- Wormhole to airdrop its native token W to the community.
- W will be released in ERC20 and SPL formats across five initial chains.
Wormhole, an interoperability platform, released details on its impending airdrop yesterday. The purpose of this airdrop event is to strategically distribute W tokens, the company’s new native currency, in order to grow its ecosystem.
W will be released in ERC20 and SPL formats across five initial chains, namely Ethereum, Solana, Arbitrum, Optimism, and Base, with an initial circulating quantity of 1.8 billion tokens.
Also note that rewards for EVM wallets will be consolidated under a single “EVM” category. This category covers all EVM chains.
Sei, NEAR, Kujira, and Evmos rewards will be attributed to the wallet on the other side of the cross-chain transactions.
— Wormhole (@wormholecrypto) March 6, 2024
Wormhole serves as the main connection point between Solana and other blockchains. Since then, it has grown to include over two dozen networks and handled over one billion cross-chain messages.
The announcement indicates that a sizeable portion of tokens will be used to fund community involvement and protocol use, even though it doesn’t give a precise timetable.
Users are rewarded for their community participation through airdrops. As part of the event, tokens or currencies are typically dumped into user wallets.
W has a supply of 10 billion tokens, with an initial circulating supply of 1.8 billion, distributed in ERC20 and SPL formats across 5 initial chains: Ethereum, Solana, Arbitrum, Optimism, and Base. The token will be allocated across six main categories: Guardian Nodes, Community & Launch, Core Contributors, Ecosystem & Incubation, Strategic Network Participants, and the Foundation Treasury, with 82% initially locked and set to unlock over four years. The tokenomics structure is designed to support Wormhole’s long-term success, stability, and progressive decentralization.
The cross-chain messaging platform went on to say that it took into account each user’s length of protocol engagement as well as “the cumulative volume of messages and transfers, and consistency of use throughout the protocol’s lifespan, as well as participation in applications within the ecosystem” when determining who was eligible for the airdrop.
The protocol intends to make W the governance token for its upcoming Wormhole DAO.
The Web of Web3 is powered by Wormhole, the top interoperability technology, which powers multichain apps and bridges at scale. Developers of more than 200 apps and one million unique wallets use the suite of open-source protocols to transfer different kinds of data between more than 30 blockchains.
Over 1 billion cross-chain messages have been managed by the platform for teams and applications like Pyth, Uniswap, Circle, Lido, Synthetix, and more. After financing $225 million, the cross-chain protocol was valued at $2.5 billion in November of last year. Late last year, Saeed Badreg and Anthony Ramirez of Wormhole broke away from Jump Crypto to manage the protocol on their own.
The token may be easily transferred to any network connected to the Wormhole, thanks to its multichain capability built on the Native Token Transfers (NTT) architecture.
Owners of tokens will have the ability to assign their tokens to vote on proposals for governance. At launch, delegation will be the first feature available on EVM chains, and Solana will follow shortly after.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
