Coinbase-backed Wormhole is airdropping 617 million tokens to ecosystem users.
Cross-chain protocol Wormhole said on Wednesday it would airdrop more than 617 million tokens to both “ecosystem application” users and “community users.”
“This Wormhole airdrop is designed to recognize and reward the contributions of dedicated users and developers of multichain applications built on Wormhole, as well as community members who have played a critical role in development and participation within the Wormhole ecosystem.” the organization said. Blog post.
Wormhole also said that the airdrop accounts for about 6% of the total token supply. The company is offering airdrops to nearly 400,000 wallets, including 500 million tokens to those who “used Wormhole Ecosystem applications” on more than 30 “wormhole-connected blockchains.” Additionally, another allocation of approximately 117 million tokens is for “community users such as Wormhole Discord users, various NFT communities, the Monad community, and Pyth stakers.”
Last month, Wormhole announced that the maximum supply of W tokens would be 10 billion, with an initial “circulating supply” of 1.8 billion. Tokens are divided into groups: Guardian Nodes, Community & Launch, Ecosystem & Incubation, Core Contributors, Strategic Network Participants, and Foundation Treasury.
The company said it took a snapshot of on-chain activity on February 6 to determine airdrop eligibility.
Token Holders Shaping the Future
“Wormhole’s adoption of a token-based governance system marks a strategic move to further decentralize governance by giving W holders the ability to shape the future of the protocol,” the company said in a blog post. “Once W is launched, holders will be able to delegate their tokens to vote on Wormhole governance proposals at a later date.”
Wormhole closed a $225 million funding round last November, valuing the company at $2.5 billion. Backers include Brevan Howard, Coinbase Ventures, Multicoin Capital, and Jump Trading.
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