Worldcoin, known for its utilization of iris biometrics to establish a distinctive human identity database, announced this past Sunday that it is modifying the distribution of its WLD tokens in circulation and reconfiguring its market maker loan contracts. The project, initially rolled out in July, intends to reduce the loan volumes extended to market makers while transitioning the rewards for Orb operators from USDC to WLD tokens.
Adjustments in WLD Circulating Supply and Loan Conditions
The circulating supply of WLD tokens is approaching 134 million, a surge from the initial 100 million at the time of its launch. Worldcoin revealed in a Sunday update that this increment is credited to the addition of over 800,000 new and existing users, who have claimed approximately 34 million tokens via free grants. In an effort to enhance liquidity, the company had loaned 100 million WLD to a group of five market makers, a loan period that is set to expire on October 24, 2023.
The Worldcoin platform states that it has successfully registered 2.37 million unique human users.
Backed by OpenAI CEO Sam Altman, the company has decided to extend these loans to December 15, albeit reducing the total loan quantity to 75 million WLD. Starting October 24, market makers have the option to either return up to 25 million tokens or acquire them at a pre-established price, thereby impacting the circulating token supply. Rewards for those operating Worldcoin’s Orb iris scanning devices will transition from being in USDC to WLD within the upcoming month.
Worldcoin elaborated, “The WLD token was originally introduced with a comparatively modest circulating supply of just over 100 million WLD. This strategic decision was aimed at amassing as extensive a human network as possible. To fulfill this aim, a substantial portion of the WLD supply will be allocated to new and existing users through user grants in the ensuing years.”
Data Privacy and Centralization Concerns
Worldcoin maintains that its unique iris biometric database will act as a safeguard against fraudulent activities and improve accessibility to essential services such as banking and electoral processes. Nonetheless, advocates for privacy and various governmental bodies have voiced apprehensions regarding its centralized structure and data management practices. Regulatory bodies in countries like France and Kenya have registered their concerns.
Token Supply and Community Growth
Despite its rapid growth, a mere 1.34% of Worldcoin’s total token supply of 10 billion is currently in circulation. The project aims to continue its grant programs to enlarge its user base. The recent modifications are designed to diminish the influence of market makers and provide more equitable rewards to network participants.
CryptokenTop.com News has repeatedly reported that the majority of the WLD token supply is predominantly controlled by Worldcoin and market makers. As of now, 750,157 unique wallet addresses are in possession of WLD, and the uppermost 100 holders control 92.74% of the maximum supply.
Your thoughts and insights regarding Worldcoin’s most recent changes are welcome in the comment section below.
Frequently Asked Questions (FAQs) about Worldcoin Token Strategy Update
What changes is Worldcoin making to its WLD token supply and market maker loan agreements?
Worldcoin announced a revision in the distribution of its WLD tokens and its loan agreements with market makers. Specifically, the company is reducing the total amount of loans to market makers from 100 million WLD to 75 million WLD. Additionally, the rewards for Orb operators will transition from USDC to WLD tokens in the coming month.
What is the current circulating supply of WLD tokens, and how did it change from its initial launch?
The circulating supply of WLD tokens is nearing 134 million, up from 100 million at its inception. This increase is attributed to over 800,000 new and existing users who have claimed about 34 million tokens through free grants.
How many unique human users have registered with Worldcoin?
According to Worldcoin’s website, there are 2.37 million unique humans that have registered with the project.
What concerns have been raised about Worldcoin’s iris biometric database?
Privacy advocates and various governmental bodies have expressed reservations about the centralized nature of Worldcoin’s iris biometric database and its data management practices. Regulatory agencies in countries like France and Kenya have specifically voiced their concerns.
What percentage of Worldcoin’s overall token supply is currently in circulation?
As of now, only 1.34% of Worldcoin’s total token supply of 10 billion WLD is in circulation.
What is the primary aim of Worldcoin’s recent changes?
The recent modifications to Worldcoin’s token supply and market maker loan agreements aim to diminish the influence of market makers and to provide a more equitable reward structure for network participants.
Who are the dominant holders of WLD tokens currently?
According to reports from CryptokenTop.com News, the majority of the WLD token supply is primarily controlled by Worldcoin and market makers. In numerical terms, 750,157 unique wallet addresses hold WLD, and the top 100 holders command 92.74% of the maximum supply.
What is the extended date for the market maker loans?
The market maker loans, initially set to end on October 24, 2023, have been extended to December 15 of the same year.
What are the options for market makers on October 24?
Starting October 24, market makers can either return up to 25 million WLD tokens or purchase them at a predetermined price, leading to a potential decrease in the circulating supply of WLD tokens.
What key services does Worldcoin aim to enhance access to?
Worldcoin maintains that its iris biometric database will improve accessibility to essential services like banking and voting by acting as a safeguard against fraudulent activities.
More about Worldcoin Token Strategy Update
- Worldcoin Official Website
- Worldcoin’s Announcement on Token Supply and Market Maker Agreements
- CryptokenTop.com News on Worldcoin’s Token Supply
- OpenAI CEO Sam Altman
- Data Privacy Concerns Raised by Regulatory Bodies
- Worldcoin’s User Grant Program
- Market Maker Overview in Cryptocurrency
- Biometric Identity Verification
- Worldcoin’s Iris Scanners – Orb
- Decentralization Vs. Centralization Debate in Cryptocurrency