Wormhole distributes over $1 billion worth of W to users
The protocol’s governance token is currently tanking a 15% loss, while other interoperability protocol tokens are making upward movements.
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Interoperability protocol Wormhole distributed 6% of its token total supply today, representing over $1 billion at the initial price. Users received 617 million W, Wormhole’s governance token, at $1,65. The token is priced at $1,41 at the time of writing, a 15% loss.
The current market cap for W is over $2.5 billion, with its fully diluted market size at over $14 billion. Only Solana-based wallets can claim the token right now, with Ethereum Virtual Machine-based blockchain users waiting for Wormhole’s Native Token Transfers (NTT) to go live. However, there’s no date set for that to happen.
“NTT is an open-source framework for transferring tokens across blockchains without liquidity pools. When leveraging NTT, projects have full control over how their tokens behave on each chain, including the token standard, metadata, ownership/upgradeability, and custom features. With NTT, projects are also able to retain fine-grained control over their security, such as rate-limiting, pausing, access control, and balance accounting,” a blog post by Wormhole explains.
The W launch also prompted the rise of governance tokens of some interoperability protocols. Synapses’s SYN token jumped 37% in the last 24 hours, while Across Protocol’s ACX rose 11% in the same period.
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