In anticipation of the distribution of the W token, the developers of the cross-chain protocol Wormhole told about future plans for its development and implementation in various networks.
W will initially launch as an SPL-20 coin on Solana. According to the roadmap, the selected ecosystem provides “the necessary scalability, low transaction costs and fast transaction processing.”
The asset will later be distributed to all EVM networks connected to Wormhole. For secure cross-chain transfers, developers use Wormhole Native Token Transfers (NTT), an open-source platform for transferring tokens between blockchains without liquidity pools.
W owners will be able to block and delegate their tokens to participate in voting.
Wormhole's decentralized autonomous organization, which will include token holders, will function as the “industry's first multi-chain governance system” available on Solana and EVM networks, including L2 solutions when integrated in the future.
Distribution and listing
On April 3 at 14:30 (Moscow time), Wormhole will open the hallmark of W tokens for airdrop participants.
Reminder for this Week's Wormhole Wednesday
W claims go live @ 11:30AM UTC on 3-April
— Wormhole (@wormhole) April 2, 2024
About 400,000 wallets are competing for the distribution announced in February, which will receive 617.3 million W. The initial market supply in various networks will be 1.8 billion coins.
According to Wormhole tokenomics, 17% of the tokens will be distributed to the community, 12% will go to developers, 31% will go to support projects in the ecosystem, and 23.3% will go to the treasury.
In parallel, a number of centralized exchanges announced the listing of the asset. Among them: Binance, Kraken, Bitget, OKX, Backpack and Gate.io. W spot trading on the platforms will open half an hour after the hallmark launch.
In November 2023, the cross-chain protocol closed a funding round of $225 million, which valued the startup at $2.5 billion.
That same month, parent company Jump Trading spun off Wormhole as a separate business.
Source: Cryptocurrency
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