Cross-chain protocol Wormhole is preparing to consolidate its place in the industry by launching its own token. An airdrop will also be held for this token, which will be traded with the code “W”.
According to the company’s statement, the token using the ticker “W” will be launched with an initial “circulating supply” of 1.8 billion, with a maximum supply of 10 billion. This step aims to contribute to Wormhole’s cryptocurrency ecosystem and offer new opportunities to its users.
Wormhole announced that 82 percent of its tokens will be locked initially and then released within four years. The release will take place according to the token release schedule below. This strategy aims to distribute the token in a balanced manner and gain long-term value. Additionally, Wormhole’s protocol will use ERC-20 and SPL token formats in this new token.
Wormhole’s notable backers include prominent names such as Brevan Howard, Coinbase Ventures, Multicoin Capital and Jump Trading. Last November, Wormhole completed a $225 million financing round, giving the company a valuation of $2.5 billion. This funding round supported the company’s growth and innovative projects.
Notably, it is known that Wormhole was once part of Jump Trading, and that the company suffered an attack by hackers in 2022 worth 120,000 ETH (worth $323 million at the time). This attack has been recorded as one of the biggest exploits in the cryptocurrency world. However, thanks to Wormhole’s strong supporters and financial foundations, it has managed to overcome such difficulties and continue on its way.
Wormhole’s launch of its own token aims to increase the company’s future growth potential. This step is expected to further strengthen Wormhole’s presence in the cryptocurrency world.
Finally, it is not yet clear when the token will be released and how the airdrop will take place.
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