Wormhole Token Debuts with Massive Market Cap

The cross-chain messaging protocol Wormhole has launched its new token, W, with a market capitalization of nearly $3 billion.

Major Exchanges List W

Major crypto exchanges such as Binance, OKX, and Bitget have announced support for W.

Airdrop Distributes Millions of Tokens

An airdrop distributed 617.3 million W tokens to over 400,000 eligible wallets. Users with wallets on Sui, Solana, Aptos, and other compatible chains were eligible.

Market Cap and Tokenomics

W debuted with a $2.97 billion market cap and a circulating supply of 1.8 billion. The fully diluted valuation is $16 billion.

The token will be allocated across various categories, with 82% initially locked for four years. This structure aims to support long-term stability and decentralization.

Initial Solana Token, Ethereum Functionality Coming

W is initially a Solana-based token, but Ethereum ERC-20 functionality will be enabled later through Wormhole’s Native Token Transfers.

Current Trading Price

At the time of writing, W is trading at $1.26.