Wormhole launches W token and announces airdrop for users
Wormhole, a blockchain connectivity platform, has launched its native token W and revealed its airdrop plan for users. According to a post on its website, W will have a total supply of 10 billion, with 82% of the tokens locked after issuance, leaving an initial circulating supply of 1.8 billion.
The project stated that 17% of the total supply will be allocated to the community. Of this, 11% will be unlocked and distributed at the time of the token generation event (TGE). At the time of writing, the project had already taken a snapshot of the airdrop criteria for users. W token will be used in the governance system of the Wormhole DAO. Holders can use the token to vote on various activities of the project, such as adding or removing blockchains connected to Wormhole, upgrading smart contracts, changing the fees of the projects, and more.
— Wormhole (@wormholecrypto) February 7, 2024
Wormhole is an open source blockchain development platform that connects the decentralized web. It enables secure cross-chain transfers of tokens or data, as well as on-demand queries of any on-chain data on any chain. Wormhole supports more than 30 blockchains, including Ethereum, Binance Smart Chain, Solana, Polygon, Terra, and Avalanche. Wormhole powers apps across various sectors, such as DeFi, gaming, NFTs, and governance.
Wormhole’s main competitor is LayerZero, another interoperability protocol that connects blockchains and allows developers to build seamless omnichain applications, tokens, and experiences. LayerZero relies on immutable on-chain endpoints, a configurable security stack, and a permissionless set of executors to transfer censorship-resistant messages between chains. LayerZero announced its plan to issue its token in the first half of 2024 to support the development of the projects in its ecosystem. However, the team has not yet revealed its airdrop plan for the users who have used its platform before.
Last November, Wormhole closed a $225 million funding round, netting the firm a $2.5 billion valuation. Its backers include Brevan Howard, Coinbase Ventures, Multicoin Capital and Jump Trading, among others.
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