Interoperability platform Wormhole is set to launch its highly anticipated token airdrop at 7:30 a.m. ET today.
The airdrop will allow eligible users to claim a total of 678,823,000 Wormhole tokens, accounting for 6.78% of the total supply of 10 billion tokens.
Approximately 400,000 wallets will be eligible to participate in the airdrop.
Wormhole to Distribute Tokens Based on February Snapshot
The distribution is based on a snapshot taken on February 6, which includes users across Wormhole’s Portal bridge and ecosystem apps on 30 different Wormhole-connected blockchains.
Out of the total airdrop allocation, 117 million tokens have been reserved for specific groups, including Wormhole Discord members, Monad community members, Pyth stakers, and holders of NFT collections such as Bad Kids, DeGods, Mad Lads, and y00ts.
These individuals must also be registered on the project’s Discord platform.
The Wormhole token is both a native ERC20 token and a native Solana SPL token.
It is estimated to have an initial circulating supply of 1.8 billion tokens.
Following the completion of the airdrop claims, the token is expected to be listed on centralized and decentralized exchanges.
Binance will list the token for trading at 8 p.m. ET, with trading pairs against bitcoin and stablecoins.
Pre-market price: 1.46$/1W
Airdrop claim will be live today at 11:30 AM UTC (14:30 RO TIME) https://t.co/qD6U2BPI3p $W will launch on 10 CEXes at 12 AM UTC (15:00 RO TIME) Congrats!🚀
$wormhole pic.twitter.com/0QnRLLIqTg— Vlad Stoica (@VladStoica23) April 3, 2024
Solana-based decentralized exchanges will also make the token available for swaps immediately after the airdrop claims begin.
Ahead of its official listing, the Wormhole token is already trading on pre-launch markets such as HyperLiquid and Aevo, where it has reached a price of over $1.5.
This valuation gives the token a fully diluted market capitalization of $15 billion.
Wormhole’s Massive $326 Million Hack
Last year, Wormhole lost almost $325 million to hackers, becoming the second-largest hack of the year after Axie Infinity’s Ronin blockchain exploit that saw hackers make off with about $625 million worth of Ethereum and USDC.
In June, Jump Crypto, the Chicago-based crypto arm of Jump Trading that helped develop DeFi project Wormhole, managed to counter-exploit the Wormhole protocol hacker and retrieve $140 million worth of tokens.
Wormhole is a communication protocol designed to enable the seamless transfer of tokens and data across different blockchains.
The platform recently integrated zero-knowledge proofs (ZKPs) for enhanced security during transfers across chains.
It aims to create secure “corridors” between blockchains for efficient messaging and address scaling concerns related to proof generation and verification through the use of AMD chips.
In addition to its interoperability efforts, Wormhole is working on Gateway, an application-specific blockchain within the Cosmos ecosystem.
The project also concluded a successful funding round last year, raising $225 million and achieving a valuation of $2.5 billion.
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