Wormhole: An airdrop will be conducted to distribute 617 million W tokens to the community

Author: Katherine Ross, Blockworks; Compiler: Deng Tong, Golden Finance

Interoperability platform Wormhole shared news about the upcoming airdrop on Wednesday. The event aims to expand its ecosystem through the strategic allocation of its new native cryptocurrency, W Token.

While the post does not provide a specific date, it does outline that a substantial token allocation will be used to support community participation and protocol usage. "Following anti-Sibyl measures, 617 million tokens, or 6% of the total supply, have been allocated in the community and launch categories associated with this airdrop," the announcement said.

“This airdrop includes 500,000,000 W for users using Wormhole ecosystem applications on over 30 Wormhole connected blockchains activity, and approximately 117,305,000 W from community users such as Wormhole Discord users, various NFT communities, Monad communities, and Pyth stakers,” the post continued.

The maximum supply of W will be 10 billion, although only 1.8 billion will be in circulation initially.

Airdrops are used to reward users who are active in the community. Tokens are typically placed into user wallets as part of the campaign.

The cross-chain messaging platform added that it determines airdrops based on how long each user has been involved in the protocol as well as "the cumulative volume of messages and transfers, consistency of usage throughout the protocol lifecycle, and engagement." Qualifications. ”

Wednesday’s post added that the protocol plans to use W as the governance token for its yet-to-launch Wormhole DAO.

“Over time, Wormhole plans to gradually delegate the governance of the protocol to holders. Following token generation and distribution events, on-chain governance will largely guide community initiatives and finance-related activities,” explained an article in early February.

It added that it wants the DAO to take "more responsibility" for actions, listing token design and smart contract upgrades to a range of decisions.

Wormhole has a number of open source protocols: Wormhole Messaging, Connect and SDKs, queries, and gateways. Messaging is a cross-chain messaging protocol that has processed over a billion cross-chain messages for various teams.

“Wormhole is designed as a cross-chain token packaging and trading protocol between Solana and Ethereum. Since its original design and implementation, Wormhole has expanded into a cross-chain messaging layer that not only allows token wrapping and trading between chains, but also allows external protocols to Chain state proof model.

As of November last year, the cross-chain protocol was valued at $2.5 billion after raising $225 million in funding. Late last year, Wormhole’s Saeed Badreg and Anthony Ramirez split from Jump Crypto to run the protocol independently.