🔮Wormhole: The Cross-Chain Project Making Waves
Wormhole, a cross-chain project, gained immense attention recently with a staggering $700M airdrop and its listing on top exchanges like Binance on
But what exactly is Wormhole? Let's dive in👇
1/ What is Wormhole?
Wormhole serves as a bridge, facilitating asset transfers across various blockchains. Currently, it supports over 30 chains, including Ethereum, Solana, BNB Chain, and more.
2/ How does it work?
- Users deposit tokens from Chain A into Wormhole.
- Wormhole mints wrapped tokens on Chain B and locks the corresponding tokens on Chain A.
- When withdrawing assets, users send wrapped tokens to Wormhole.
- Wormhole burns the wrapped tokens and unlocks the corresponding tokens on Chain A.
3/ Wormhole's Milestones:
• Processed over 1B transactions with a volume exceeding $40B.
• Supported by 200+ dApps across various blockchains.
• Offering solutions like Wormhole Messaging, Queries, Connect, NTT, and Gateway.
4/ Security Concerns:
Wormhole faced a major hack resulting in a loss of $326M. However, efforts by Jump Trading and Oasis retrieved $140M, demonstrating the project's resilience.
5/ The Massive Airdrop:
Worm token's launch on 3/4 reached a market cap of $2.98B, with a $700M airdrop, marking a significant milestone for the project.
6/ The Team Behind Wormhole:
Founded by Jump Crypto, backed by major investors like Coinbase, Multicoin Capital, and Jump Trading.
Disclaimer: This thread is for informational purposes only and should not be considered financial advice. Please conduct your own research before making any investment decisions
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