The Wormhole team announced that it is going to launch its own token under the ticker W. The developers did not name the exact date, but shared details of the tokenomics of the project and an upcoming airdrop. 

 

Wormhole Tokenomics and Airdrop 

The cross-chain protocol Wormhole (W) based on Solana (SOL) announced an airdrop, and also shared a four-year tokenomics plan. The total emission of tokens of the ERC-20 and SPL standard – W – will be 10 billion coins. Of these, approximately 1.8 billion tokens will go into the initial supply, and the rest will be unlocked over the next four years. 

According to its tokenomics, the team will distribute assets as follows: 

17% – among the community;

12% – among developers;

11.6% – among strategic network partners;

31% – to maintain the ecosystem;

23.3% goes to the fund’s treasury. 

The Wormhole network currently consists of 18 guardian nodes , which are responsible for maintaining consensus by identifying malicious or dysfunctional validator nodes. Voting rights are evenly distributed among these custodian nodes. 

Through the free distribution of tokens, the project plans to transfer the rights to manage the protocol to holders of native coins. The Decentralized Autonomous Organization (DAO) will adjust fees, update smart contracts, and add and remove support for various blockchains. 

 

(W) Tokens: From Hack to Recovery

Wormhole is a cross-chain protocol launched in 2021. It allows you to transfer funds between different blockchains, for which the developers have come up with a special set of infrastructure solutions. It works simply: users block assets on one network and receive copies of them on another. 

In 2022, the project experienced a large-scale hacker attack. The attackers withdrew $325 million worth of cryptocurrency from the protocol. This hack is considered one of the largest in the entire history of decentralized finance (DeFi).

However, the team managed to cope – in November 2023, Wormhole attracted $225 million in investments from investors such as Coinbase Ventures and Multicoin Capital. The funding round brings the network’s valuation to over $2.5 billion. Earlier, the airdrop was announced by the team of the DeFi protocol for creating rollups AltLayer (ALT). The Celestia (TIA) developer token distribution will begin on February 20th.

 

About Wormhole

Wormhole is an open source blockchain development platform connecting the decentralized web. The goal of this governance launch is to empower and enable the Wormhole community to address these critical areas with the necessary resources and support.

The post Wormhole Protocol Airdropping 1.7 Billion W Tokens first appeared on The VR Soldier.