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Wormhole Launches W Governance Token with Airdrop Claim and Exchange Listings
On Wednesday, the cross-chain protocol Wormhole is set to introduce its W governance token, marking a significant milestone in the realm of decentralized finance. Following the airdrop claim opening to eligible users, several prominent cryptocurrency exchanges have already revealed their intentions to list the token swiftly.
Having previously disclosed the specifics of the W token airdrop, Wormhole has identified over 400,000 wallets that qualify for participation in the claim process. Notably, a substantial allocation of 617.3 million W tokens has been earmarked for the initial community and ecosystem airdrop, rewarding early adopters across various blockchain networks including Solana, Ethereum, and other crypto communities.
In a recent announcement shared via a post on Twitter, Wormhole proclaimed that April 3 will be recognized as “Wormhole Wednesday,” with the commencement of the W airdrop claim scheduled for 11:30am UTC. It is anticipated that the token will become tradable shortly thereafter, as multiple exchanges have confirmed plans to facilitate spot trading of the W token starting at 12pm UTC on the same day.
Moreover, additional exchanges are expected to join this list in the near future, bolstering the accessibility and liquidity of the W token. Given the monumental scale of the airdrop and the pivotal role played by the Wormhole protocol, the launch of the W token is poised to be one of the most significant token premieres of the year thus far.
The W token, initially established as a native Solana SPL20 token, will undergo further expansion to accommodate Ethereum’s ERC-20 token standard upon its launch. This strategic move underscores the protocol’s fundamental ethos of interoperability across diverse blockchain ecosystems.
As of pre-market trading, the W token is valued at $1.65 according to data sourced from Whales Market. Wormhole has indicated that approximately 1.8 billion W tokens will be in circulation at the time of launch, out of a total supply of 10 billion tokens. Should the current pricing persist until the official token launch, the market capitalization of W would approach nearly $3 billion, positioning it as the 50th largest cryptocurrency by market capitalization.
In conclusion, the forthcoming debut of the W token signifies a significant leap forward for both Wormhole and the broader DeFi landscape, heralding a new era of cross-chain functionality and community-driven governance within the realm of decentralized finance.
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