Ethereum

Solana

Token

Wormhole

April

Wormhole, a cross-chain communication protocol enabling the transfer of assets between blockchains, recently <a href="https://x.com/wormhole/status/1775486797289566266?s=20" target="_blank" rel="noopener nofollow">launched </a>an airdrop campaign for its newly issued governance token, W. Early users were rewarded with 617 million W tokens, and the protocol also released a roadmap outlining its plans. 
<h2 id="wormhole-protocol-unveils-roadmap">Wormhole Protocol Unveils Roadmap</h2> 
According to the protocol’s <a href="https://wormhole.com/w-launch-roadmap/" target="_blank" rel="noopener nofollow">roadmap</a>, W aims to become a native multi-chain token, leveraging the advantages of both the Solana and Ethereum Virtual Machine (EVM) chains.&nbsp; 
Initially launched as a native <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-etf-outflows-btc-price/" target="_blank" rel="noopener ">SPL token</a> on Solana, W will reportedly leverage Solana’s performance, offering increased performance, scalability, low transaction costs, and fast settlement times. 
After the Solana debut, W will be extended to all Wormhole-connected EVM chains using Wormhole Native Token Transfers (NTT). This framework allows W to continuously roll out across Solana, the Ethereum <a href="https://www.newsbtc.com/news/shiba-inu-fires-up-with-4000-burn-price-rebound-coming/" target="_blank" rel="noopener ">mainnet, </a>and Layer 2 (L2s) without liquidity fragmentation. 
The open-source NTT framework allows projects to control token behavior on each chain, including token standards, metadata, ownership/upgradability, and custom features. 
<h2 id="cross-chain-governance-system">Cross-Chain Governance System</h2> 
Wormhole also introduces a governance system where token holders on any supported chain can create, vote on, and implement <a href="https://www.newsbtc.com/news/bitcoin/asia-bitcoin-volatility-algos-tracking-etf-flows/" target="_blank" rel="noopener ">governance proposals</a>. This approach allows maximum participation in the Decentralized Autonomous Organization (DAO) by providing a frictionless user experience for token holders distributed across multiple chains.&nbsp; 
As announced, W holders can lock and delegate their tokens on Solana and EVM chains, allowing them to participate in governance decisions. The Wormhole DAO, composed of W token holders, will oversee the Solana, Ethereum mainnet, and EVM L2s governance system. 
Wormhole, developed by Jump Crypto, a division of Jump Trading Group, has been under development for several years. Despite encountering challenges, including a significant <a href="https://bitcoinist.com/inventor-ethereum-predict-wormhole-security-breach/" target="_blank" rel="noopener nofollow">hack </a>in February 2022 resulting in a loss of approximately $320 million, the protocol has continued to evolve.&nbsp; 
Furthermore, the recent <a href="https://crypto.com/product-news/crypto-com-app-lists-wormhole-w" target="_blank" rel="noopener nofollow">listing </a>of the W token on major exchanges such as Crypto.com and the future <a href="https://x.com/DegenerateNews/status/1775520287024382055?s=20" target="_blank" rel="noopener nofollow">support </a>planned by Coinbase on April 4 further validate its progress. W’s Debut On OpenBook 
The W token debuted on the Solana-based decentralized exchange (DEX) OpenBook at $1.66, with a market capitalization of $2.98 billion and a fully diluted value of $16.5 billion.&nbsp; 
However, the token’s market capitalization and fully diluted value have since fallen to $2.2 billion and $12.5 billion, respectively, according to updated <a href="https://www.coingecko.com/en/coins/wormhole" target="_blank" rel="noopener nofollow">data </a>from CoinGecko. Trading volume for W has remarkably increased, reaching $555,937,593 in the last 24 hours, representing a staggering 25,732,359.60% surge. 
Following the airdrop, some users openly <a href="https://x.com/ThisIsNuse/status/1775531453217931680?s=20" target="_blank" rel="noopener nofollow">shared </a>their sell-offs of the W token on social media platforms, resulting in a 23% price drop. At the time of writing, the token is trading at $1.32. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/ATFtyEx5/" alt="Wormhole" width="1815" height="858"> 
Featured image from Shutterstock, chart from TradingView.com

Wormhole $617M Airdrop Ignites Valuation Surge To $3B, But W Price Stumbles 23%

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