On March 6, Wormhole announced on Twitter their official plan to conduct an airdrop program for the community. With a total supply of 10,000,000,000 $W, the project allocated 17% for Community & Launch purposes, of which 11% was made available immediately at the Token Generation Event (TGE). Based on the pre-market price on Bybit and the Whale Market, $W is currently trading at $1.7, indicating that the project’s Fully Diluted Valuation (FDV) at launch could reach $17 billion. This implies that the project allocated nearly 2 billion dollars for community airdrops at the launch, marking one of the largest airdrops to date.
1. About the Wormhole
Wormhole is a protocol that offers a bridging mechanism for tokens and NFTs across diverse blockchains. The token transfer process on Wormhole is safeguarded by validators, which are meticulously selected nodes that monitor on-chain activities.
When a transaction is initiated through this protocol, the validators review and validate it before locking the native tokens in a smart contract on the source chain. Subsequently, an equivalent amount of tokens is minted as wrapped assets on the target chain.
Since its launch, Wormhole has facilitated the processing of over 1 billion transactions, with a total value exceeding $40 billion. Additionally, more than 200 dApps have been constructed utilizing Wormhole’s solution, and it has extended support to over 30 different blockchains.
Regarding the fundraising history, as of now, Wormhole has conducted only one funding round, which was announced on November 29, 2023, raising a total of $225 million. This round saw participation from leading investment funds such as Coinbase Ventures, Multicoin Capital, ParaFi Capital, Jump Trading, among others. The valuation of the project at this round was set at $2.5 billion.
Token Distribution & Release Schedule
- Ticker: W
- Maximum Supply: 10,000,000,000
- Initial circulating supply: 1,800,000,000
- Token Format: Native ERC20 and SPL (using Wormhole’s Native Token Transfer standard)
- Lock Up: 82% of W are initially locked and such tokens will unlock over the course of four years per the Token Release Schedule below.
$W will be distributed across these six categories:
Token Release Schedule
2. Airdrop Criteria
During its first airdrop, Wormhole took a snapshot at 23:59 UTC on February 6, 2024. A total of 6.17% (617,305,000) of the $W supply was distributed to 397,704 eligible wallets. Specifically, 500,000,000 $W were allocated to wallets that had interacted with Wormhole’s protocol over the past three years; 117,305,000 $W were designated for Discord members with special roles, some NFT community partners such as Mad Lads, Degods, Y00ts, Bad Kids, and some partners like Monad community, top 10,000 Pyth stakers. Users can check the airdrop status at the following link:
The criteria for eligible onchain wallets have not been specifically disclosed by the project. However, for NFT partner projects like Mad Lads, each valid NFT (with a W badge) will receive an airdrop of up to 16.000 $W, equivalent to $27,000 at the pre-market price. Similarly, 16.000 $W is also allocated to each Monad discord member with the Nads role.
With 18% of the circulating supply, the market cap of $W will be around $3 billion at the TGE. Wormhole is poised to be a significant competitor to LayerZero in the coming period.