Wormhole has confirmed its intention to launch the $W token on Wednesday, with plans to distribute 617 million tokens, equivalent to 6% of the token's total supply, to previous users. The $W token utility will be a governance token, empowering holders to participate in voting within the upcoming Wormhole DAO. This decentralized autonomous organization will play a pivotal role in decision-making for the platform, including fee structures and other key matters. As a cross-chain messaging platform, Wormhole facilitates the seamless transfer of funds across various blockchains, encompassing Solana, Ethereum, Aptos, and more. But airdrop recipients might wonder the value of the airdrop that they will get from Wormhole. This article will help to estimate the value of Wormhole airdrop.
617 Million W for 400,000 Wallets
Wormhole has recently unveiled the eligibility criteria for its upcoming W governance token airdrop, with nearly 400,000 wallets meeting the qualifications. The distribution plan entails allocating 500 million W tokens to users who have engaged in on-chain activities across over 30 Wormhole-connected blockchains and applications.
Notable actions that qualify for token distribution include utilizing Wormhole-connected protocols across 26 different blockchains, spanning Ethereum-compatible chains like Base, Arbitrum, and Optimism, alongside other chains such as Solana, Aptos, and Near. Furthermore, users engaging with DeFi applications integrating Wormhole's cross-chain messaging, such as the Solana decentralized exchange aggregator Jupiter and Circle's cross-chain transfer protocol for USDC, will also receive tokens. An additional 117 million tokens are reserved for Wormhole Discord users, various NFT communities, members of the Monad community, and the top 10,000 PYTH token stakers.
W Price Based on OTC and Futures Contract
According to DLNews, even before the official launch of W token, futures contracts tracking its price are already available for trading on several exchanges. With the current futures price standing at $1.45 per W token, the impending airdrop is poised to distribute over $900 million worth of tokens.
However, Decrypt reported that W was traded for 2.49 USDT in OTC transactions recorded through Bybit on Monday, marking a significant surge compared to its trading price in the perpetual futures market just one month prior, which was more than five times lower. Concurrently, Wormhole unveiled a tokenomics and unlock schedule for W, detailing a token generation event that would immediately release 1.1 billion tokens, with an additional 600 million tokens slated for release to the community over the following months. This calculation indicates an immediate airdrop valued at $2.73 billion at current prices, potentially ranking as one of the largest airdrops in the history of cryptocurrency.
Wormhole Airdrop Will Be in the Top 5 Biggest Airdrop
According to CoinGecko, the biggest crypto airdrop to date occurred on September 16, 2020, for Uniswap's UNI token, totaling a staggering $6.43 billion. With Wormhole's impending airdrop, it is poised to firmly secure a spot within the top five largest airdrops in crypto history.
Conclusion
Wormhole's forthcoming $W token airdrop, comprising 617 million tokens for previous users, signifies a significant event in the crypto space. With a total estimated value potentially reaching billions of dollars, this airdrop is poised to be one of the largest in crypto history. As the project moves forward with its plans to launch the governance token and establish the Wormhole DAO, it marks a pivotal moment for community participation and governance within the platform. With the airdrop placing Wormhole among the top five largest in the industry, it underscores the platform's growing prominence and impact within the cryptocurrency ecosystem.
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