Wormhole Airdrop Distributes Multi-Chain Token, W Coin To List On Major Exchanges

After months of waiting, Wormhole, a leading cross-chain protocol, is set to release a new governance token, W coin, later today. Deep-dive this article to explore Wormhole airdrop eligibility, Wormhole airdrop date, and W price predictions.

In a highly anticipated move, the Wormhole airdrop date is finally upon us, with the leading cross-chain protocol set to distribute governance token, W coin, today at 11:30 UTC. 

W

Wormhole Wednesday

3-April-2024

11:30AM UTC pic.twitter.com/CjdmT1i8PE

— Wormhole (@wormhole) March 28, 2024

According to their official blog post on April 3, the multi-platform token W will initially launch on Solana, complying with the SPL token standard – this means W, like SOL or BONK, for instance, will be fungible—and not an NFT.

By launching on Solana, the protocol plans to take advantage of the platform’s scalability, low fees, and fast processing times – alongside the recent uptrend for Solanan volumes.

According to Wormhole, 617 million W will be airdropped to more than 400,000 addresses – by 12 PM UTC, leading exchanges, including Kraken, OKX, and Gate.io, plan to list the new W coin.

W will be a governance token that allows holders to vote on proposals submitted to the Wormhole decentralized autonomous organization (DAO).

Expanding Horizons: Wormhole Native Token Transfers (NTT)

Though Solana will be the first platform to host W coin, they plan to expand to Ethereum Virtual Machine (EVM) compatible chains connected by Wormhole in true cross-chain fashion. 

(Roadmap)

This expansion will be facilitated by Wormhole Native Token Transfers (NTT), the NTT is an open-source framework allowing token transfer across blockchains without relying on liquidity pools.

Projects using the NTT will still retain control of their tokens, regardless of the deployed network – this means is that developers can, at their discretion, manage token access, enforce rate limits, or even implement balance pauses.

The Bottom Line: Wormhole Airdrop Controversy Remains

As Wormhole prepares to airdrop W coin, controversy remains – for one, the Wormhole Airdrop eligibility criteria was not made public. 

Instead, in a blog post on March 6, Wormhole said it had distributed 617,305,000 W to 397,704 wallets – out of this, community members received 117,305,000 W. 

Wormhole Eligibility Criteria (EVM Speculation)

-> Made at least 6 txs in the last 6 months with at least 500$ of volume + 3 tiers similar to Jup (volume + txs)
-> 1.5x allocation for having 8 source chains
-> 2x allocation for using dif protocols pic.twitter.com/JaGKQn7H5U

— DisplayDD 🛸 (@Display_Fi) February 15, 2024

Wormhole explained that a big bulk (500,000,000 W) was allocated to addresses that were active across their over 30 blockchains, some disgruntled users claim that the selection criteria was opaque and the community got peanuts in the distribution.

For now, it remains to be seen whether the protocol will address this concern in the future, or, what if any impact this could have on W price.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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