On Wednesday, the W token, part of the cross-chain protocol Wormhole, was introduced to the market with an initial price surge, reaching $1.66, followed by a substantial decline. Presently, the value of W has settled at $1.31, reflecting a notable decrease of 20% within the day. Let’s take a look at this Wormhole airdrop article.
Claim your Whttps://t.co/GxyfY14hJd pic.twitter.com/ucUq2ahcUt
Wormhole, a protocol facilitating cross-chain communication for asset transfer between various blockchains, has recently initiated an airdrop campaign to distribute its newly issued governance token, W. Early adopters were granted 617 million W tokens as incentives. Concurrently, the protocol has unveiled a comprehensive roadmap delineating its strategic objectives and developmental trajectory.
As per the roadmap provided by the protocol, W endeavors to evolve into a native multi-chain token, harnessing the strengths of both the Solana and Ethereum Virtual Machine (EVM) chains.
Initially introduced as a native SPL token on the Solana blockchain, W is poised to exploit Solana’s capabilities, delivering enhanced performance, scalability, minimal transaction fees, and rapid settlement durations.
Following its introduction on Solana, W will be expanded to encompass all Wormhole-connected EVM chains through the utilization of Wormhole Native Token Transfers (NTT). This innovative framework enables the seamless propagation of W across Solana, the Ethereum mainnet, and Layer 2 (L2s) solutions, thereby mitigating liquidity fragmentation concerns.
The NTT framework, being open-source, empowers projects to govern token functionality on each respective chain. This governance includes the management of token standards, metadata, ownership/upgradability attributes, and the implementation of custom features tailored to specific project requirements.
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Wormhole Airdrop: A Simple Guide to Cross-Chain Management
Wormhole introduces a governance framework wherein token holders across various chains can propose, vote on, and enact governance measures. This model fosters widespread engagement in the Decentralized Autonomous Organization (DAO) by ensuring a seamless experience for token holders operating on different chains.
In line with this, W token holders are enabled to lock and delegate their tokens on both Solana and EVM chains, enabling their active involvement in governance procedures. The Wormhole DAO, comprising W token holders, is entrusted with overseeing governance across Solana, Ethereum mainnet, and EVM L2s.
Developed by Jump Crypto, a division of Jump Trading Group, Wormhole has undergone continuous development over the years, despite encountering obstacles such as a significant hack in February 2022 resulting in a loss of approximately $320 million.
Moreover, the recent listing of the W token on prominent exchanges, coupled with the forthcoming support by Coinbase on April 4, serves to affirm its developmental trajectory.
Wormhole Airdrop: W’s First Appearance on OpenBook
The W token first appeared on the Solana-based decentralized exchange (DEX) OpenBook at $1.66. At that time, its market capitalization was $2.98 billion, and its fully diluted value was $16.5 billion.
But now, the token’s market capitalization and fully diluted value have dropped to $2.2 billion and $12.5 billion, respectively, according to the latest data from CoinmarketCap. However, the trading volume for W has skyrocketed, reaching $555,937,593 in the last 24 hours, which is an astounding surge of 25,732,359.60%.
>>Master Guide to Must-Know Airdrops in 2024: Your Path to Become a Crypto Millionnaire<<
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