The overall market has been weak and falling in the past two days. Although the big bitcoin didn't fall much, some copycat stocks fell sharply. If you are very emotional when the market is falling or there is a big market, it only means that your investment portfolio is not allocated well.
If conditions allow for fund allocation, I think the best investment portfolio is the 721 portfolio, 70% Bitcoin/Ethereum spot, 20% buying fake spot or low leverage for Alpha, and 10% playing on-chain Alpha, so that we can calmly deal with various situations. Similar market trends.
Still the same saying: buy when no one cares, sell when there is a lot of buzz. If you want to say that the bull market is over, I don’t think that’s the case. It’s just a normal correction.
Today, Binance listed Wormhole (W) and added a seed tag to it, which will be launched in the Solana ecological zone and Web3 zone. Details are as follows:
Recharge opening time: Already open
Trading opening time: April 3, 2024 20:00 (UTC+8)
Withdrawal opening time: 21:00 on April 4, 2024 (UTC+8)
Project Introduction
Wormhole is a universal messaging protocol that was first launched in October 2020 and aims to enable developers to build native cross-chain applications covering multiple chains. Wormhole started as a hackathon project with the goal of finding a solution that enables blockchains to "communicate with each other."
Wormhole was originally incubated and supported by Jump, and its first version (Wormhole V1) focused on building a two-way token bridge between Ethereum and Solana. As the project has grown, Wormhole has evolved into a general messaging protocol that connects multiple chains in the ecosystem.
This evolution is consistent with its broader vision to become the base layer for developers to build diverse cross-chain applications. As a result, Wormhole V1 was phased out and the Wormhole Gateway protocol was launched in August 2021.
Through IBC-based liquidity routing, Gateway is able to achieve seamless connectivity between more than 30+ blockchains and the Cosmos ecosystem for liquidity and users. At the same time, the security and sovereignty of Wormhole are further improved.
What is Gateway
Wormhole Gateway is an application-specific blockchain built on the Cosmos SDK. It provides a way to bridge non-native assets into the Cosmos ecosystem and serves as a unified source of liquidity across the Cosmos chain.
In other words, through Gateway, Cosmos can access seamless cross-chain liquidity (30+ mainstream blockchains) and message routing through a simple IBC integration.
The working principle of Gateway can be briefly summarized as:
- When a user wishes to transfer tokens to the Cosmos chain, the tokens are locked on the Gateway.
- New, fungible ICS-20 tokens are minted on the Gateway and sent to the target chain.
Since Gateway is compatible and complementary to IBC, the resulting ICS-20 assets can be sent from Gateway to any Cosmos chain and achieve efficient, secure, and fast circulation and transfer between these chains through IBC, providing cross-Cosmos chain unified mobility.
core organizational structure
The core organizational structure of Wormhole is based on the PoA (Proof of Authority) mechanism and consists of a group of trusted entities called Guardians. These Guardians are not randomly selected, but well-known entities with capital and reputation endorsement.
Currently, Wormhole’s Guardian network consists of 19 members, including well-known companies such as Chorus One, Everstake, Figment, and xLabs.
ecosystem
The Wormhole ecosystem is mainly divided into three parts: Guardians, connected public chain partners, and other partners
In addition, Wormhole is also actively expanding cooperation with other cross-chain protocols, such as establishing a partnership with Circle CCTP.
At the same time, Wormhole has also launched multiple funding programs, including Cross-Chain Ecosystem Fund, xGrant program, Wormhole Base Camp Accelerator, etc., aiming to promote the growth and innovation of the ecosystem.
Financing
On November 29, 2023, Wormhole completed US$225 million in financing at a valuation of US$2.5 billion. There was no leading investor in this round of financing, consisting of Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading participation. This is also the largest round of financing for a cryptocurrency project in 2023.
In addition to raising $225 million, the team behind Wormhole also announced the formation of a new company, Wormhole Labs, to assist in the development of the new protocol.
Token Economics
Token Code: $W
Max Supply: 10,000,000,000
Initial circulating supply: 1,800,000,000
Token formats: Native ERC20 and SPL (using Wormhole’s native token transfer standard)
Lockup: 82% of $W tokens are initially locked up, which will be unlocked over four years according to the token release schedule below.
$W will be distributed across the following six categories:
5.1% of tokens (510 million) will be allocated to Guardian nodes
17% (1.7 billion) will be allocated to the community and startup
31% (3.1 billion) will be used for ecosystem and incubation
12% (1.2 billion) will be allocated to core contributors
11.6% (1.16 billion) will be allocated to strategic network participants
23.3% (2.33 billion coins) will be allocated to the foundation treasury
Token Release Plan
Token Empowerment
Consider the following examples of potential applications that wormholes could enable today:
Cross-chain exchanges: Using Wormhole Connect, developers can build an exchange that allows deposits from any Wormhole-connected chain, dramatically increasing the liquidity available to users.
Cross-chain governance: If a set of NFT collections on different networks wants their holders to vote on a merge proposal, they can choose a 'voting' chain and use Wormhole to communicate votes on different chains to the voting chain.
Cross-chain games: Games can be built and played on high-performance networks such as Solana, and rewards can be issued as NFTs on different networks (such as Ethereum).
Price prediction
Comparing the same type of products on the market, Axelar (AXL) currently has a circulating market value of 1.1 billion US dollars, and the online price of $W is expected to be between 0.6 and 0.7 US dollars. Considering the huge amount of financing of Wormhole and the market FOMO sentiment, it will rush up in the short term. Above $1 is not out of the question, and below $0.6 may be a good entry opportunity.
Summarize:
Most people have the impression that cross-chain bridges are unsafe. In particular, on February 3, 2022, Wormhole was hacked and lost 120,000 ETH (worth about $326 million at the time). But this did not defeat Wormhole. In the past two years, Wormhole has built a relatively complete product and ecosystem, and more than 200 projects have been built on Wormhole.
With the rise of various blockchain platforms (L1 & L2 & Rollup), how to ensure that these independent networks can communicate seamlessly and securely has become an urgent problem that needs to be solved. This is why we need a solution like The reason for a solution like Wormhole.
Wormhole is more than just a technical solution, it represents a vision, a cross-chain future where various blockchain platforms can exchange information and value freely and securely. Through its unique design, powerful Guardian network, and extensive chain support, Wormhole has established itself as a leader in the cross-chain space.
Remember, if you view your position as a long-term investment, a market drop should be viewed as a gift. It provides an opportunity to buy more tokens.
Finally, it's crucial to develop a strategy before making any purchase, and never invest all of your money.
I hope this topic is helpful to you. 🙏Thank you for your likes and support👍