Community Members to Receive 1.7 Billion Tokens through Wormhole Airdrop
The decentralized governance platform, Wormhole, has announced its intention to distribute billions of its native token, W, to members of its community as part of its efforts to decentralize its operations. According to a recent blog post, the Wormhole team has set aside 1.7 billion W tokens (equivalent to 17% of the total supply) for community airdrops and the platform’s launch. The initial circulating supply will consist of 1.8 billion W tokens, with the remaining 82% being locked initially and gradually unlocked over a four-year period.
Wormhole plans to release its native token, W, on both the Ethereum network’s ERC-20 standard and the Solana network’s SPL. In terms of the token distribution plan, the largest portion, representing 31% of the allocation, will be dedicated to ecosystem development and incubation. The foundation treasury will receive 23.3% of the tokens, while core contributors will be allocated 12%.
Although the snapshot for the community airdrop has already been taken, specific details regarding the distribution criteria have not been disclosed. Ultimately, Wormhole aims to transfer the governance of the protocol to W token holders in a gradual manner. The developers stated in the blog post that W holders will have the opportunity to guide community programs and activities related to the project’s treasury.
Established in 2021, Wormhole is a cross-chain protocol designed to enhance interoperability and communication between different blockchain networks. In November 2023, the protocol successfully raised $225 million from investors such as Coinbase Ventures, Multicoin Capital, and Jump Trading, who initially supported the project through Jump Crypto, their digital asset division. Instead of offering equity, Wormhole provided token warrants to investors, ensuring their access to a specific supply of the crypto token launched by the protocol.
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