W is about to launch Gate.io, what is the background and prospects of the project?

At 20 o'clock Beijing time today, Gate.io will list the Wormhole token W.

Project Introduction:

Wormhole is a decentralized, universal cross-chain messaging protocol that allows the transfer of assets and information between different blockchain networks. Initially, Wormhole was just an asset bridge, but with the gradual development of the multi-chain ecosystem and the increasing number of multi-chain applications, today Wormhole has evolved into a universal AMB (Arbitrary-Message-Briage) bridge that supports the transmission of arbitrary messages between 24+ heterogeneous public chains, also known as the universal cross-chain messaging protocol or interoperability protocol, and the function of Wormhole's asset cross-chain bridge is applied by the front-end Portal Bridge undertakes and provides services to the outside world. Wormhole is not a standalone blockchain, but rather an underlying protocol that provides a means of communication for blockchains or rollups. Wormhole is also not a simple asset bridge, although there are protocols built on top of Wormhole that have this function, which includes both asset delivery and information transfer (contract calls, state updates, etc.).

In 2022, the Wormhole bridge was hacked, and a total of 120,000 ETH was stolen. Since then, the project's incubation team, Jump Crypto, has announced that it will invest 120,000 ETH to make up for the theft of Wormhole users and support Wormhole's continued development.

Up to now, the heterogeneous public chains supported by Wormhole include: Solana, Ethereum, BNB Chain, Polygon, Avalanche, Arbitrum, Optimism, Base, Aptos, Sui, Sei, Injective, Algorand, Moonbeam, Near, Oasis, Aurora, Fantom, Karura, Acala, Klaytn, and Celo, among others.

Financing

In November 2023, Wormhole closed a $225 million funding round at a $2.5 billion valuation and established Wormhole Labs, making it the largest crypto project funding round in 2023. There was no lead investor in the round, with participation from Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dialectic, Borderless Capital, Arrington Capital, and Jump Trading, among others. Wormhole Labs chief executive officer Saeed Badreg said it was technically the company's first time fundraising. In fact, Jump Crypto has been incubating the project for many years, and has a strong background in project investment and development, which has won it a market opportunity.

Token Economy

W is Wormhole's utility token with a maximum supply of 10 billion and an initial circulating supply of 1.8 billion. W is the native ERC-20 token and the native Solana SPL token (the Solana Foundation released a token extension of the SPL token standard on the Solana network in January this year), which will be distributed across the Ethereum, Solana, Arbitrum, Optimism, and Base networks.

82% of these W tokens will be initially locked and then unlocked over a four-year period. Tokens will be distributed among 6 types of stakeholders, namely 5.1% for Guardian Nodes, 17% for Community, 31% for Ecosystem and Incubation, 12% for Core Contributors, 11.6% for Strategic Network Participants, and 23.3% for Foundation Treasury.

Source: Wormhole

On March 7, Wormhole officially announced the details of its native token W airdrop allocation, and about 617 million W tokens (about 6.17% of the total supply) will be airdropped to about 400,000 wallets.

Users can inquire about W token airdrops through multiple portals.

First of all, Wormhole has launched an airdrop query portal, where users can query EVM, Solana, Sui, Aptos, Injective, Terra, Algorand, and Osmosis network addresses on the official website to claim the airdrop, and support connecting Discord accounts to check whether they are eligible for the community.

Second, Jupiter has partnered with Wormhole, and users can query and claim airdrops through Jupiter LFG's Claimpad.

Thirdly, the Phantom Wallet will send push notifications and banners to users who are eligible for airdrop investment, and users can click on it to query and claim, or visit the official Wormhole airdrop query portal in Phantom Explore.

What is the future of W?

As mentioned earlier, Wormhole raised $225 million for $2.5 billion, and its initial supply is 1.8 billion, so W should open at $1.38. Currently, according to on-chain DEX data, W's Pre-Market price is now 1.59 USDT/coin.

Combined with the current market conditions, as well as Wormhole's leading position in the cross-chain bridge track, the price of W may rise after the Gate.io is listed. The new currency listing fluctuates greatly, please Gate.io users do a good job of risk assessment!

Author: Icing, Researcher, Gate.io

This article represents the views of the author only and does not constitute any trading advice. **

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