Altcoins on the cross-chain protocol are soaring after South Korea’s largest cryptocurrency exchange announced support for trading.
Messaging protocol Wormhole (W) has surged from a 24-hour low of $0.28 to the current $0.37. This is an increase of over 32% since cryptocurrency exchange Upbit announced support for the Solana (SOL) network.
With a market capitalization of $959.7 million, Wormhole is currently the 82nd largest cryptocurrency project.
Wormhole aims to facilitate liquidity and efficient transfer of data across various blockchains.
Wormhole was launched in 2020 by Jump Crypto with help from the Solana Foundation. Wormhole’s initial focus was on bridging Solana and Ethereum (ETH) before expanding to additional blockchains.
“Wormhole launched the first token bridge between Solana and Ethereum. This development opened up new possibilities for asset transfers to and from Solana and almost immediately established product-market fit for this fledgling cryptocurrency sector.
With proven concepts, Wormhole has evolved from a single product to a product platform that supports an entire ecosystem of multichain applications. Era2 introduces the industry’s first generic message passing protocol, paving the way for seamless asset transfers across 30+ blockchains and the delivery of over 1 billion secure cross-chain messages.
As of August 2024, Wormhole has processed over a billion messages and facilitated tens of billions of dollars worth of cross-chain value transfers.”
According to the project website, the maximum supply of the token is 10 billion and the initial circulating supply is 1.8 billion.
Last April, some of the largest cryptocurrency exchanges including Binance, OKX, Bitget, Backpack, and WOOX announced that they were launching support for W.
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