Wormhole's W token pre-market trading suggests a massive airdrop, potentially one of crypto's largest. Stay informed on the latest in crypto news.
Cross-chain bridge protocol Wormhole is preparing for a substantial airdrop of its upcoming W token, as indicated by recent pre-market trading data.
As of Monday, W was traded at 2.49 USDT in over-the-counter transactions recorded through Bybit— a value more than five times higher than its trading price just one month ago in the perpetual futures market. Wormhole had earlier disclosed a tokenomics and unlock schedule for W, outlining a token generation event that would promptly release 1.1 billion tokens, with an additional 600 million tokens distributed to the community over the coming months.
This calculation points to an immediate airdrop valued at $2.73 billion at current market prices, potentially ranking it among the largest airdrops in the history of cryptocurrency.
🚨 JUST IN: $W (@wormholecrypto) is presently trading between $2.28- $2.49 on @Bybit_Official pre-market. pic.twitter.com/Dt0ZfahrFM
— SolanaFloor | Powered by Step Finance (@SolanaFloor) March 4, 2024
According to CoinGecko, the most significant crypto airdrop to date was Uniswap’s UNI token on September 16, 2020—an event valued at $6.43 billion. If Wormhole's upcoming airdrop materializes, it could secure a position within the top five.
However, Wormhole has not officially announced the airdrop date, and pre-market trading prices may experience considerable fluctuations before any official release. Additionally, there is a considerable risk of a significant price drop once the token is listed on exchanges, as observed with Starknet’s STRK airdrop last month.
The similarities between the Wormhole and Starknet airdrops are notable: both protocols have a fully diluted supply of 10 billion tokens, granting governance rights to holders for decentralized decision-making on the project's future. A significant portion of the W supply is reserved for major stakeholders, including 5.1% for guardian nodes, 12% for core contributors, and 11.6% for strategic network partners.
Wormhole, renowned for enabling crypto users to transfer messages and assets across 30 different blockchains, gained popularity as a two-way bridge connecting the Ethereum and Solana networks. With a $2.5 billion valuation following a $225 million funding round in November 2022, Wormhole claims to have processed over $35 billion in transfers since its inception, according to its website. Portal, the asset bridging protocol built on Wormhole, boasts a TVL worth $1.6 billion, as reported by DeFi Llama.