tl;dr
Wormhole is all set to launch its W governance token on "Wormhole Wednesday," with 617.3 million W tokens designated for a community and ecosystem airdrop. This announcement has sparked multiple cryptocurrency exchanges to announce their plans to list the W token for spot trading at 12pm UTC on the ...
Wormhole is all set to launch its W governance token on "Wormhole Wednesday," with 617.3 million W tokens designated for a community and ecosystem airdrop. This announcement has sparked multiple cryptocurrency exchanges to announce their plans to list the W token for spot trading at 12pm UTC on the same day. During pre-market trading, the W token was valued at $1.65 and is anticipated to have 1.8 billion tokens circulating at launch out of a total of 10 billion. This launch marks a significant move for the cross-chain protocol, as the native Solana SPL20 token will eventually support Ethereum's ERC-20 token standard. If the price holds, the token's launch would secure a market cap of nearly $3 billion, positioning it among the year's largest token launches. Wormhole had previously unveiled details for the W token airdrop, making over 400,000 wallets eligible to participate in the claim. In total, 617.3 million W tokens have been earmarked for the initial community and ecosystem airdrop, extending rewards to early users on Solana, Ethereum, and other chains, as well as various crypto communities. With "Wormhole Wednesday" imminent, several cryptocurrency exchanges have declared their intent to list the W token for spot trading shortly after the airdrop claim availability. The exchanges, including Bitget, OKX, Backpack, and Gate.io, are already on board, with more likely to follow suit. Given the scale of the airdrop and the prominence of the protocol, W is poised to emerge as one of the year's major token launches. Initially launching as a native Solana SPL20 token, W will subsequently expand to support Ethereum's ERC-20 token standard, exemplifying the protocol's cross-chain nature. Currently priced at $1.65 in pre-market trading via Whales Market, Wormhole has confirmed that 1.8 billion W tokens will be in circulation at launch out of a total of 10 billion. If the price holds until the actual token launch, the token would debut with a market cap of nearly $3 billion, ranking it as the 50th-largest cryptocurrency, based on data from CoinGecko. Editor's note: This story was updated after publication to include Wormhole in the list of exchanges that will list the Wormhole token following the airdrop.
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