Wormhole Debuts At $3 bn Valuation In 617 mn Token Airdrop
Wormhole, a cross-chain bridge, has launched an airdrop rewarded early users with 617 million W tokens. The token, which opened at $1.66 on Solana-based DEX OpenBook, has a market capitalization of $2.98 billion and
a fully diluted value of $16.5 billion.
The tokens represent 6% of the total supply, with 12% allocated to core contributors and 23.3% to the foundation’s treasury.
The token was initially launched on Solana and will be natively issued on Ethereum and layer-2 networks at a later date. Holders will be able to delegate W tokens to participate in governance votes, which can take place on Solana or compatible Ethereum-based chains. The process is being dubbed the “first ever” mutlichain governance system.
(With inputs from Shikha Singh)
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