Wormhole airdrop is here! A quick overview of token economics and airdrop rules in one article

2024-03-07 09:25

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Original title: "Mao to simplicity!" A quick look at Wormhole token economics and airdrop details"

Original author: Peng SUN, Foresight News

Launched in October 2020, 2022 In February 2020, it suffered a $326 million hacker attack and completed a $225 million financing in November 2023. From the much-criticized cross-chain bridge to the construction of a universal messaging protocol, Wormhole has survived for more than 3 years and survived a new round of bull market. Become the super big guy in the eyes of "electronic beggars".

Today, Wormhole officially announced the airdrop distribution details of its native token W, with a total supply of 10 billion, approximately 617 million W tokens (approximately 10% of the total supply) 6.17%) will be airdropped to approximately 400,000 wallets. So what about W token economics and release rules? What are the airdrop standards? Which users are eligible to claim airdrops? How much is W worth?

Introduction to Wormhole

Wormhole is a universal messaging protocol launched in October 2020 , initially incubated and supported by Jump Crypto, aims to enable developers to build native cross-chain applications covering multiple chains. It has now evolved from a two-way cross-chain bridge focusing on Ethereum and Solana to a universal messaging that supports multiple chains. Agreement and has completed its spin-off at Jump Crypto.

For Wormhole, most people have the impression that cross-chain bridges are unsafe. Especially on February 3, 2022, Wormhole was hacked and lost 120,000 ETH (worth approximately $326 million at the time). But this did not defeat Wormhole. In the past two years, Wormhole has built a relatively complete product and ecosystem, with more than 200 projects built on Wormhole. (Reference reading: "From origin to evolution, understand the panoramic view of Wormhole in one article" )

In November 2023, Wormhole completed US$225 million in financing at a valuation of US$2.5 billion, Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Diletic, Borderless Capital, Arrington Capital, Jump Trading and others participated in the investment.

Tokenomics

W is the native ERC20 token and the native Solana SPL token (this year In January, the Solana Foundation released a token extension of the SPL token standard on the Solana network) with a total supply of 10 billion and an initial circulation of 1.8 billion, which will be distributed on Ethereum, Solana, Arbitrum, Optimism and Base networks superior. The remaining 82% of tokens (8.2 billion) will be locked at the initial issuance and will be unlocked within 4 years.

Wormhole on February 7th Token Economics was announced for the first time, of which 5.1% of tokens (510 million) will be allocated to Guardian nodes, and 17% (1.7 billion) will be allocated to the community and After launch, 31% (3.1 billion coins) will be used for ecosystem and incubation, 12% (1.2 billion coins) will be allocated to core contributors, 11.6% (1.16 billion coins) will be allocated to strategic network participants, 23.3% (23.3 billion) will be distributed to the foundation treasury.

Token release schedule Please refer to the picture below:

Airdrop Allocation

Wormhole said that after anti-witches, 397,704 wallets were screened out of more than 1 million unique wallets to receive awards in the "Community and Startup" category 617,305,000 W tokens were airdropped, accounting for 6.17% of the total supply.

Airdrop standards

The snapshot time of this airdrop is 07:00 on February 7, Beijing time. 59. The evaluation of the airdrop standard refers to data from the past three years, based on the length of time that 1 million independent wallets have participated in the Wormhole protocol, the cumulative amount of cross-chain communications and transfer transactions, the consistency of use throughout the entire protocol life cycle, and the application within the ecosystem. Distributed based on participation in the program.

Which users are eligible for air investing

500 million airdrops are allocated to on-chain users: users using Wormhole ecosystem applications on more than 30 Wormhole-connected blockchains; (see image below for details)

117.305 million airdrops distributed to: Wormhole Discord users, Bad Kids holders, DeGods holders, Mad Lads holders, y00ts holders, Monad community and Pyth stakers.

According to community feedback, Mad Lads users holding the "W" badge can receive 16,000 W airdrops, of which 3,200 W will be unlocked at TGE and the remaining 12,800 W will be unlocked within one year. Yoots NFT holders can receive 2,000 W airdrops.

How to check airdrops

Users can check W token airdrops through multiple portals.

First of all, Wormhole has launched the airdrop query portal eligibility checker, users can check EVM, Solana, Sui, Aptos, Injective, Terra, Algorand, Osmosis network addresses to claim airdrops, and support connecting to Discord accounts to check whether they meet community qualifications.

Airdrop query portal: http://airdrop.wormhole.com

Note: Sei, NEAR, Kujira and Evmos airdrops will be issued to the wallet of the other party in the cross-chain transaction .

Secondly, Jupiter Having cooperated with Wormhole, users can query and claim airdrops through Jupiter LFG's Claimpad.

Website: https://lfg. jup.ag/w

Third, Phantom Wallet will send push notifications and banners to users who are eligible for air investment, and users can query after clicking To claim it, you can visit Wormhole’s official airdrop inquiry portal in Phantom Explore.

How much is W worth?

As mentioned earlier, Wormhole completed US$225 million in financing with US$2.5 billion, and its initial supply was 1.8 billion, so the opening market price of W should be 1.38 Dollar.

Currently, according to Whales Market data, the Pre-Market price of W is now 1.86 USDT/coin.

In addition, February 29 According to the Bybit website, Wormhole (W) tokens will be officially issued on March 20. Bybit is now available for pre-market trading , the last transaction price was 2.18 USDT, and the current lowest bid price is 1.99 USDT.