Wormhole Launches with a Valuation of $3 Billion, Distributing 617 Million Tokens via Airdrop

The project’s W token debuted with a market capitalization of $3 billion and opened at $1.66 per token, as reported by CoinGecko. With this debut price, the fully diluted value of the token reached $16.5 billion.

The airdrop initiated by cross-chain bridge Wormhole aims to reward early users with 617 million of its newly issued governance token, W. However, heavy congestion on the Solana-based decentralized exchange (DEX) OpenBook led to downtime, causing accessibility issues for users.

Of the total token supply, 6% was allocated to the airdrop, while another 12% was earmarked for core contributors and 23.3% for the foundation’s treasury. Initially launched on Solana, the token will later be natively issued on Ethereum and layer-2 networks.

Holders of the W token will have the opportunity to delegate their tokens for participation in governance votes. This delegation process, dubbed the “first ever multichain governance system,” can occur on Solana or any compatible Ethereum-based chains.