Wormhole Debuts at $3B Valuation in 617M Token Airdrop

01:01Cross-chain bridge Wormhole initiated an airdrop that will see early users rewarded with 617 million of its newly issued governance token, W. OpenBook with a market capitalization of $2.98 billion and a fully diluted value figure of $16.5 billion, according to

OpenBook experienced a period of heavy congestion after the token was released with several users reporting that it was inaccessible. The tokens released represent 6% of the total supply, a further 12% of which has been allocated to core contributors and 23.3% will be put toward the foundation's treasury.

The token was launched initially on Solana and will be natively issued on Ethereum and layer-2 networks at a later date. Holders will be able to delegate W tokens to take part in governance votes. Delegation can take place on Solana or any of the compatible Ethereum-based chains in a process that is being dubbed thein a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

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