On Wednesday, the Token bridging service Wormhole announced its intention to introduce a new token called W token. This initiative involves distributing 617 million tokens, constituting 6% of the total token supply, to previous users. Let’s take a look at this Wormhole airdrop guide.
The W token is designed to serve as a governance asset, empowering holders to participate in decision-making through Wormhole DAO, an entity yet to be launched. This DAO will oversee key platform decisions, such as fee structures. Wormhole operates as a cross-chain messaging platform facilitating the transfer of assets across various blockchains, including Solana, Ethereum, Aptos, and others.
According to a webpage released on Wednesday, W will debut on the Solana and Ethereum networks, although a specific launch date was not provided.
The upcoming token distribution resembles that of Pyth, another crypto project associated with Jump Capital, which acts as a data bridge for blockchains. Notably, similarities extend to website design. Pyth’s airdrop was valued at $500 million upon its debut.
Wormhole is all about making connections in the crypto world. Picture this: you can use it to build your own crypto bridges or whip up some fancy multi-chain apps.
Now, let’s break it down. Crypto bridges? They’re like little tunnels that link up different blockchains, all through their own snazzy interfaces. But wait, there’s more! With multi-chain apps, you can skip the whole bridge thing and move your digital goodies right within the app itself.
Who’s behind all this magic? Well, it’s a team effort. You’ve got folks like Wormhole Foundation, Wormhole Labs, xLabs, Superteam, Lurk (they’re the ZK engineering pros), and Zpoken (also ZK engineering whizzes), and probably some other cool cats too. They’re all working together to make Wormhole the go-to spot for all your crypto connection needs.
So, let’s talk about $W – the big shot governance token over at Wormhole. It’s the boss when it comes to calling the shots in the Wormhole world.
Just like any governance token worth its salt, $W gives its holders the power to steer the ship through on-chain governance using a nifty decentralized autonomous organization (DAO).
What’s on the agenda for the Wormhole DAO? Well, they’ll be in charge of a bunch of important stuff:
- – Adding or kicking out blockchain connections on Wormhole
- – Tweaking smart contracts across the board
- – Playing around with fees on all Wormhole products
- – Expanding or inviting new players to the Guardian squad
- – Adjusting those rate limits (keeping things secure, you know?)
- – And of course, fine-tuning the token’s utility and design
Now, let’s break down the $W token scene:
– Maximum supply: 10,000,000,000
– Starting circulation: 1,800,000,000
– Token style: It’s a native ERC20 and SPL token, making use of Wormhole’s Native Token Transfer standard
– Lock-up: 82% of $W tokens are initially locked up, and they’ll gradually unlock over four years, as per the plan.
Wormhole airdrop guide: What are the requirements to be eligible for the $W airdrop?
Wormhole hasn’t spilled the beans on when you can claim your slice of the $W airdrop cake, but guess what? The airdrop checker is already up and running.
Now, let’s talk eligibility. If you’ve been dabbling with Wormhole’s dedicated crypto bridges like Portal, or you’ve been getting your hands dirty with their multi-chain applications, then congrats! You’re in the running to grab some $W tokens. Here is the link.
If you’ve been active within the Wormhole ecosystem by interacting with its chains, applications, or community, then you might just be in luck.
Priority for eligibility was given to folks who’ve been in the game for a while, consistently engaging with the Wormhole protocol. That means the longer you’ve been around, the more involved you’ve been with messaging and transfers, and the more you’ve stuck with it, the better your chances. Plus, if you’ve been diving into applications within the ecosystem, that’s another feather in your cap.
On February 6, 2024, at 23:59 UTC, a snapshot of users’ on-chain activity within the Wormhole ecosystem applications was taken. This snapshot captured a moment in time, providing insight into user engagement and interaction within the ecosystem.
At the time of the snapshot, Wormhole boasted connections to nearly 30 blockchains and hosted over 200 ecosystem applications. This vibrant ecosystem facilitated an impressive one billion messages, reaching more than a million unique wallets across all applications.
The eligibility assessment for the airdrop was based on this comprehensive snapshot, which incorporated almost three years’ worth of data. This wealth of information allowed for a thorough understanding of user behavior and engagement patterns within the ecosystem.
Users who demonstrated frequent and long-term engagement with Wormhole’s decentralized app ecosystem were deemed eligible to receive a W token allocation as part of the airdrop.
When is the scheduled date for the $W airdrop?
Wormhole hasn’t locked in a date for snagging those $W tokens yet. But based on how things usually roll with airdrop claims on Solana, here’s what you can expect.
Typically, you won’t find those shiny token rewards landing directly in your wallet. Nope, you’ll need to hop on over to a special website to claim them.
How can one initiate trading of $W using Phantom?
Wormhole's $W airdrop is launching soon 👀
Do you know if you're eligible? And how much your allocation will be?
Here’s how to find out👇 pic.twitter.com/S85aZpnJGK
If you want to get in on the action, you’ll need to have some SOL hanging out in your Phantom wallet. That’s your ticket to join the party.
Now, let’s say you’re not in line for that potential $W airdrop. No worries! You can still dive into the $W token scene by buying, selling, and trading them right there in your Phantom wallet.
Fire up your Phantom browser extension or mobile app and pick the wallet where you’ve got those tokens stashed. Then, hit up the swap icon (you know, the one with the arrow) down at the bottom. In the swap widget that pops up, pick the token pair you’re interested in trading, double-check the details, and hit submit!
What are the steps to create a Phantom wallet?
If you’re seeking a reliable multichain wallet solution for managing your cryptocurrency assets, consider exploring Phantom. It provides a robust suite of features designed to streamline your crypto management experience.
To begin, visit the website and download either the browser extension compatible with Firefox, Chrome, Brave, and Edge, or our mobile app available for iOS and Android devices.
Upon installation, proceed to set up your Phantom wallet account following the provided instructions.
When it comes to funding your wallet or executing transactions, the platform offers a seamless process. Simply access the “Buy” button located within your asset tab. The Phantom facilitate various funding methods, including MoonPay, PayPal, and Robinhood, ensuring accessibility and convenience for users.
With Phantom wallet properly funded, you’re all set to engage in cryptocurrency transactions and management with confidence and ease.