From Simple to Grand: A Quick Look at Wormhole Tokenomics and Airdrop Details
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From Simple to Grand: A Quick Look at Wormhole Tokenomics and Airdrop Details
According to Whales Market data, the pre-market price of W is currently 1.86 USDT per token.
Navigating Web3 tides with focused insightsText: Peng SUN, Foresight News
Launched in October 2020, suffered a $326 million hack in February 2022, and raised $225 million in funding in November 2023—Wormhole has survived over three years, weathered the storm, made it to the new bull market, and become a major airdrop target for so-called "crypto beggars."
Today, Wormhole officially released details of its native token W's airdrop distribution. With a total supply of 10 billion tokens, approximately 617 million W tokens (about 6.17% of the total supply) will be airdropped to around 400,000 wallets. So, what is the tokenomics and vesting schedule of W? What are the airdrop criteria? Which users qualify for the airdrop? And what is the value of W?
1. Introduction to Wormhole
Wormhole is a general-purpose messaging protocol launched in October 2020, initially incubated and supported by Jump Crypto. It aims to enable developers to build natively cross-chain applications across multiple blockchains. Originally focused on bridging Ethereum and Solana, it has evolved into a multi-chain general message passing protocol and has since spun out from Jump Crypto.
For most people, Wormhole is associated with insecure cross-chain bridges. Especially on February 3, 2022, when Wormhole was hacked, resulting in the loss of 120,000 ETH (worth about $326 million at the time). However, this did not destroy Wormhole. Over the past two years, Wormhole has built a relatively complete product and ecosystem, with over 200 projects built on it.
In November 2023, Wormhole completed a $225 million funding round at a $2.5 billion valuation, with investors including Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading.
2. Tokenomics
W is both a native ERC20 token and a native Solana SPL token (Solana Foundation released the SPL token extension standard on the Solana network in January this year). The total supply is 10 billion tokens, with an initial circulating supply of 1.8 billion distributed across Ethereum, Solana, Arbitrum, Optimism, and Base networks. The remaining 8.2 billion tokens (82%) will be locked at launch and unlocked over four years.
On February 7, Wormhole first announced its tokenomics, allocating 5.1% (510 million) to Guardian nodes, 17% (1.7 billion) to community and launch, 31% (3.1 billion) to ecosystem and incubation, 12% (1.2 billion) to core contributors, 11.6% (1.16 billion) to strategic network participants, and 23.3% (2.33 billion) to the foundation treasury.
Refer to the chart below for the token release schedule:
3. Airdrop Distribution
After anti-Sybil filtering, Wormhole selected 397,704 wallets from over one million unique addresses eligible to receive 617,305,000 W tokens under the "Community & Launch" category, representing 6.17% of the total supply.
Airdrop Criteria:
The airdrop snapshot was taken at 07:59 Beijing time on February 7. The eligibility assessment considered nearly three years of data, factoring in the duration of user participation in the Wormhole protocol, cumulative volume of cross-chain communication and transfer transactions, consistency of usage throughout the protocol’s lifecycle, and engagement with applications within the ecosystem.
Which Users Qualify for the Airdrop:
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500 million tokens allocated to on-chain users: users who have used Wormhole ecosystem applications across more than 30 Wormhole-connected blockchains; (see image below)
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117.305 million tokens allocated to: Wormhole Discord users, Bad Kids holders, DeGods holders, Mad Lads holders, y00ts holders, Monad community members, and Pyth stakers.
According to community feedback, Mad Lads users holding the "W" badge will receive 16,000 W tokens, with 3,200 W unlocked at TGE and the remaining 12,800 W unlocking over one year. Yoots NFT holders will receive 2,000 W tokens.
How to Check Your Airdrop
Users can check their W token airdrop eligibility through multiple portals.
First, Wormhole has launched an airdrop eligibility checker portal at eligibility checker, where users can check their eligibility to claim airdrops on EVM, Solana, Sui, Aptos, Injective, Terra, Algorand, Osmosis network addresses, and connect their Discord account to verify community eligibility.
Airdrop eligibility portal:
Note: Airdrops for Sei, NEAR, Kujira, and Evmos will be sent to the wallet on the counterparty chain involved in cross-chain transactions.
Second, Jupiter has partnered with Wormhole, allowing users to check and claim their airdrop via Jupiter LFG’s Claimpad.
Website: https://lfg.jup.ag/w
Third, Phantom Wallet will send push notifications and banners to eligible users, who can click to check and claim, or access the official Wormhole airdrop portal through Phantom Explore.
4. What Is the Value of W?
As mentioned earlier, Wormhole raised $225 million at a $2.5 billion valuation, with an initial circulating supply of 1.8 billion tokens. Therefore, the opening market price of W should be $1.38.
Currently, according to Whales Market data, the pre-market price of W is 1.86 USDT per token.
Additionally, on February 29, Bybit announced that the Wormhole (W) token will officially launch on March 20. Bybit has already listed W in pre-market trading, with the last traded price at 2.18 USDT and the current lowest buy order at 1.99 USDT.
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