Exciting changes are on the horizon for the Worldcoin Foundation as it shifts its reward system for Orb operators. In a move to strengthen its native token, Worldcoin (WLD), the organization plans to phase out USDC rewards in favor of WLD token rewards by early November. Discover more about this transition and its implications in Worldcoin Will Start Paying Rewards To Orb Operators In WLD.
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Since its launch on October 10, 2023, the Worldcoin Foundation has been piloting a program where select operators were rewarded in WLD. This strategic decision aims to bolster the token’s position and increase its circulating supply. The foundation anticipates completing the transition to the new reward system by November 2023, with the exception of operators in the United States who will not be affected due to regulatory restrictions.
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In addition to the reward system changes, the organization has also extended its agreement with market makers. Initially, five organizations received a loan of 100 million WLD during the project’s launch phase. However, World Assets Ltd., a subsidiary of the fund, has decided to extend these agreements until December 15, 2023, albeit with a reduced loan amount of 75 million WLD. As a result, a reduction in circulating supply is expected as market makers will be required to return 25 million WLD or repurchase tokens by October 24, 2023.
Stay tuned to learn more about the Worldcoin Foundation’s strategic moves and the impact they will have on the cryptocurrency landscape.
Worldcoin Foundation’s Reward System
The Worldcoin Foundation has made significant changes to its reward system for Orb operators. Previously, these operators were rewarded in USDC, but the foundation has decided to phase out USDC rewards in favor of Worldcoin (WLD) token rewards. This transition is expected to be fully completed by early November.
In October 2023, the foundation launched a pilot program where some operators were already rewarded in WLD. This strategic move aims to strengthen the position of the token and increase its circulating supply, ultimately benefiting the Worldcoin network.
It’s important to note that the new reward system will not affect operators in the United States, as the WLD token is not available to users from this jurisdiction.
Extension of Agreements with Market Makers
The Worldcoin Foundation has also decided to extend its agreements with market makers. During the project’s launch phase, five organizations received a loan of 100 million WLD. Originally, these agreements were set to expire on October 24, 2023.
However, World Assets Ltd., a subsidiary of the foundation, has made the decision to extend these agreements until December 15, 2023. Alongside the extension, the total loan amount will be reduced to 75 million WLD.
On October 24, 2023, market makers will be required to either return 25 million WLD or buy back tokens. This action is expected to result in a reduction in the circulating supply of WLD.
These developments demonstrate the Worldcoin Foundation’s commitment to optimizing its reward system and ensuring the stability and growth of the Worldcoin network.
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Pilot Program and Token Strengthening
The Worldcoin Foundation implemented a pilot program in October 2023, where some Orb operators were rewarded in Worldcoin (WLD) tokens instead of USDC. This strategic move aims to strengthen the position of the WLD token within the Worldcoin ecosystem.
Rewarding Operators in WLD
By transitioning from USDC rewards to WLD token rewards, the Worldcoin Foundation aims to align the incentives of Orb operators with the long-term success of the Worldcoin network. Rewarding operators in WLD tokens not only provides them with a direct stake in the ecosystem but also encourages their active participation and contribution to the network’s growth.
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Operators who conduct retinal scans of users wanting to join the Worldcoin network play a crucial role in maintaining the integrity and security of the network. By rewarding them in WLD tokens, the foundation recognizes their importance and incentivizes their continued dedication to the project.
Benefits of Increasing Circulating Supply
The decision to reward operators in WLD tokens also aims to increase the circulating supply of the token. By doing so, the Worldcoin Foundation expects to enhance liquidity and market participation, which can contribute to the overall stability and growth of the token.
An increased circulating supply can attract more investors and users to the Worldcoin network, as it indicates a larger pool of tokens available for transactions and participation. This can potentially lead to increased demand and trading volume, fostering a vibrant and active ecosystem around the WLD token.
Furthermore, a larger circulating supply can also help mitigate the impact of token concentration, as a wider distribution of tokens among participants can reduce the influence of individual holders on the market.
Overall, the pilot program and the decision to reward operators in WLD tokens demonstrate the Worldcoin Foundation’s commitment to strengthening the token’s position and fostering the growth and stability of the Worldcoin network.
Timeline and Impact
The transition from USDC rewards to Worldcoin (WLD) token rewards for Orb operators is expected to be completed by November 2023. This timeline allows for a smooth and gradual shift in the reward system, ensuring minimal disruption to the operations of the Worldcoin network.
Completion of Transition in November 2023
The Worldcoin Foundation has set a target to fully complete the transition to the new reward system by November 2023. This timeline allows for sufficient time to onboard operators onto the new system, provide necessary training and support, and ensure a seamless transition for all stakeholders involved.
By completing the transition in a timely manner, the foundation aims to maintain the efficiency and effectiveness of the Orb operators’ role in the network, while also aligning their incentives with the success of the Worldcoin ecosystem.
Exclusion of US Operators
It is important to note that the new reward system, which involves the use of Worldcoin (WLD) tokens, will not be applicable to operators in the United States. Due to regulatory considerations, the WLD token is not available to users from this jurisdiction.
This exclusion of US operators from the new reward system is a necessary step to ensure compliance with relevant laws and regulations. The Worldcoin Foundation is committed to operating within the legal frameworks of the jurisdictions in which it operates, and this decision reflects that commitment.
While US operators may not be directly impacted by the transition to WLD token rewards, they still play a vital role in the Worldcoin network and contribute to its overall success. Their continued involvement and support are crucial for the growth and development of the project.
Overall, the completion of the transition in November 2023 and the exclusion of US operators from the new reward system are important considerations in the ongoing evolution of the Worldcoin network and its commitment to compliance and regulatory adherence.
Extension of Agreement with Market Makers
The Worldcoin Foundation has made the decision to extend its agreements with market makers, ensuring continued support and liquidity for the Worldcoin (WLD) token. This extension reflects the foundation’s commitment to fostering a robust and thriving market for the token.
Loan Extension and Reduction
During the launch phase of the project, five organizations received a loan of 100 million WLD from World Assets Ltd., a subsidiary of the foundation. Originally, these agreements were set to expire on October 24, 2023.
However, in a strategic move, World Assets Ltd. has decided to extend the agreements until December 15, 2023. This extension provides market makers with additional time to fulfill their obligations and contribute to the liquidity of the WLD token.
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Alongside the extension, the total loan amount will be reduced to 75 million WLD. This reduction in the loan amount reflects the foundation’s careful consideration of the market dynamics and its commitment to managing the token’s supply in a responsible manner.
Return of WLD Tokens or Buyback
As part of the agreement extension, market makers will be required to either return 25 million WLD tokens or engage in a buyback process. This action is scheduled to take place on October 24, 2023.
By returning the tokens or participating in the buyback, market makers contribute to the reduction of the circulating supply of WLD tokens. This reduction can have a positive impact on the token’s value and market dynamics, potentially fostering a healthier and more sustainable market environment.
The return of WLD tokens or the buyback process demonstrates the Worldcoin Foundation’s commitment to managing the token’s supply and ensuring a balanced and efficient market for all participants.
Overall, the extension of the agreement with market makers, along with the loan reduction and the return of WLD tokens or buyback process, showcases the Worldcoin Foundation’s dedication to maintaining a vibrant and liquid market for the WLD token.
Image: Altcoin Buzz
The provided heading refers to an image from Altcoin Buzz, a popular cryptocurrency news and analysis platform. Altcoin Buzz is known for providing insights and updates on various cryptocurrencies, including Worldcoin (WLD).
While the specific details of the image are not provided, it is likely that the image is related to the Worldcoin project or the broader cryptocurrency industry. Altcoin Buzz often covers news, trends, and developments in the crypto space, offering valuable information to investors, enthusiasts, and industry participants.
Images can be powerful visual aids that complement written content, providing additional context or visual appeal. They can help convey complex ideas, showcase data, or simply enhance the overall reading experience.
As an image from Altcoin Buzz, it is possible that the image relates to the topics discussed in the previous sections, such as the Worldcoin Foundation’s reward system, the extension of agreements with market makers, or the overall impact of digital technology on various industries.
While the specific content of the image is not provided, it is important to consider the visual element as part of the overall narrative and understanding of the subject matter.
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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 early November 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 decided to extend its agreement with market makers, with a reduction in the total loan amount and an expected reduction in circulating supply. Stay tuned for further updates on these developments.
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