Worldcoin (WLD) will recycle market maker chips to reward users and increase market circulation.

On 10/22, Worldcoin officially announced that since the launch of the WLD token on July 24, 2023, over 800,000 new users and existing Orb verified users have claimed approximately 34 million WLD tokens as free user rewards grants. The circulating supply has increased from around 100 million WLD to over 134 million WLD, accounting for 1.34% of the total supply of 10 billion. In order to reward a broader user base, Worldcoin will reclaim market maker chips and switch to paying rewards in WLD to Orb operators.

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Worldcoin to Recycle Market Maker Chips

Worldcoin has announced that in order to achieve the goal of rewarding a large number of users for free, the majority of WLD token supply will be provided in the form of grant rewards to new and existing users in the coming years.

At the time of its launch, Worldcoin, a subsidiary of World Assets Ltd. and the Worldcoin Foundation, signed loan agreements with five market makers operating outside the United States. This ensures that WLD has sufficient liquidity in trading outside the United States, promotes price discovery, and enhances the price stability of WLD. These five companies collectively received a loan of 100 million WLD chips.

According to the latest loan terms, market makers must repay or purchase 25 million WLD by October 24, 2023, with the remaining portion of the contract extended for repayment by December 15, 2023.

If market makers choose to purchase according to the agreement, the selling price of each WLD will be higher than $2, with the market price at the time of writing being only $1.66.

The purchase formula for market makers is: $2.00 + $0.04 * X, where X is the quantity of tokens being purchased, divided by one million.

Operator Rewards Now Paid in WLD

In the initial transition phase, Worldcoin paid operators with USDC for scanning the iris with ORB devices. However, this period has ended, and as of October 10, rewards are now given in the form of WLD, which has helped increase circulation.

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Worldcoin WLD Still Subject to National Restrictions

Worldcoin is far from its vision of digital identity and unconditional basic income. Due to legal restrictions, the Worldcoin WLD token is not available to residents or companies in the United States or certain other restricted areas, including Taiwan. This poses significant challenges to increasing user adoption.

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