Wormhole (W) Initiates Stellar Airdrop & Revamps Token Plan For Next 4 Years

Following a series of recent projects, the cross-chain protocol Wormhole is the next to announce an airdrop.

According to information released late on February 07, the cross-chain solution Wormhole will utilize the token code “W,” with a maximum supply of 10 billion and an initial circulating supply of 1.8 billion USD worth of tokens.

The allocated token amount is distributed across various categories, including:

• Transaction validation node operation (5.1% – 510,000,000 W);
• Community and token issuance (17% – 1,700,000,000 W);
• Ecosystem and incubation (31% – 3,100,000,000 W);
• Core contributors (12% – 1,200,000,000 W);
• Network participants (11.6% – 1,160,000,000 W);
• Foundation treasury (23.3% – 2,330,000,000 W).

In the category allocated for the community, Wormhole sets aside 11% of tokens for the airdrop. This allocation will be unlocked immediately upon the W project’s Token Generation Event (TGE). The remaining amount (6%) will be vested over 4 months following the TGE.

Additionally, 82% of the total initial token supply will be locked up and released into the market over a 4-year period. The protocol will utilize native token formats ERC-20 and SPL.

During its tenure under Jump Trading (in 2022), Wormhole fell victim to a hacker who stole 120,000 ETH, approximately $323 million at the time. This incident also stands as one of the largest DeFi hacks in history.

Shortly thereafter, the project swiftly rebuilt its reputation and achieved significant milestones. Most notably, in November of last year, Wormhole successfully raised $225 million, bringing the company’s valuation to $2.5 billion. Participating in the funding round were Brevan Howard, Coinbase Ventures, Multicoin Capital, and Jump Trading.

In the airdrop announcement, Wormhole stated that they have processed nearly 1 billion cross-chain transactions for applications and projects such as Uniswap, Circle, and Lido.

Prior to Wormhole, the cryptocurrency market had recently received positive news from other projects such as Pyth Network (phase 2 for dApps), the game title Head of Mavia, the stablecoin protocol HAI, the layer-1 blockchain Shardeum, the derivative platform Aevo, and the DEX platform Jupiter…

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* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.