Wormhole set to launch its governance token

Decentralized Finance (DeFi) protocol Wormhole has announced that the much anticipated launch of its W governance token will take place on Wednesday. With the launch imminent, crypto exchanges are making efforts to list the token after its airdrop claim opens up to eligible users.

Wormhole prepares for its token launch

Wormhole previously shared the details of the airdrop, with the cross-chain protocol announcing that over 400,000 wallets were eligible for the claim. In its statement, the protocol will share over 617.3 million tokens, which will be shared with users across several chains, including Solana, Ethereum, and its various crypto communities.

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In its statement on X (formerly known as Twitter), Wormhole stated that the claim will go live on April 3 at 11:30 am UTC, declaring the day ‘Wormhole Wednesday’. Also, it is looking likely that users will be able to trade the tokens immediately, with several crypto exchanges already signifying their interest in listing the token for trading after the airdrop claim goes live.

Crypto exchanges prepare to list the token

The exchanges that will list the token include Bitget, BackPack, and Gate.io, with more platforms likely to signal their interest in listing the token in the coming days. Given the magnitude of the airdrop and the popularity of Wormhole, the token is expected to become one of the biggest token launches in recent times.

The token is going live as a traditional Solana SPL20 token, with a possible expansion to Ethereum’s ERC20, representing the cross-chain nature of the platform. W is currently pegged at around $1.65 in the pre-market trading on Whales Market, with the protocol noting that about 1.8 billion tokens will be in circulation when the launch happens.

The total amount of tokens in supply is capped at 10 billion. If the token maintains the same price until launch, it will have a market cap of about $3 billion. According to data from CoinGecko, it will make the token the 50th-largest asset in the crypto market as of writing.

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