Wormhole, yet-to-be distributed, experiences surge due to speculators’ actions
Wormhole, a cross-chain protocol that enables interoperability and communication between different blockchain networks, has yet to announce a timeframe for the distribution of its W token. However, speculators have already begun trading the token, driving its price above $1 on over-the-counter markets.
According to data from Whales Market, speculators have traded W tokens worth a total of $248,300, although it is unclear whether these transactions involve IOUs or something else. It is also uncertain whether the sellers are eligible to become future owners of W tokens, as Wormhole has not published a public list of addresses for airdrop participation. The average asking price for W tokens is currently $1.1 based on trading history.
Wormhole plans to allocate 1.7 billion W tokens (17% of the total supply) for community airdrop and launch, with an initial circulating supply of 1.8 billion tokens. The remaining 82% of tokens will be locked and gradually released over a four-year period. The distribution of W tokens will occur on both Ethereum’s ERC-20 standard and Solana’s SPL.
The token allocation plan includes 31% for ecosystem and incubation, 23.3% for the foundation treasury, and 12% for core contributors. However, the specific details of Wormhole’s distribution plan have not been disclosed.
Established in 2021, Wormhole enables communication and interoperability between different blockchain networks.
