The cross-chain protocol "Wormhole" has revealed its intentions regarding the distribution of a vast amount of tokens of its "W" token among community members, aiming to decentralize the management of this project.
Details on Community Allocation
According to a recent blog post, the "Wormhole" team has decided to allocate a substantial 1.7 billion "W" tokens out of the total supply of 1.8 billion "W" tokens for allocation and subsequent distribution among community members. This represents 17% of the total token count. The remaining 82% will initially remain locked but will gradually unlock over the course of four years.
Distribution Across Various Platforms
"Wormhole" plans to introduce its token, "W," on Ethereum ERC-20 and Solana SPL standards. The largest portion of tokens, accounting for 31%, is allocated to the ecosystem and incubation, followed by a foundation treasury with 23.3%, and major contributors with 12%.
Towards Decentralization
While there is a plan regarding the distribution of tokens, specific criteria remain unclear. However, the "Wormhole" team intends to gradually transfer the protocol management to holders of "W" tokens, allowing the community to lead programs and activities associated with the treasury.
Founders and History
"Wormhole," founded in 2021, is a cross-chain protocol designed to facilitate interoperability and communication between various blockchain networks. In November 2023, it secured a significant investment of $225 million, valuing it at $2.5 billion. This investment was secured by companies Coinbase Ventures, Multicoin Capital, and Jump Trading, who originally supported the protocol under their digital asset division, Jump Crypto. Instead of traditional capital, "Wormhole" issued warranties to investors, guaranteeing allocation of the crypto token launched by the protocol.
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