The Debut of Wormhole (W) Token with a $3 Billion Market Cap
Wormhole (W) has launched its new token with a $3 billion market cap, following its much-anticipated debut. Some of the biggest crypto exchanges in the industry have announced their support for W, including Binance, OKX, Bitget, Backpack, and WOO X. The token went live on Wednesday, along with an airdrop that distributed 617.3 million W tokens to over 400,000 eligible wallets.
Users with wallets on various chains, including Sui (SUI), Solana (SOL), Aptos (APT), Injective (INJ), Osmosis (OSMO), Algorand (ALGO), and Ethereum Virtual Machine (EVM) compatible chains, as well as members of the Wormhole Discord group, were potentially eligible for the airdrop.
- W, a Solana-based coin, debuted with a circulating supply of 1.8 billion and a $2.97 billion market cap, with a fully diluted valuation of $16 billion according to CoinGecko.
- Wormholeโs X account revealed that after initially being a Solana token, it will also have Ethereumโs ERC-20 functionality enabled.
Implementation and Future Plans for W Token
The W token will be allocated to various categories, including guardian nodes, community and launch, core contributors, ecosystem and incubation, strategic network participants, and the foundation treasury, with 82% initially locked and set to unlock over four years. The structure of the tokenomics aims to ensure the long-term success, stability, and progressive decentralization of Wormhole.
W will launch as a native Solana SPL token initially, with ERC-20 functionality being enabled post-launch through Native Token Transfers (NTT) on Wormholeโs platform, allowing seamless transfers across any Wormhole-connected network.
At the current moment, W is trading at $1.26.
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Hot Take: Insights on Wormhole (W) Token Launch
Cross-chain messaging protocol Wormhole (W) has debuted with its new token at a $3 billion market cap following its highly anticipated launch.
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