- The Wormhole team has outlined the development plan for the native W token and detailed its cross-chain integration.
- Following the token claim opening for airdrop participants, several CEXs will list the asset.
In anticipation of the W token distribution, developers of the cross-chain protocol Wormhole discussed future plans for its development and integration into various networks.
Initially, W will launch as an SPL-20 format coin on Solana. According to the roadmap, the chosen ecosystem provides “necessary scalability, low transaction costs, and fast transaction processing.”
Later, the asset will expand to all EVM networks connected to Wormhole. For secure cross-chain transitions, developers will use Wormhole Native Token Transfers (NTT) — an open-source platform for transferring tokens between blockchains without liquidity pools.
“Using NTT, projects have full control over how their digital assets behave on each blockchain, including token standards, metadata, ownership/upgradability, and custom features. Thanks to NTT, teams also maintain detailed control over security, including rate limiting, pausing, access control, and balance accounting,” explained Wormhole.
W holders will be able to lock and delegate their tokens to participate in voting.
The Wormhole decentralized autonomous organization, which will include token holders, will function as “the industry’s first multichain governance system,” available on Solana and EVM networks, including L2 solutions as they are integrated in the future.
“The goal of this approach is to maximize DAO participation by providing a seamless user interface for token holders distributed across multiple different blockchains,” emphasized protocol representatives.
Distribution and Listing
On April 3 at 14:30 (MSK/Kyiv), Wormhole will open W token claims for airdrop participants.
Reminder for this Week’s Wormhole Wednesday
W claims go live @ 11:30AM UTC on 3-April
— Wormhole (@wormhole) April 2, 2024
About 400,000 wallets are eligible for the February-announced distribution, which will receive 617.3 million W. The initial market offering across various networks will total 1.8 billion coins.
According to Wormhole’s tokenomics, 17% of tokens will be distributed to the community, 12% will go to developers, 31% will support projects within the ecosystem, and 23.3% will be allocated to the treasury.
Simultaneously, several centralized exchanges have announced the listing of the asset. Among them: Binance, Kraken, Bitget, OKX, Backpack, and Gate.io. Spot trading of W on the platforms will commence half an hour after the claim launch.
Back in November 2023, the cross-chain protocol closed a $225 million funding round, valuing the startup at $2.5 billion.
In the same month, parent company Jump Trading spun off Wormhole into a separate business.