Cross-chain protocol Wormhole has confirmed its plans to launch W tokens and promised to distribute 617 million tokens (6% of the total supply) to users of the former protocol.
Users on multiple blockchains, including Solana and Ethereum, can claim airdropped tokens.
Wormhole, airdrop confirmed
Wormhole confirmed the airdrop in a blog post on its website, adding that it will help expand the ecosystem through strategic distribution of new W tokens. The blog post did not provide a specific release date for the tokens, but did discuss token allocation in detail. According to the post, a significant portion of the tokens will be allocated to support protocol usage and community participation. Wormhole is allocating 617 million W tokens, or 6% of the total supply, to past protocol users.
The airdrop will be available to approximately 400,000 unique wallets across Wormhole’s “Community & Releases” category. Of the 617 million W tokens, 500 million will be allocated to users who have used the Wormhole application on 30 eligible chains. The remaining tokens are provided to users in other applications and communities.
“617 million tokens, or 6% of the total supply, were allocated in the Community and Launch categories in connection with airdrops to 397,704 wallets under anti-Civil measures. The airdrop included 500,000,000W for on-chain activity for users using Wormhole ecosystem applications across 30+ Wormhole-connected blockchains, and approximately 117,305,000W for Wormhole Discord users, various NFT communities, the Monad community, and community users. It is done. “Piece stakers.”
Pre-market trading for W tokens has already recorded a significant increase, with token claims selling for $2.49 each on Monday.
Eligibility Criteria
Wormhole has also launched an airdrop eligibility checker to help users check if their wallet is eligible. It added that the protocol determines a user’s eligibility based on the user’s duration of participation in Wormhole, message volume, sending volume, usage consistency, and app participation in the ecosystem.
“Please note that the number of airdrop checkers is subject to change. Users are encouraged to check all wallets that interact with the Wormhole ecosystem app. Rewards are distributed across all wallets per user.”
In addition to Ethereum and Solana, other eligible blockchain networks include Sui, BNB Chain, Aptos, and Avalanche, as well as Ethereum extension networks Polygon, Base, Optimism, and Abritrum. Those apps include the Solana wallet, DeFi aggregator Jupiter, and NFT projects Mad Lads, DeGods, and Youts.
Wormhole DAO
Wormhole also outlined plans to create W as the governance token for the upcoming Wormhole DAO. The protocol first outlined this intention in a post published in February.
“Over time, Wormhole plans to gradually decentralize governance of the protocol to W holders. “After the token creation and distribution event, on-chain governance will significantly guide community programming and treasury-related activities.”
Wormhole said he expects DAOs to be more accountable for their actions while adding token design and smart contract upgrades to their list of decisions.
Disclaimer: 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.