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Solana (SOL)-Based Wormhole (W) Cross-Chain Protocol Announces Airdrop, Also Shares Four-Year Tokenomics Plan
The Wormhole team announced that they are going to launch their own token under the ticker W. The developers did not give an exact date, but shared the details of the project's tokenomics.
Wormhole Tokenomics and Airdrop
The total emission of ERC-20 and SPL tokens — W — will be 10 billion coins. Of these, the initial offering will receive about 1.8 billion tokens, and the rest will be unlocked over the next four years.
According to Wormhole Tokenomics, the team will distribute the assets as follows:
17% — among the community;
12% — among developers;
11.6% — among strategic network partners;
31% — to support the ecosystem;
23.3% — to the treasury of the fund.
Currently, the Wormhole network consists of 18 guardian nodes, which are responsible for maintaining consensus by detecting malicious or non-functional validator nodes. Voting rights are evenly distributed among these custodian nodes.
With the help of free distribution of tokens, the project plans to transfer the rights to manage the protocol to the owners of native coins. A Decentralized Autonomous Organization (DAO) will adjust fees, update smart contracts, add and remove support for different blockchains.
Not an easy fate
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 in one network and receive their copies in another.
In 2022, the project suffered a large-scale hacker attack. The attackers removed $325 million worth of cryptocurrency from the protocol. This hack is considered one of the biggest in the history of decentralized finance (DeFi).
However, the team was able to cope - in November 2023, Wormhole attracted an investment of $ 225 million from investors such as Coinbase Ventures and Multicoin Capital. The funding round brought Wormhole's valuation past the $2.5 billion mark.
The airdrop was previously announced by the DeFi protocol team to create AltLayer (ALT) rollups. Token distribution for Celestia Developers (TIA) will begin on February 20th. #BinanceTreat #BinanceSqare #Trading #solana #Bitcoin $SOL $ALT $TIA
