The cross-chain protocol Wormhole, based on Solana, will conduct an airdrop of its own token, W.
— Wormhole (@wormholecrypto) February 7, 2024
Out of a total issuance of 10 billion coins, 1.8 billion W will initially enter circulation. 85% of the asset volume will be unlocked over four years.
According to the project’s tokenomics, 17% of the tokens will be distributed among the community, 12% will go to developers, 31% will support projects within the ecosystem, and 23.3% will be allocated to the treasury.
The protocol team plans to gradually transition to a decentralized form of governance. The project’s DAO is expected to take on decision-making responsibilities regarding the addition and removal of blockchain support, smart contract updates, fee adjustments, and other significant changes.
In November 2023, Wormhole closed a $225 million funding round, valuing the startup at $2.5 billion.
In 2022, the protocol lost 120,000 WETH (over $319 million at the time) due to a hack. The project owner, Jump Crypto, compensated for the loss within a day. In 2023, the protocol team recovered the stolen funds with the assistance of the DeFi platform Oasis and UK law enforcement.
Back in November 2023, the parent company Jump Trading decided to spin off Wormhole into a separate business.