Wormhole’s $W Token Airdrop, What You Need to Know!

    Wormhole, the cross-chain messaging platform facilitating asset movement across various blockchains like Solana, Ethereum, and Aptos, has confirmed its intention to launch the W token. This governance asset will empower holders to participate in Wormhole DAO, an upcoming entity tasked with decision-making responsibilities, including fee structures.

    Wormhole To Airdrop 617 Million Tokens

    The W token’s distribution strategy involves allocating 617 million tokens, equivalent to 6% of the total supply, to past users. Scheduled to launch natively on the Solana and Ethereum networks, the token’s governance function will play a pivotal role within the Wormhole ecosystem.

    The decision to distribute W tokens mirrors previous initiatives, notably Pyth, another project linked to Jump Capital, evident even in their website design. Wormhole officially severed ties with Jump in November, subsequently raising $225 million in funding. Notably, financial backers are slated to receive over 11% of the W token’s circulating supply.

    Market indicators suggest significant anticipation for the upcoming airdrop, with pre-market trading data hinting at a multi-billion dollar event. Recent OTC trades recorded through Bybit show W tokens trading at 2.49 USDT, more than five times higher than a month ago in the perpetual futures market.

    What’s the tokenomics?

    The tokenomics and unlock schedule for W tokens entail an immediate release of 1.1 billion tokens, with an additional 600 million tokens set for distribution to the community over the following months. This translates to a staggering immediate airdrop value of $2.73 billion at current prices, potentially ranking among the largest in crypto history.

    While the exact airdrop date remains undisclosed, historical precedents such as Uniswap’s UNI token airdrop in September 2020, valued at $6.43 billion, indicate the potential significance of Wormhole’s upcoming distribution. However, pre-market trading prices may fluctuate, and post-listing volatility could impact token value, as seen in recent airdrop events like Starknet’s STRK. As anticipation builds, the crypto community eagerly awaits further announcements from Wormhole regarding the official airdrop date and subsequent developments.

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