What is Wormhole?
Wormhole is an open source blockchain development platform connecting the decentralized web.
Wormhole Messaging is a decentralized messaging protocol for blockchain developers to securely and easily enable the flow of information and value with other networks. The modular, open source protocol allows developers to tailor the tooling to their chain or app’s needs.
Wormhole Crypto is a decentralized platform built on the Ethereum blockchain that aims to bridge the gap between different blockchain networks, allowing seamless communication and asset transfer across multiple chains. In simpler terms, it acts as a connector between different cryptocurrencies and blockchain ecosystems, enabling users to transfer digital assets, such as tokens or NFTs, between different blockchains. This interoperability feature is beneficial for users who want to move their assets between various blockchain networks without relying on centralized exchanges. Additionally, Wormhole Crypto provides a secure and transparent environment for cross-chain transactions, enhancing the overall efficiency and accessibility of the decentralized finance (DeFi) ecosystem.
What is the Product of Wormhole?
Wormhole has a several kind of product which are:
- Wormhole Messaging
Developers can grow liquidity and users at scale with an open-source, time-tested messaging protocol engineered with security, decentralization, and modularity at its core - Wormhole Queries
Developers can leverage Queries for efficient, inexpensive, on-demand cross-chain data retrieval and attestation - Wormhole Connect
Wormhole Connect brings wrapped and native token bridging directly into your application in as few as 3 lines of code - Wormhole NTT
With NTT’s open framework, developers can easily create and transfer native multichain tokens that preserve ownership and upgradeability over token contracts, regardless of the destination blockchain - Wormhole Gateway
Gateway connects liquidity and users from Ethereum and beyond to Cosmos chains and apps, all with an IBC-based liquidity router
Wormhole Airdrop and Tokenomics
- Ticker: W
- Maximum Supply: 10,000,000,000
- Initial circulating supply: 1,800,000,000
- Token Format: Native ERC20 and SPL (using Wormhole’s Native Token Transfer standard)
- Lock Up: 82% of W are initially locked and such tokens will unlock over the course of four years per the Token Release Schedule below.
Token Allocation
Token Release Schedule
Strategic Stakeholders
W will be distributed across these six categories:
1. Guardian Nodes
5.1% – 510,000,000 W
Wormhole’s Guardian Network has been allocated 5.1% of the token supply. Guardian nodes provide the primary verification mechanism for any message passing through Wormhole. The Guardians operate full nodes for every blockchain connected to Wormhole and are critical to the overall security of the network.
2. Community & Launch
17% – 1,700,000,000 W
The Community has been allocated 17% of the token supply. Wormhole wouldn’t be possible without a thriving community of supporters. 11% of this allocation will be unlocked at TGE and will be distributed during the initial phases of the TGE, including the TGE-related airdrop (and related activities). The snapshot for this airdrop has been taken before the publishing of this blog.
3. Core contributors
12% – 1,200,000,000 W
The core contributors to Wormhole have been allocated 12% of the supply. This portion of the token supply was reserved for the decentralized set of core contributing organizations who have tirelessly focused on the security, engineering, product, infrastructure, growth, and operations of the Wormhole platform.
4. Ecosystem & Incubation
31% – 3,100,000,000 W
The Ecosystem and Incubation category represents a portion of W previously allocated to strategic contributors to the broad Wormhole ecosystem, including community organizations, developer community growth initiatives, strategic contributors, and more.
5. Strategic Network Participants
11.6% – 1,160,000,000 W
11.6% of the supply has been reserved to allow strategic network participants to take a vested interest in the long-term success and stability of the network through private sales. These participants include strategic angels, builders, and technical partners, as well as long-duration funds with deep crypto expertise in network governance and scaling.
6. Foundation Treasury
23.3% – 2,330,000,000 W
This portion of the token supply is dedicated to Wormhole Foundation’s reserves. This allocation aims to drive priority initiatives such as future interoperability research, providing grant funding to ecosystem teams through the Wormhole Foundation’s xGrant program, supporting the developer community, funding operational expenses, and other relevant programs.
For now, there is no further information on when the $W coin will be launched, but based on the information provided on the Bybit Exchange, it seems that the time is not far off. Centralized exchanges have also begun trading the $W coin in the pre-market, with prices ranging from $1.6 to $2.5. Many communities are cheering because they are happy that Wormhole cares about the cryptocurrency community. And the most interesting thing to note is that Wormhole is also allocating $W coins to several cryptocurrency projects with active communities, such as BadKids in the COSMOS ecosystem, Madlads in the SOLANA ecosystem, and Monad, whose community is currently gaining popularity.
For individuals from the Monad community who are eligible to receive the $W coin allocation, their activities are not solely judged based on on-chain activities but also through off-chain contributions, such as active participation and contribution to the Monad Community.
