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Wormhole to Airdrop 617M W Tokens to Past Users
The cross-chain bridging project confirmed it will release a token.
By Danny Nelson
Updated Mar 8, 2024, 10:47 p.m. Published Mar 6, 2024, 7:49 p.m.
Token bridging service Wormhole confirmed its plans to release a W token on Wednesday, pledging to distribute 617 million tokens, or 6% of the token's total supply, to past users.
The W token is set to become a governance asset the holders of which will vote within Wormhole DAO, a yet-to-launch entity that will make decisions for the platform, like how much to charge in fees. Wormhole is a cross-chain messaging platform that acts as a way to move money across blockchains, including Solana, Ethereum, Aptos and others.
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W will launch natively on the Solana and Ethereum networks, according to a webpage released Wednesday, which did not include a date.
The upcoming airdrop appears to mirror that of Pyth – a fellow Jump Capital-linked crypto project that acts as a data bridge for blockchains – in many respects, including, most plainly, in website design. That airdrop debuted at a $500 million valuation.
Wormhole officially parted ways with Jump last November and subsequently announced that the service had raised $225 million. Its financial backers are set to receive over 11% of the W token's circulating supply.
This is a developing story.
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