokens for their contributions to the network. This shift in reward structure not only provides operators with a new form of compensation but also aligns their incentives with the success and growth of the WLD token. By directly involving operators in the token economy, the foundation aims to foster a sense of ownership and commitment among the network participants.
Impact on Token Position and Circulating Supply
The decision to reward operators in WLD tokens has significant implications for the position and circulating supply of the token. By increasing the circulation of WLD tokens through operator rewards, the foundation aims to enhance the token’s liquidity and market presence. This strategic move can potentially attract more investors and users to the Worldcoin network, thereby increasing the overall value and utility of the token. Additionally, by reducing the reliance on USDC rewards, the foundation aims to create a more self-sustaining and decentralized ecosystem for the Worldcoin network.
Extension of Agreement with Market Makers
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The Worldcoin Foundation has recently announced an extension of its agreement with market makers, marking a significant development in the project’s growth and stability. This agreement, which was initially launched during the project’s launch phase, involves collaborating with five organizations that received a loan of 100 million WLD tokens.
Loan of 100 million WLD
As part of the agreement, the Worldcoin Foundation provided a loan of 100 million WLD tokens to the selected market makers. This strategic move aimed to facilitate liquidity and market-making activities, ensuring a smooth and efficient trading experience for WLD token holders. The loan served as a catalyst for the project’s early stages, enabling the foundation to establish a strong foundation for the token’s growth.
Extension and Reduction of Loan Amount
In a show of confidence and commitment to the project, World Assets Ltd., a subsidiary of the Worldcoin Foundation, has decided to extend the agreements with market makers. Originally set to expire on October 24, 2023, the agreements will now be extended until December 15, 2023. However, as part of this extension, there will be a reduction in the total loan amount.
Return or Buyback of Tokens
With the expiration of the agreements on October 24, 2023, market makers will be required to either return 25 million WLD tokens or engage in a buyback of the tokens. This process aims to ensure the stability and integrity of the token’s circulating supply. By reducing the circulating supply, the Worldcoin Foundation aims to create a more balanced and sustainable market for the WLD token, potentially leading to increased value and market demand.
The Worldcoin Foundation is making changes to its reward system for Orb operators, phasing out USDC rewards in favor of Worldcoin (WLD) token rewards. This transition is expected to be completed by November 2023 and aims to strengthen the position of the token and increase its circulating supply. However, the new reward system will not apply to operators in the United States. Additionally, the organization has extended its agreement with market makers, with a reduction in the total loan amount and an expected decrease in circulating supply. Stay tuned for more updates on these developments. Thank you for staying informed!
Source:: https://cozylocal.fi
Category:: Crypto
