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Wormhole’s token went up by 20% after South Korean cryptocurrency exchange Upbit announced that the W token has been listed for trading on the KRW, BTC, and USDT markets.
According to data on CoinGecko, the Wormhole’s (W) token’s price surged above 20% after news of Upbit’s listing. At the time of writing, W is exchanging hands at $0.38, jumping from its previous price of $0.32. The W token has a market cap of $935 million and a total value locked of $3.2 billion.
On Oct. 2, South Korea’s largest exchange Upbit announced that it has launched Wormhole for spot trading pairs with Korean Won, Bitcoin and Tether at 18:00 UTC+8.
According to the Upbit’s release, the exchange will facilitate trading for Wormhole with sell orders at prices less than 10% of the previous day’s closing price and are restricted for approximately five minutes after trading support.
Wormhole first launched its W token as a native token on Solana and has since been listed on a number of various crypto exchanges including Binance and Kraken.
Wormhole recently launched Era3 which sets a new standard for cross-chain interoperability, making it easier for apps, tokens, networks, and institutions to go multichain. According to their website, Wormhole Era3 is the next step for connecting all crypto and bringing traditional finance on-chain.
On June 3, the protocol unveiled its governance staking feature for W token holders. The feature would allow W token holders to stake their tokens to participate in governance decisions. This helps in promoting a more decentralized and community-driven management structure.
Wormhole is a message passing protocol that connects various blockchains. It utilizes the Guardian Network for off-chain message delivery and verification, and uses its own message verification system.
Wormhole offers developers access to liquidity and users of over 30 blockchains. It has been utilized in the fields of DeFi, NFTs, governance staking, and more.