Blockchain Protocol That Lost 120,000 ETH Launches Very Own Token
The Wormhole protocol, known for its involvement in the 2022 Ethereum hacking incident, recently made an announcement regarding the issuance of its own tokens, along with plans for an upcoming airdrop of the W token.
According to a statement from Wormhole, 82% of the total W token supply will be initially locked and gradually distributed through airdrops over a period of four years.
Furthermore, Wormhole revealed that the W token will have an initial circulating supply of 1.8 billion tokens and a maximum supply capped at 10 billion tokens.
Analysts view Wormhole’s decision to introduce the W Token airdrop as a strategic move towards enhancing decentralization.
READ MORE: Senator Janet Yellen Calls for Crypto Oversight Amid Regulatory Debate
In a significant development last November, Wormhole successfully concluded a financing round, raising $225 million and achieving a valuation of $2.5 billion.
Notable participants in the financing round included Brevan Howard, Coinbase Ventures, Multicoin Capital, and Jump Trading.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
