Wormhole Airdrops W Tokens to Nearly 400,000 Eligible Wallets
Cross-chain messaging protocol Wormhole has announced that it will be conducting an airdrop of its W tokens to nearly 400,000 eligible wallets. The protocol has allocated 6.17% of the W token supply, totaling 617,305,000 tokens, for this purpose. While the specific addresses have not been disclosed, Wormhole has revealed that it has set aside 500,000,000 tokens for active addresses across more than 30 blockchains and approximately 117,305,000 tokens for community members.
“Priority was allocated to users based on the length of their engagement with the Wormhole protocol, the cumulative volume of messages and transfers, and consistency of use throughout the protocol’s lifespan, as well as participation in applications within the ecosystem.”
– Wormhole
The airdrop eligibility was determined by taking a snapshot of users’ on-chain activity within Wormhole ecosystem applications on February 6th. This snapshot included data from nearly three years across almost 30 blockchains and over 200 ecosystem applications. It is important to note that the airdrop is exclusively intended for the community, as Wormhole core contributors are excluded from participating in this initiative.
Earlier reports from crypto.news stated that Wormhole had allocated 1.7 billion tokens (17% of the total supply) for community airdrops and launch events. The initial circulating supply will be set at 1.8 billion tokens, with the remaining 82% initially locked and plans for gradual unlocking over four years.
Facilitating Interoperability and Communication
Wormhole was established in 2021 as a cross-chain protocol with the primary goal of enabling interoperability and communication between different blockchain networks. By leveraging its technology, users can transfer assets and communicate across multiple blockchains seamlessly.
The protocol gained significant attention in November 2023 when it secured a $225 million funding round at a valuation of $2.5 billion. Notable investors in this round included Coinbase Ventures, Multicoin Capital, and Jump Trading, with the latter having incubated Wormhole under its digital asset division, Jump Crypto. Instead of equity, Wormhole issued token warrants to investors, guaranteeing their entitlement to a specified supply of the crypto token launched by the protocol.
Hot Take: A Generous Airdrop for the Wormhole Community
Wormhole’s decision to conduct an airdrop for nearly 400,000 eligible wallets demonstrates its commitment to rewarding its community members and encouraging active participation in the protocol. By allocating a significant portion of its token supply for this purpose, Wormhole aims to strengthen its community and promote widespread adoption of its cross-chain messaging protocol.
The use of anti-sybil measures in determining airdrop eligibility ensures that priority is given to users who have demonstrated long-term engagement with the protocol and have actively contributed to its ecosystem. This approach not only incentivizes existing users but also encourages new users to explore and engage with Wormhole’s applications.
As Wormhole continues to unlock its remaining token supply gradually over the next four years, it will be interesting to see how the protocol evolves and attracts more participants from various blockchain networks. With its interoperability-focused approach, Wormhole has the potential to bridge the gap between different blockchains and foster greater collaboration within the crypto ecosystem.
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