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Wormhole launches airdrop eligibility checker, plans to distribute 617m W tokens

wormhole-launches-airdrop-eligibility-checker-plans-to-distribute-617m-w-tokens
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Wormhole launches airdrop eligibility checker, plans to distribute 617m W tokens

Cross-chain messaging protocol Wormhole says nearly 400,000 wallets are eligible for the airdrop following ‘anti-sybil measures.’

The Wormhole cross-chain protocol said in a blog post on Mar. 6 that it has allocated 6.17% (617,305,000) of the W supply among 397,704 wallets eligible for airdrop participation. While the list of eligible addresses was not disclosed, Wormhole said it allocated 500,000,000 W tokens for addresses that were active across 30+ blockchains, and approximately 117,305,000 W for community members (e.g. Wormhole Discord users).

“Priority was allocated to users based on the length of their engagement with the Wormhole protocol, the cumulative volume of messages and transfers, and consistency of use throughout the protocol’s lifespan, as well as participation in applications within the ecosystem.”

Wormhole

A snapshot of users’ on-chain activity within Wormhole ecosystem applications was taken on Feb 6 at 23:59 UTC, Wormhole says, adding that it covered nearly three years’ worth of data from nearly 30 blockchains and over 200 ecosystem applications. The project’s team emphasized that Wormhole core contributors have been excluded from participating in this initiative, with the airdrop exclusively intended for the community only.

Wormhole launches airdrop eligibility checker, plans to distribute 617m W tokens - 1
List of on-chain apps, which determine eligibilty for airdrop participation | Source: Wormhole

As crypto.news reported earlier, Wormhole allocated 1.7 billion (17% of the total supply) of its native W token for community airdrop and launch, while the initial circulating supply will be set at 1.8 billion tokens. The remaining 82% of W tokens will be initially locked, with plans for gradual unlocking over four years.

Established in 2021, Wormhole operates as a cross-chain protocol aimed at facilitating interoperability and communication among various blockchain networks.

In November 2023, the protocol secured a $225 million funding round at a $2.5 billion valuation, with investors including Coinbase Ventures, Multicoin Capital, and Jump Trading, the latter having incubated the protocol under its digital asset division, Jump Crypto. Instead of equity, Wormhole issued token warrants to investors, ensuring their entitlement to a specified supply of a crypto token launched by the protocol.