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Wormhole confirms the W token's launch, offering previous users a 617M airdrop. The governance asset will enable voting in the Wormhole DAO.
Exploring the Role of W Token in Wormhole DAO and Its Cross-Blockchain Governance Features
The W token is slated to be a governance asset whose holders can cast votes within Wormhole DAO, an as-yet-to-be-established organization responsible for platform decisions such as fee pricing. Wormhole, a cross-blockchain messaging platform, enables funds transfer between Aptos, Solana, Ethereum, and other blockchains.
According to a webpage published on Wednesday, W will launch natively on the Solana and Ethereum networks at an unspecified date.
The forthcoming airdrop exhibits numerous similarities to Pyth, a Jump Capital-affiliated cryptocurrency project functioning as a blockchain data bridge, most notably regarding website design. This airdrop was initially valued at $500 million.
In November of last year, Wormhole formally severed ties with Jump and declared the service to have raised $225 million. According to CoinDesk, its financial backers will receive more than 11 percent of the circulating supply of W tokens.
Unveiling Wormhole's W Token Airdrop: Distribution Details and Cross-Chain Compatibility Features
Transverse chain protocol Wormhole has provided additional information regarding its forthcoming W governance token launch and airdrop. In addition to specific community initiatives, users of Ethereum, Solana, and a multitude of other blockchains can claim it.
The airdrop will ultimately be extended to approximately 400,000 distinct wallets classified under its "community and launch" category, each of which will receive 617.3 million W tokens.
Among the entire quantity, 500 million tokens shall be distributed to cryptocurrency users who have engaged with a Wormhole application on over 30 eligible chains. The remaining tokens will be available to other applications and crypto community users.
Wormhole introduced a user-facing airdrop eligibility checker to determine whether their wallets qualify for the forthcoming drop. The airdrop claim has yet to be assigned a specific date. Alongside Base, Arbitrum, and Optimism, W is a cross-chain token that will be available as both a native Solana SPL20 token and an Ethereum ERC-20 token. It will be cross-chain-compatible.
Diverse Blockchain and Application Integration in Wormhole's W-Token Airdrop and Market Outlook
The list of over 30 blockchains includes Solana and Ethereum and networks such as Avalanche, Aptos, BNB Chain, and Sui. Scaling networks for Ethereum, such as Arbitrum, Base, Optimism, and Polygon, are also included.
In contrast, the list of eligible applications includes, among others, the DeFi aggregator Jupiter and the Solana wallet and exchange Backpack. The list also includes members of the NFT projects Mad Lads, DeGods, and y00ts, as well as users of the Wormhole Discord and individuals from other communities.
Recently, pre-market trading for the W token has expanded significantly; as of Monday, token claims were trading for $2.49 each. Should the estimation hold, this category of the airdrop could have a market capitalization of nearly $4.5 billion, or more than $1.5 billion, based on the initial circulating supply of 1.8 billion tokens.
Photo: Wormhole/Blog
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