Cross-chain protocol Wormhole has confirmed that it plans to launch a W token and pledged to distribute 617 million tokens (6% of the total supply) to past protocol users.
Users across multiple blockchains, including Solana and Ethereum, can claim the airdropped tokens.
Wormhole Confirms Airdrop
Wormhole confirmed the airdrop in a blog post published on its website, adding that it would help expand its ecosystem through the strategic distribution of its new W token. The blog post did not provide a specific launch date for the token but discussed token allocation in detail. According to the post, a significant chunk of the tokens will be allocated to support protocol use and community engagement. Wormhole is allocating 617 million W tokens, or 6% of the total supply, to past protocol users.
The airdrop will be offered to almost 400,000 unique wallets across Wormhole’s “community and launch” category. Out of the 617 million W tokens, 500 million will be allocated to users who have used a Wormhole application across 30 eligible chains. The remaining tokens will be offered to users across other applications and communities.
“617 million tokens, or 6% of the total supply, has been allocated from the Community & Launch category in connection with this airdrop across 397,704 wallets following anti-sybil measures. The airdrop included 500,000,000 W for on-chain activity for users who used Wormhole ecosystem applications across the 30+ Wormhole-connected blockchains, as well as approximately 117,305,000 W for community users, such as Wormhole Discord users, various NFT communities, Monad community, and Pyth stakers.”
Pre-market trading for the W token has already registered a substantial increase, with token claims selling for as high as $2.49 apiece on Monday.
Eligibility Criteria
Wormhole has also launched an airdrop eligibility checker to let users see if their wallets are eligible. The protocol added that it determined users’ eligibility based on their length of engagement with Wormhole, the volume of messages, transfers, consistency of use, and participation in apps in the ecosystem.
“Please note that the numbers in the airdrop checker are subject to change. Users are encouraged to check ALL WALLETS that interacted with Wormhole ecosystem apps. Rewards will be split across all wallets per user.”
Apart from Ethereum and Solana, other eligible blockchain networks include Sui, BNB Chain, Aptos, and Avalanche, along with Ethereum scaling networks Polygon, Base, Optimism, and Abritrum. Eligible apps include Solana wallet, DeFi aggregator Jupiter, and NFT projects Mad Lads, DeGods, and Yoots.
Wormhole DAO
Wormhole also outlined plans to make W the governance token for the soon-to-be-launched Wormhole DAO. The protocol had first outlined this intent in a post published in February, stating,
“Over time, Wormhole plans to progressively decentralize the protocol’s governance to W holders. After the token generation and distribution events, on-chain governance will largely guide community programs and treasury-related activities.”
Wormhole said it expected the DAO to take more responsibility for its actions while adding token design and smart contract upgrades to the list of decisions.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
