The cross-chain protocol Wormhole, based on Solana, has distributed 617.3 million W tokens across 397,704 wallets as part of an airdrop.
Enter the Wormhole.https://t.co/GxyfY14PyL pic.twitter.com/qlQBAjqjcO
— Wormhole (@wormholecrypto) March 6, 2024
The assets represent 6.17% of the total issuance of 10 billion coins. The initial market offering consists of 1.8 billion W, distributed in ERC-20 and SPL formats across five networks: Ethereum, Solana, Arbitrum, Optimism, and Base. The remaining 82% of tokens will be gradually unlocked over four years.
The initial airdrop aims to encourage user activity within the ecosystem (500 million W) and community participants (117.3 million W).
According to the statement, priority criteria included the duration of interaction with the protocol, the volume of messages and transfers, and the consistency of using Wormhole throughout its operation.
The team took a snapshot on March 6. At that time, the protocol was connected to 30 blockchains and over 200 applications.
Wormhole described the airdrop as a step towards further decentralization. Users will be able to delegate their tokens to vote on governance proposals. Initially, this feature will be available in EVM networks and will soon be introduced on Solana.
In the future, the project’s DAO is expected to take on the responsibility of making decisions regarding the addition and removal of blockchain support, smart contract updates, fee adjustments, and other significant changes.
The Wormhole team announced the airdrop in February. According to the tokenomics outlined at that time, the project’s coin will be distributed across six main categories:
- nodes (5.1%);
- community (17%);
- ecosystem support programs (31%);
- developers (12%);
- strategic partners (11.6%);
- treasury (23.3%).
In November 2023, the cross-chain protocol closed a $225 million funding round, valuing the startup at $2.5 billion.
Prior to this, the trading company Jump Trading spun off Wormhole into an independent business.