2024-04-03
Wormhole, the revolutionary interoperability platform, is about to change the game for users claiming token airdrops.
Today, at 7:30 a.m. ET, an incredible 400,000 wallets will have the chance to claim a whopping 678,823,000 Wormhole tokens. This airdrop allocation constitutes 6.78% of the total supply of 10 billion tokens.
To be eligible for the airdrop, users must have been part of the project's Portal bridge and ecosystem apps across 30 Wormhole-connected blockchains, as determined by a snapshot taken on February 6.
The allocation also includes 117 million tokens specifically reserved for Wormhole Discord members, certain Monad community members, Pyth stakers, and holders of NFT collections like Bad Kids, DeGods, Mad Lads, and y00ts, who have also registered on the project's Discord.
Wormhole tokens are native ERC20 tokens and native Solana SPL tokens.
The initial circulating supply of the token is estimated to be 1.8 billion. Once the airdrop claims are completed, the token is expected to be listed on both centralized and decentralized exchanges. Binance, for example, will begin trading the token at 8 p.m. ET, pairing it with bitcoin and stablecoins. Additionally, Solana-based decentralized exchanges will make the token available for swapping immediately after the airdrop claims start.
Interestingly, even before its official launch, the token is already trading at a price of over $1.5 on pre-launch markets like HyperLiquid and Aevo. This market price gives the token a fully diluted valuation of $15 billion.
The significance of Wormhole lies in its role as a communication protocol that enables seamless token and data transfers across different blockchains. Recently, the platform has integrated zero-knowledge proofs (ZKPs) into its ecosystem, developing "light client" implementations for secure transfers across chains using ZKPs. The primary goal is to establish secure "corridors" between blockchains to facilitate efficient messaging.
The project's long-term vision is to create secure communication channels across major blockchains, including Ethereum, Near, Solana, Aptos, Sui, and Cosmos. This initiative aims to address scaling concerns related to proof generation and verification in light clients by utilizing AMD chips.
Furthermore, Wormhole is actively working on Gateway, an application-specific blockchain within the Cosmos ecosystem. The project's recent success is evident in its impressive $225 million funding round last year, which boosted its valuation to $2.5 billion.
