beincrypto.com
The cross-chain protocol Wormhole is gearing up to unveil its governance token, W, with an airdrop slated for April 3.
This initiative marks a significant milestone, distributing a staggering 617.3 million W tokens to over 400,000 wallets. It aims to reward early adopters and contributors across Solana, Ethereum, and various other chains.
Wormhole’s 617.3 Million Token Airdrop
Dubbed “Wormhole Wednesday,” the launch is set for 11:30 UTC on April 3. This token airdrop aims to bolster the Wormhole ecosystem, further enhancing its commitment to facilitating seamless inter-chain transactions.
“The launch of W is structured to significantly decentralize protocol stakeholders right from the start, with a supply of 10 billion tokens and an initial circulating supply of 1.8 billion distributed as SPL tokens on Solana. The allocation spans various categories, including Ecosystem & Incubation, Community & Launch, among others, ensuring a broad-based distribution that supports Wormhole’s long-term vision for success, stability, and further decentralization,” Wormhole wrote.
Adding to the anticipation, several leading crypto exchanges, including Binance, OKX, and Huobi, have declared their readiness to list the W token for spot trading starting at 12:00 UTC on April 3.
This swift move to trading platforms reflects the token’s potential and the community’s eagerness to embrace it. Still, Binance advised its users to approach the new token with caution.
“W is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility. Please ensure that you exercise sufficient risk management, have done your own research in regards to W’s fundamentals, and fully understand the project before opting to trade the token,” Binance explained.
With 1.8 billion W tokens set to circulate at launch, priced at $1.65 in pre-market trading, Wormhole is positioning the W token as a pivotal asset in the crypto space. If the price holds, the token’s market cap could soar to nearly $3 billion. Consequently, securing its place as the 50th-largest cryptocurrency by market capitalization.
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This launch is particularly noteworthy for its expansive approach, catering to the Solana SPL20 token standard and extending support to Ethereum’s ERC-20, mirroring Wormhole’s cross-chain ethos.