Wormhole Debuts at $3 Billion Valuation in 617 Million Token Airdrop
Based on the debut price, the project's W token has a fully diluted value of $16.5 billion.
Wormhole's cross-chain bridge has started an airdrop that will reward early users with 617 million of its newly issued governance token, W.
The token opened at $1.66 on the Solana-based decentralized exchange (DEX) OpenBook with a market capitalization of $2.98 billion and a fully diluted value figure of $16.5 billion, according to CoinGecko.
OpenBook experienced a period of heavy congestion after the token was launched and several users reported that it was inaccessible.
The released tokens represent 6% of the total supply, of which an additional 12% has been allocated to major contributors and 23.3% will go to the foundation treasury.
The token was initially launched on Solana and will be issued natively on Ethereum and Layer 2 networks at a later date.
Holders will be able to delegate W tokens to participate in governance votes. Delegation can take place on Solana or any of the supported Ethereum-based chains in a process called the "first" multi-chain governance system.
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