TL;DR
- Wormhole plans an airdrop of its W token, worth about $3 billion, which would be one of the largest in cryptocurrency history.
- The interest around the airdrop has skyrocketed the value of the W token in pre-market trading.
- Although the airdrop date has not yet been announced, Wormhole is in the spotlight in the crypto market.
Cross-bridge protocol Wormhole is generating quite a stir in the crypto market with its upcoming airdrop of the W token, which promises to be one of the largest in cryptocurrency history.
According to pre-market trading data, the value of the W token has increased more than five-fold compared to the previous month, reaching an impressive 2.49 USDT in over-the-counter trades recorded through Bybit.
🚨 JUST IN: $W (@wormholecrypto) is currently trading between $2.28- $2.49 on @Bybit_Official pre-market. pic.twitter.com/Dt0ZfahrFM
— SolanaFloor | Powered by Step Finance (@SolanaFloor) March 4, 2024
This skyrocketing value of the W token comes in anticipation of the imminent airdrop announced by Wormhole.
The protocol has detailed an unlock schedule that involves the immediate generation of 1.1 billion tokens, with another 600 million intended to be distributed to the community in the coming months.
In total, this airdrop has an estimated value of $2.73 billion at current prices, placing it as one of the largest airdrops in cryptocurrency history.
Compared to other airdrops, such as Uniswap in 2020, Wormhole is on track to be one of the top five
However, it is important to note that an official date for the airdrop has not yet been announced, and pre-market trading prices may experience significant fluctuations prior to its completion.
Furthermore, there is a possibility that the price of the W token could experience a dramatic drop once it is listed on exchanges, as has happened in previous cases, such as Starknet’s STRK airdrop last month.
Despite these potential risks, both Wormhole and Starknet share similarities in their airdrops, as they both grant governance rights to token holders and reserve a considerable portion of supplies for key stakeholders and strategic partners.
Wormhole, known for its role as a two-way bridge between the Ethereum and Solana networks, has gained significant market valuation, reaching $2.5 billion after a $225 million funding round in 2022.
According to data provided by the protocol, Wormhole has facilitated transfers of over $35 billion since its inception, with its asset bridge protocol, Portal, recording a total value locked (TVL) of $1.6 billion, according to DeFi Llama.
The upcoming Wormhole airdrop promises to be a major event in the world of cryptocurrencies, marking another milestone in the evolution and adoption of blockchain technology.
