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Home»ADOPTION NEWS»Cross-chain protocol Wormhole announces airdrop and 4-year token economics plan
ADOPTION NEWS

Cross-chain protocol Wormhole announces airdrop and 4-year token economics plan

By Crypto FlexsFebruary 7, 20242 Mins Read
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Cross-chain protocol Wormhole announces airdrop and 4-year token economics plan
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Wormhole, a cross-chain protocol, announced an airdrop of its token.

According to the release, using the notation “W”, the initial “circulating supply” of the token will be 1.8 billion, with a maximum supply of 10 billion. digital assets It is divided into groups: Guardian Nodes, Community & Launch, Ecosystem & Incubation, Core Contributors, Strategic Network Participants, and Foundation Treasury.

Wormhole added that 82% of the tokens will be initially locked and then released over four years. The protocol utilizes native ERC-20 and SPL token formats, depending on the release.

Last November, Wormhole closed a $225 million funding round, valuing the company at $2.5 billion. Backers include Brevan Howard, Coinbase Ventures, Multicoin Capital, and Jump Trading.

Wormhole, once part of Jump Trading, had 120,000 ETH (worth $323 million at the time) stolen by hackers in 2022. This hack is considered one of the largest attacks in the history of decentralized finance.

Wormhole’s Plan to Decentralize Governance

In Wednesday’s airdrop announcement, noting that web3 relies on transparency and security, Wormole said it has processed nearly 1 billion multichain messages for applications and projects such as Uniswap, Circle, and Lido.

“Over time, Wormhole plans to gradually decentralize governance of the protocol to W holders. Following the token creation and distribution event, on-chain governance will significantly guide community programming and treasury-related activities,” the protocol announced. It was stated in “The goal of this governance launch is to empower and enable the Wormhole community to address these critical areas with the resources and support they need.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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