Wormhole (W) Announces Airdrop and 4-Year Tokenomics Plan

Following in the footsteps of many recent projects, the cross-chain protocol Wormhole is the latest to announce an airdrop.

Wormhole (W) Announces Airdrop and 4-Year Tokenomics Plan

According to an announcement late on February 7, the cross-chain solution Wormhole will use the "W" token, with a maximum supply of 10 billion tokens and an initial circulating supply of 1.8 billion W.

The token allocation is divided into several categories, including:

• Transaction validation nodes (5.1% - 510,000,000 W)
• Community and token release (17% - 1,700,000,000 W)
• Ecosystem and incubation (31% - 3,100,000,000 W)
• Core contributors (12% - 1,200,000,000 W)
• Network participants (11.6% - 1,160,000,000 W)
• Foundation treasury (23.3% - 2,330,000,000 W)

Wormhole (W) Tokenomics

In the community allocation category, Wormhole will allocate 11% of the tokens for the airdrop. This allocation will be unlocked immediately upon the project's Token Generation Event (TGE). The remaining 6% will be locked for four months after TGE.

Wormhole (W) Token Unlock Schedule

Furthermore, 82% of the total initial token supply will be locked and released to the market over four years. The protocol will utilize native ERC-20 and SPL tokens.

During its time under Jump Trading in 2022, Wormhole suffered a hack where 120,000 ETH, approximately $323 million at the time, was stolen. This incident is one of the largest DeFi hacks in history.

Despite this setback, the project quickly rebuilt its reputation and achieved significant milestones. Notably, in November last year, Wormhole successfully raised $225 million, valuing the company at $2.5 billion. The funding round included participants such as Brevan Howard, Coinbase Ventures, Multicoin Capital, and Jump Trading.

In the airdrop announcement, Wormhole stated that they have processed nearly 1 billion cross-chain transactions for applications and projects like Uniswap, Circle, and Lido.

Before Wormhole, the crypto market recently received positive news from other projects like Pyth Network (round 2 for dApp), the game Head of Mavia, the stablecoin protocol HAI, layer-1 blockchain Shardeum, the derivatives platform Aevo, and the DEX Jupiter.