The cross-chain Wormhole protocol will launch its W governance token on Wednesday, with a number of cryptocurrency exchanges asserting plans to record the token shortly after opening airdrop claims to eligible customers.
Wormhole beforehand introduced particulars of the W token airdrop, with over 400,000 whole wallets eligible to take part within the declare. In whole, 617.3 million W tokens have been allotted to the preliminary group and airdrop of the ecosystem, which can reward early adopters on Solana, Ethereum and different chains, together with varied cryptocurrency communities.
late final week, He announced the wormhole through a put up on Twitter (aka
It now seems that the token will be capable to commerce very quickly after that, as a number of exchanges introduced on Monday that they plan to record the W token for spot buying and selling at 12 midday UTC on Wednesday. The record of exchanges contains Bitget, OKX, and Gate.io to date, though extra exchanges are more likely to be a part of the record.
Given the dimensions of the airdrop and the prominence of the protocol concerned, W is more likely to be one of many largest token launches of the yr to date. The W token is launching as a local Solana SPL20 token, however shall be expanded to assist Ethereum’s ERC-20 token normal as soon as it launches, representing the cross-chain nature of the protocol.
W is at the moment priced at $1.65 in pre-market buying and selling through Whales Market, and Wormhole has stated that 1.8 billion W tokens shall be in circulation at launch (out of a complete of 10 billion).
If this worth holds till the precise token launch on Wednesday, the token will launch with a market cap of round $3 billion. This may make it the fiftieth largest coin by quantity, as of this writing, in line with CoinGecko knowledge.