Wormhole to Airdrop 617M W Tokens to Past Users
Summary
Wormhole, a token bridging service, plans to release a W token and distribute 617 million tokens, equivalent to 6% of the total supply, to past users. The W token will serve as a governance asset, allowing holders to vote within the yet-to-launch Wormhole DAO. This entity will make decisions for the platform, such as fee charges. The W token will launch on the Solana and Ethereum networks. The upcoming airdrop is similar to that of Pyth, another Jump Capital-linked crypto project. Wormhole separated from Jump in November and announced a $225 million fundraising round. Its financial backers will receive over 11% of the W token's circulating supply.
