TL;DR
- Wormhole, a leading cross-chain bridging service, is planning to release a W token and distribute 617 million tokens (6% of the total supply) to past users.
- The W token will be introduced natively on both the Solana and Ethereum networks. The specific launch date is yet to be disclosed. Close to 400,000 distinct wallets from the “community and launch” category will receive the airdrop.
- Wormhole has introduced an airdrop eligibility tool for users to verify if their wallets qualify for the upcoming drop. The W token, operating across multiple chains, is seen as a significant step in supporting protocol use and community engagement.
Wormhole, a leading cross-chain bridging service, has confirmed its plans to release a W token. The company has pledged to distribute 617 million tokens through an Airdrop, representing 6% of the token’s total supply, to past users. The W token is poised to evolve into a governance token, granting its holders the power to vote within the Wormhole DAO.
Enter the Wormhole.https://t.co/GxyfY14PyL pic.twitter.com/qlQBAjqjcO
— Wormhole (@wormholecrypto) March 6, 2024
This entity, which is yet to be launched, will be responsible for making key decisions for the platform, including determining fee structures. Wormhole is a cross-chain messaging platform that facilitates the movement of money across various blockchains, including Solana, Ethereum, Aptos, and others.
The W token is set to be natively introduced on both the Solana and Ethereum networks. However, the specific launch date remains undisclosed. The forthcoming airdrop seems to closely resemble that of Pyth, a crypto project associated with Jump Capital that serves as a data conduit for blockchains. This similarity is most evident in their website designs.
Wormhole’s Airdrop Eligibility Tool: Ensuring Fair Distribution
The Pyth airdrop was introduced with a valuation of $500 million. Wormhole formally separated from Jump in the previous November and later declared that it had secured $225 million in funding. The investors are expected to acquire more than 11% of the circulating supply of the W token.
In the end, close to 400,000 distinct wallets from the “community and launch” category will receive the airdrop. These users will be allocated 617.3 million W tokens. Out of this number, 500 million tokens will be distributed to crypto users who have used a Wormhole application on over 30 eligible chains.
The remaining tokens will be given to users of other applications and members of various crypto communities. Wormhole has introduced an airdrop eligibility tool that allows users to verify if their wallets qualify for the upcoming drop. The date for claiming the airdrop has not yet been disclosed.
W, a token that operates across multiple chains, will be available natively as an SPL20 token on Solana and an ERC-20 token on Ethereum. It will be available on these chains as well as Base, Arbitrum, and Optimism. This move by Wormhole is seen as a significant step in supporting protocol use and community engagement. It is expected to have a substantial impact on the crypto community and the future of cross-chain transactions.
