Blockchain Protocol That Lost 120,000 ETH Launches Very Own Token
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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.
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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.