The recent altcoin Wormhole (W) has risen 12% in the past 24 hours, reaching a price of $0.57 and a market value of over $1 billion. Wormhole is a leading interoperability platform that promotes cross-blockchain development and growth. Wormhole provides developers with liquidity and user access on more than 20 leading blockchain networks, enabling use cases covering DeFi, NFT, governance, and more. Wormhole's Connect product provides a simple bridge tool for DApps to integrate the Wormhole protocol to achieve cross-chain functionality with just a few lines of code.
Since its founding in 2021, Wormhole has processed over $35 billion in cross-chain fund transfers and over 750 million cross-chain messages.
W Coin Introduction
W is the native token of Wormhole, with a total supply of 10 billion and an initial circulation of 1.8 billion. It will be distributed on Ethereum, Solana, Arbitrum, Optimism and Base networks, accounting for 31% of the ecosystem.
In addition, the foundation holds 23.3%, the community receives 17%, major contributors receive 12%, network partners receive 11.6%, and guardian nodes receive 5%.
Token utility: staking mining, governance
Reasons for the rise
Wormhole recently announced the native token transfer (NTT) of the W token, turning it into a native multi-chain across platforms such as Solana, Ethereum, Arbitrum, Optimism, and Base. This move enhances the functionality of W, provides users and developers with the ability to seamlessly transfer across different blockchain ecosystems, and lays the foundation for innovative features such as MultiGov and W governance staking, marking an important milestone in the Wormhole development roadmap.
What is the future value of W?
Over the past 30 days, the chain with the most value bridged through Wormhole is Ethereum. The main target chains are Sui and Solana. If we look at the number of transactions, the situation is slightly different. Solana is the chain with the most transactions in Wormhole, and most of the 2726752679 has flowed to BNB Chain, Ethereum, and Arbitrum.
Solana is also the leading chain for inbound Wormhole transactions. The largest share comes from BNB chain and Ethereum.
This shows that SOL is very popular among retail users. On the other hand, the low trading volume and high transaction value on Sui indicate the activity of whales.
It also demonstrates Wormhole’s strong position in the non-EVM space and in the chain that will be at the center of this cycle.
As modularity continues to expand, users and liquidity are fragmented across more and more (alternative virtual machine) execution layers, which is a bullish trend.