Summary
TLDR: Wormhole’s native W token, which had a successful airdrop last week, has plummeted over 50% in value to $0.82. Despite generating excitement in DeFi circles, the token’s early momentum is fading as it currently has a market cap of $1.47 billion.
Key Points
1. The price of the native governance token of cross-chain protocol Wormhole, W, has plummeted over 50% in value, dropping to $0.82 from its launch price of $1.66.
2. Despite generating excitement in the DeFi community with its broad offering, including the ability to bridge tokens across over 30 networks, more than 140,000 wallets have claimed W, resulting in a market cap of $1.47 billion.
3. The initial circulation of W tokens is 1.8 billion, with plans to expand the token supply to 10 billion according to the project’s roadmap.