Multicoin

Read

The cross-chain protocol Wormhole has revealed plans to distribute billions of W tokens among community members in a bid to decentralize its governance. 
As per a <a href="https://wormhole.com/wormhole-w-tokenomics/" target="_blank" rel="noreferrer noopener">blog post</a>, the <a href="https://crypto.news/tag/wormhole/" target="_blank" rel="noreferrer noopener">Wormhole</a> team allocated 1.7 billion (17% of the total supply) of its native token called W for community airdrop and launch, while the initial circulating supply will be set at 1.8 billion W tokens. The remaining 82% of W tokens will be initially locked, with plans for gradual unlocking over four years. 
The protocol will roll out its native token, W, on both <a href="https://crypto.news/tag/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a>‘s ERC-20 standard and <a href="https://crypto.news/tag/solana/" target="_blank" rel="noreferrer noopener">Solana</a>‘s SPL. Under the token distribution plan, the largest allocation, accounting for 31%, is allocated for ecosystem and incubation, followed by foundation treasury at 23.3%, and core contributors at 12%. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="549" src="https://crypto.news/app/uploads/2024/02/nxikbvndfjnv-1024x549.png" alt="Wormhole to airdrop 1.7b tokens to community members - 26" class="wp-image-14246432">
 <figcaption class="wp-element-caption">
 Wormhole’s token distribution plan | Source: Wormhole 
 </figcaption>
</figure> 
While the snapshot for the community airdrop has already been taken, specific details regarding the distribution criteria remain unclear. 
Eventually, Wormhole plans to “progressively decentralize the protocol’s governance to W holders,” the developers said in the blog post, adding that W holders could guide community programs and treasury-related activities. 
<blockquote class="wp-block-quote"> 
 “The goal of this governance launch is to empower and enable the Wormhole community to address these critical areas with the necessary resources and support.” 
 Wormhole 
</blockquote> 
Founded in 2021, Wormhole is a cross-chain protocol designed to facilitate interoperability and communication between different blockchain networks. 
In November 2023, the protocol <a href="https://crypto.news/wormhole-raises-225m-after-split-from-jump-crypto/" target="_blank" rel="noreferrer noopener">raised</a> $225 million at a $2.5 billion valuation from investors Coinbase Ventures, Multicoin Capital, and Jump Trading, which initially incubated the protocol under its digital asset division Jump Crypto. Rather than equity, Wormhole&nbsp;<a href="https://fortune.com/crypto/2023/11/29/wormhole-raises-225-million-2-5-billion-valuation-jump-crypto-split/" target="_blank" rel="noreferrer noopener">issued</a>&nbsp;token warrants to investors. These warrants guarantee that investors will receive an allocated supply of a crypto token launched by the protocol. 
 Read more: <a href="https://crypto.news/wormhole-attacker-transfers-155m-to-dex/"> Wormhole attacker transfers $155m to DEX </a>

Wormhole to airdrop 1.7b tokens to community members

crypto.news

Other articles published on Feb 8, 2024

Bakkt Signals Potential Closure Amid Business Sustainability Fears

SUI And Filecoin (FIL) Entice Investors At Current Prices, While Rebel Satoshi Presale Remains Pr...

Cardano Price Prediction: Will ADA Price Hit $1 in 2024?

Pullix (PLX) Sees Significant Momentum As It Enters Last Two Stages of Presale Gains Appeal From ...

3 Popular Altcoin Buys Among Bitcoin Whales, Primed To Explode After Halving

CCData and BMLL join forces for Crypto and FX data solutions: Level 3

Join our free newsletter for daily crypto updates!