Wormhole Debuts at $3B Valuation in 617M Token Airdrop
Cross-chain bridge Wormhole initiated an airdrop of 617 million of its new governance token, W. The token opened at $1.66 on Solana-based decentralized exchange (DEX) OpenBook, with a market capitalization of $2.98 billion and a fully diluted value of $16.5 billion. OpenBook faced heavy congestion after the token's release, making it inaccessible for some users. The released tokens represent 6% of the total supply, with an additional 12% allocated to core contributors and 23.3% to the foundation's treasury. The token was initially launched on Solana and will be issued on Ethereum and layer-2 networks later. Holders can delegate W tokens to participate in governance votes on Solana or compatible Ethereum-based chains, in what is being called the first multichain governance system.
