What is W-Coin?
Wcoin is the native cryptocurrency of the Wormhole ecosystem and is the core of the cross-chain communication protocol and infrastructure that supports the Wormhole platform. Wormhole is a leading cross-chain platform designed to enable secure and seamless data transfer between different blockchains. Wcoin plays a vital role in the governance, security, and operation of the platform and its various applications.
Project Description
Release Date: 2024-04-03
Project name: Wormhole (W)
Total number of tokens: 10 billion
Market value: 2.045 billion
24-hour trading volume: 473 million
24-hour trading volume: 656 million
Wormhole Platform Overview
Wormhole is a cross-chain communication platform designed to enable data and asset transfers between different blockchains. It operates in a secure and decentralized manner, enabling users and applications to interact seamlessly across multiple different blockchain ecosystems. By supporting the multi-chain future of Web3, Wormhole aims to create a more integrated and accessible digital economy.
Main application scenarios
Exchanges: Using Wormhole Connect, developers can set up an exchange that accepts deposits from any chain connected to Wormhole, thereby significantly increasing user liquidity.
Cross-chain voting: NFT collection owners on different networks can choose a "voting" chain and use Wormhole to transmit votes on different chains to the voting chain.
Cross-chain gaming: Game rewards can be issued on different networks like Ethereum, while performance processing runs on efficient networks like Solana.
Major financing events
Wormhole has raised $225 million at a valuation of $2.5 billion. There was no lead investor in this round, with participation from Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading. This is the largest round of funding for a cryptocurrency project in 2023.
Dan Reecer, chief operating officer of the Wormhole Foundation, said that investors’ shares will consist entirely of token warrants, rather than company equity. The financing also marks the official separation of Wormhole and Jump Crypto.
Future development plans
Since its establishment in 2021, Wormhole has become the core infrastructure of many major blockchains and projects, processing more than $35 billion in cross-chain fund transfers and more than 750 million cross-chain messages. Dan Reecer said that the company will continue to promote the construction of Web3 infrastructure and plans to launch more innovative products next year to continue to support the development of the Wormhole developer ecosystem.
Summarize
As the native cryptocurrency of the Wormhole ecosystem, W-Coin plays a key role in cross-chain communication and data transmission. As the Wormhole platform develops and becomes more widely used, the value and potential of W-Coin are also increasing. Investors should pay close attention to the dynamics of this ecosystem to seize future investment opportunities.
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