Learn about the upcoming W token airdrop by Wormhole, eligibility criteria, allocation details, and community impact. Stay informed with this comprehensive guide.
The cryptocurrency community is buzzing with excitement over the imminent W governance token airdrop from the cross-chain platform Wormhole. This airdrop includes eligible wallets across various networks such as Solana, Ethereum, and more. However, there has been some discontent regarding the selection process for wallets and the distribution of tokens to specific users or communities.
To address any confusion surrounding the airdrop, Wormhole recently released a comprehensive post detailing the upcoming event and the underlying process.
“Wormhole contributors aimed to organize a fair airdrop to maximize rewards for genuine users of the protocol,” the post states, emphasizing the team's commitment to transparency and setting new communication standards for airdrop announcements.
According to Wormhole's team, the primary focus was on rewarding users actively engaged with the cross-chain protocol, followed by involvement from key multi-chain community groups.
Updated project details reveal that over 400,000 unique wallets are now eligible for the airdrop, a notable increase from the previous count. Wormhole collaborated with blockchain data, with assistance from the data platform Allium, to ensure accurate reward distribution to authentic Wormhole users.
Established in 2020, Wormhole's airdrop strategy heavily favors early adopters and active participants. Bonuses were also extended to users who transacted during the bear market period, spanning from June 2022 to November 2023, as well as those who consistently utilized Wormhole for three or more months.
Regarding community groups, the allocation of W tokens varies significantly. For instance, holders of DeGods and y00ts NFTs will each receive 2,000 W tokens per NFT, with a maximum of five NFTs per holder, provided they were verified via the Wormhole Discord server during the February 6 snapshot. All tokens will be accessible on the first day of the airdrop.
However, holders of Mad Lads NFTs on Solana will receive 16,000 W tokens each, with a catch: only 3,200 tokens will be available on the first day, with the remainder vesting gradually over the following year. The reasoning behind this disparity in token distribution is attributed to the collaborative efforts between the Backpack team and the Mad Lads NFT collection, which have actively contributed to building multichain products and fostering growth within the protocol.
At least holders of DeGods and y00ts NFTs can now verify their eligibility for receiving tokens. Previous complaints about eligibility have been addressed, with the expanded list of eligible wallets now encompassing DeGods/y00ts owners and other additional token recipients.
The current pre-market trading price for the W token stands at $1.58 on Whales Market, a decline from $2.49 just one week ago. However, no specific timeframe has been announced for the token's official launch.