Major Exchanges Introduce Wormhole for Trading
Top cryptocurrency exchanges worldwide are set to introduce a fresh altcoin project accessible to millions of traders.
Announced recently, Binance, recognized as the largest digital asset exchange globally, enabled spot trading for Wormhole (W).
Binance implemented a unique mechanism mandating users to complete periodic quizzes to enhance their understanding of associated risks when dealing with W coins.
Wormhole is available for spot trading on Binance, with trading pairs including W/BTC, W/USDT, W/FDUSD, and W/TRY. Deposits for W are now open, with withdrawals set to commence from 12:00 (UTC) today.
Several other prominent exchanges such as OKX, Bitget, Backpack, and WOO X will also introduce Wormhole for trading within the week.
This extensive listing coincides with Wormhole’s initiative to distribute 6.78% of its total W token supply, amounting to 678,823,000 tokens, among roughly 400,000 eligible wallets.
READ MORE: Binance Forms First Board of Directors Amidst Changes
Initially, the project aims to circulate 1.8 billion tokens out of a total supply of 10 billion.
Wormhole’s strategy outlines the allocation of tokens across various sectors, including guardian nodes, community and launch, core contributors, ecosystem and incubation, strategic network participants, and the foundation treasury. Initially, 82% of tokens will be locked, gradually unlocking over a span of four years. This tokenomics approach is tailored to fortify Wormhole’s long-term growth, stability, and decentralization.
Wormhole’s native token, W, will debut on Solana’s SPL network, with ERC-20 functionality enabled post-launch through Wormhole’s Native Token Transfers (NTT), ensuring seamless transfers across any Wormhole-connected network.
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.
