Summary
TLDR: Wormhole opened airdrop claims for its governance token W, causing its price to initially fall 24% before recovering. W is a multi-chain protocol initially launched on Solana, with plans to expand to Ethereum. The token is meant for governance and a DAO operating on multiple chains. The airdrop allocation was worth $855 million. Some other airdrops, like Ethena, saw their token prices rise after listing on exchanges. Wormhole’s community hopes for similar success with W.
Key Points
1. The cross-chain messaging protocol Wormhole opened airdrop claims for its governance token, named W, on Wednesday morning.
2. 6.78% of W’s supply was set aside for the airdrop, an allocation worth roughly $855 million at current prices.
3. Wormhole is a multi-chain protocol that facilitates the movement of assets and data between blockchains, initially launching W as an SPL token on Solana.