{"id":601256,"date":"2024-04-03T22:00:33","date_gmt":"2024-04-03T22:00:33","guid":{"rendered":"https:\/\/uniquehot.com\/?p=601256"},"modified":"2024-04-03T15:46:44","modified_gmt":"2024-04-03T15:46:44","slug":"wormhole-617m-airdrop-ignites-valuation-surge-to-3b-but-w-price-stumbles-23","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/wormhole-617m-airdrop-ignites-valuation-surge-to-3b-but-w-price-stumbles-23\/","title":{"rendered":"Wormhole $617M Airdrop Ignites Valuation Surge To $3B, But W Price Stumbles 23%"},"content":{"rendered":"

Wormhole, a cross-chain communication protocol enabling the transfer of assets between blockchains, recently <\/span>launched <\/span><\/a>an airdrop campaign for its newly issued governance token, W. Early users were rewarded with 617 million W tokens, and the protocol also released a roadmap outlining its plans.<\/span><\/p>\n

Wormhole Protocol Unveils Roadmap<\/span><\/h2>\n

According to the protocol\u2019s <\/span>roadmap<\/span><\/a>, W aims to become a native multi-chain token, leveraging the advantages of both the Solana and Ethereum Virtual Machine (EVM) chains.\u00a0<\/span><\/p>\n

Initially launched as a native <\/span>SPL token<\/span><\/a> on Solana, W will reportedly leverage Solana’s performance, offering increased performance, scalability, low transaction costs, and fast settlement times.<\/span><\/p>\n

Related Reading: Crypto Expert Encourages Investors To Buy The Dip As Bitcoin Price Falls To $64,000<\/a><\/div>\n

After the Solana debut, W will be extended to all Wormhole-connected EVM chains using Wormhole Native Token Transfers (NTT). This framework allows W to continuously roll out across Solana, the Ethereum <\/span>mainnet, <\/span><\/a>and Layer 2 (L2s) without liquidity fragmentation.<\/span><\/p>\n

The open-source NTT framework allows projects to control token behavior on each chain, including token standards, metadata, ownership\/upgradability, and custom features.<\/span><\/p>\n

Cross-Chain Governance System<\/span><\/h2>\n

Wormhole also introduces a governance system where token holders on any supported chain can create, vote on, and implement <\/span>governance proposals<\/span><\/a>. This approach allows maximum participation in the Decentralized Autonomous Organization (DAO) by providing a frictionless user experience for token holders distributed across multiple chains.\u00a0<\/span><\/p>\n

As announced, W holders can lock and delegate their tokens on Solana and EVM chains, allowing them to participate in governance decisions. The Wormhole DAO, composed of W token holders, will oversee the Solana, Ethereum mainnet, and EVM L2s governance system.<\/span><\/p>\n

Wormhole, developed by Jump Crypto, a division of Jump Trading Group, has been under development for several years. Despite encountering challenges, including a significant <\/span>hack <\/span><\/a>in February 2022 resulting in a loss of approximately $320 million, the protocol has continued to evolve.\u00a0<\/span><\/p>\n

Furthermore, the recent <\/span>listing <\/span><\/a>of the W token on major exchanges such as Crypto.com and the future <\/span>support <\/span><\/a>planned by Coinbase on April 4 further validate its progress.<\/span><\/p>\n

W\u2019s Debut On OpenBook<\/span><\/h3>\n

The W token debuted on the Solana-based decentralized exchange (DEX) OpenBook at $1.66, with a market capitalization of $2.98 billion and a fully diluted value of $16.5 billion.\u00a0<\/span><\/p>\n

However, the token’s market capitalization and fully diluted value have since fallen to $2.2 billion and $12.5 billion, respectively, according to updated <\/span>data <\/span><\/a>from CoinGecko. Trading volume for W has remarkably increased, reaching $555,937,593 in the last 24 hours, representing a staggering 25,732,359.60% surge.<\/span><\/p>\n

Related Reading: Fear Grips XRP Market As Liquidations Top $6 Million \u2013 Details<\/a><\/div>\n

Following the airdrop, some users openly <\/span>shared <\/span><\/a>their sell-offs of the W token on social media platforms, resulting in a 23% price drop. At the time of writing, the token is trading at $1.32.<\/span><\/p>\n

\"Wormhole\"
The 1-minute chart shows W’s price performance following its debut. Source: WUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Wormhole, a cross-chain communication protocol enabling the transfer of assets between blockchains, recently launched an airdrop campaign for its newly issued governance token, W. Early users were rewarded with 617 million W tokens, and the protocol also released a roadmap outlining its plans. Wormhole Protocol Unveils Roadmap According to the protocol\u2019s roadmap, W aims to become a native multi-chain token, leveraging the advantages of both the Solana and Ethereum Virtual Machine (EVM) chains.\u00a0 Initially launched as a native SPL token on Solana, W will reportedly leverage Solana’s performance, offering increased performance, scalability, low transaction costs, and fast settlement times. Related Reading: Crypto Expert Encourages Investors To Buy The Dip As Bitcoin Price Falls To $64,000 After the Solana debut, W will be extended to all Wormhole-connected EVM chains using Wormhole Native Token Transfers (NTT). This framework allows W to continuously roll out across Solana, the Ethereum mainnet, and Layer 2 (L2s) without liquidity fragmentation. The open-source NTT framework allows projects to control token behavior on each chain, including token standards, metadata, ownership\/upgradability, and custom features. Cross-Chain Governance System Wormhole also introduces a governance system where token holders on any supported chain can create, vote on, and implement governance proposals. This approach allows maximum participation in the Decentralized Autonomous Organization (DAO) by providing a frictionless user experience for token holders distributed across multiple chains.\u00a0 As announced, W holders can lock and delegate their tokens on Solana and EVM chains, allowing them to participate in governance decisions. The Wormhole DAO, composed of W token holders, will oversee the Solana, Ethereum mainnet, and EVM L2s governance system. Wormhole, developed by Jump Crypto, a division of Jump Trading Group, has been under development for several years. Despite encountering challenges, including a significant hack in February 2022 resulting in a loss of approximately $320 million, the protocol has continued to evolve.\u00a0 Furthermore, the recent listing of the W token on major exchanges such as Crypto.com and the future support planned by Coinbase on April 4 further validate its progress. W\u2019s Debut On OpenBook The W token debuted on the Solana-based decentralized exchange (DEX) OpenBook at $1.66, with a market capitalization of $2.98 billion and a fully diluted value of $16.5 billion.\u00a0 However, the token’s market capitalization and fully diluted value have since fallen to $2.2 billion and $12.5 billion, respectively, according to updated data from CoinGecko. Trading volume for W has remarkably increased, reaching $555,937,593 in the last 24 hours, representing a staggering 25,732,359.60% surge. Related Reading: Fear Grips XRP Market As Liquidations Top $6 Million \u2013 Details Following the airdrop, some users openly shared their sell-offs of the W token on social media platforms, resulting in a 23% price drop. At the time of writing, the token is trading at $1.32. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":601257,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[13274,89430,1393,6664,14690,1558,54512,8323,1946,1969,91337,83626,86515,87683,92000,85362,91997,91998,91999],"class_list":["post-601256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-airdrop","tag-airdrop-news","tag-coinbase","tag-crypto","tag-crypto-news","tag-cryptocurrency","tag-defi","tag-eth","tag-ethereum","tag-evm","tag-evm-sidechains","tag-solana","tag-solana-sol","tag-solana-ecosystem","tag-w-price","tag-wormhole","tag-wormhole-w","tag-wusd","tag-wusdt"],"acf":[],"yoast_head":"\nWormhole $617M Airdrop Ignites Valuation Surge To $3B, But W Price Stumbles 23%<\/title>\n<meta name=\"description\" content=\"Wormhole recently launched an airdrop campaign for its newly issued governance token, W. 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