Coinbase-backed Wormhole airdropping 617 million tokens to ecosystem users
Quick Take
- The cross-chain protocol Wormhole announced on Wednesday it will airdrop approximately 617 million W tokens.
- The firm is airdropping tokens to people who have used “Wormhole ecosystem applications” in addition to “community users.”
Cross-chain protocol Wormhole said on Wednesday it will airdrop over 617 million tokens to both users of "ecosystem applications" and "community users."
"This Wormhole airdrop is designed to acknowledge and reward the contributions of dedicated users and developers of multichain applications built on Wormhole, as well as community members who have played a significant role in development and engagement within the Wormhole ecosystem," the organization said in a blog post.
Wormhole also said the airdrop constitutes roughly 6% of the total token supply. The firm is airdropping to nearly 400,000 wallets, including 500 million tokens, to people who have "used Wormhole ecosystem applications" across the more than 30 "Wormhole-connected blockchains." In addition, another allotment of about 117 million tokens is for "community users, such as Wormhole Discord users, various NFT communities, Monad community, and Pyth stakers."
Last month, Wormhole announced that its W token will have a maximum supply of 10 billion, with an initial "circulating supply" of 1.8 billion. The tokens will be divided among the following groups: guardian nodes, community and launch, ecosystem and incubation, core contributors, strategic network participants and the foundation treasury.
The firm said it took a snapshot of on-chain activity on February 6 to determine eligibility for the airdrop.
Token holders to shape future
"Wormhole's adoption of a token-based governance system is set to empower W holders with the ability to shape the protocol's future, marking a strategic move towards further decentralizing governance," the firm also said in its blog post. "Upon W launch, holders will be able to delegate their tokens in order to later vote on Wormhole governance proposals."
Wormhole closed a $225 million funding round last November, netting the firm a $2.5 billion valuation. Its backers include Brevan Howard, Coinbase Ventures, Multicoin Capital and Jump Trading, among others.
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