The Cross-Chain Protocol Wormhole Announces Community Airdrop and Token Distribution Plan
The cross-chain protocol Wormhole has unveiled its plans to distribute W tokens among community members in an effort to decentralize its governance. The team has allocated 1.7 billion W tokens (17% of the total supply) for the community airdrop and launch, with the initial circulating supply set at 1.8 billion W tokens. The remaining 82% of tokens will be locked initially, with gradual unlocking over four years.
Token Distribution Plan
Wormhole will release its native token, W, on both Ethereum’s ERC-20 standard and Solana’s SPL. The largest allocation, accounting for 31%, is reserved for ecosystem and incubation purposes, followed by the foundation treasury at 23.3% and core contributors at 12%.
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Community Empowerment
Wormhole aims to progressively decentralize its governance to W token holders. Holders will have the opportunity to guide community programs and treasury-related activities. This move is intended to empower the Wormhole community to address critical areas with necessary resources and support.
About Wormhole
Founded in 2021, Wormhole is a cross-chain protocol that facilitates interoperability and communication between different blockchain networks. In November 2023, the protocol raised $225 million from investors Coinbase Ventures, Multicoin Capital, and Jump Trading. Rather than equity, Wormhole issued token warrants to investors, guaranteeing them an allocated supply of a crypto token launched by the protocol.
