Wormhole Airdrop Distributes 617 Million W Tokens, Reaches $3 Billion Capitalization
The inter-chain bridge Wormhole has announced the launch of a massive airdrop, rewarding early users with 617 million of its new W governance tokens.
The token’s debut on various decentralized and centralized exchanges was marked by a starting price of $1.66, propelling the project’s market capitalization to nearly $3 billion and its fully diluted value to $16.5 billion.
At the time of writing this article, Wormhole’s W token is trading around $1.3.
The Wormhole Airdrop Congests Solana
Shortly after its release, the token caused significant congestion on the OpenBook DEX, resulting in periods of unavailability for several users, as well as warning its users that the high demand could slow down the Solana network for a few minutes.
This introduction revealed the strong demand for the W token, with only 6% of the total supply in circulation. Furthermore, an additional 12% allocation is intended for the main contributors of the project, while 23.3% will fuel the foundation’s treasury.
Check Your Eligibility and Claim Your W Tokens
To check your eligibility for the Wormhole Airdrop, visit airdrop.wormhole.com and connect your wallets. An allocation per network will be presented to you. You will need a Solana address to receive the tokens.
Initially launched on Solana, the W token will be natively issued on Ethereum and Layer 2 networks in the future. This initiative offers holders the ability to delegate their W tokens to participate in governance voting, ushering in what is described as the first-of-its-kind “multichain governance system”.
This delegation can be done on both Solana and Ethereum-based compatible chains, highlighting Wormhole’s ambition to facilitate decentralized and inclusive governance across different blockchains.
