Chain-crossing bridge Early adopters of Wormhole’s airdrop will receive 617 million of the company’s recently launched governance token, With a market capitalization of $2.98 billion and a fully diluted value of $16.5 billion, the coin debuted at $1.66 on the Solana-based decentralised exchange (DEX) OpenBook, according to CoinGecko.
Following the token’s release, OpenBook went through a period of severe congestion, with some users complaining that it was unusable.
The tokens that have been released account for 6% of the total supply; the remaining 12% have been distributed to core contributors, and the remaining 23.3% will go into the foundation’s treasury.
The cryptocurrency was first introduced on Solana and will eventually be natively produced on Ethereum and layer-2 networks. To participate in governance voting, holders will be able to assign W tokens to other holders. Delegation occurs on Solana or any other Ethereum-based chain that is compatible, in what is being called the “first ever” multichain governance mechanism.