Wormhole's W Token Pre-Market Surge Indicates Massive Airdrop Worth Almost $3 Billion

CryptoNews.com

2024-03-05 07:23:06

Tim Hakki

Last updated:

March 5, 2024 10:23 EST | 2 min read

Will Wormhole be one of biggest airdrops in crypto history?Wormhole might just be gearing up for one of the biggest airdrops in history.

Wormhole is currently trading at around $2.5 in pre-market over the counter (OTC) trades.

According to the protocol’s tokenomics paper, there are 1.1 billion W tokens available for immediate trading on listing.

At today’s price, that means the airdrop will unlock a heady $2.7 billion in wealth, making it the third largest airdrop in crypto history, according to figures at CoinGecko.

But if you’re scanning lines of copy looking for a release date, you won’t find any yet.

There is currently no official airdrop date so this current price isn’t locked in by any means.

It’s also too late to join.

A snapshot of eligible wallets has already been taken.

Wormhole is a cross-chain protocol that allows users to send assets between different blockchain.

Since its launch in late 2020 as a Solana-Ethereum bridge, Wormhole has integrated over 30 different networks and processed some $40 billion worth of transactions.

Wormhole is catalysing interoperability across the market. It’s early successes helped it get a $2.5 billion valuation after closing a November 2022 funding round to the tune of $225 million.

The protocol’s W token gives its holders governance and voting rights on the future of the protocol.

Wormhole’s integral Portal Token bridge currently holds $1.7 billion in total value locked (TVL), according to DeFi Llama.

Beyond Wormhole: More Airdrops

Airdrops are a dying art. Once upon a time, anyone who caught a whiff of promise from an upcoming blockchain project participated in its airdrop and either made their fortunes or was left with a bag of inexpensive tokens.

They’re still popular today, but now they have higher barriers for entry. For starters, many platforms tease their airdrop with a rewards program or leaderboard model, to filter out the die-hards.

This works by distributing new tokens or credits for tokens directly into the wallets of active participants as a reward or promotional boost, without much cost to the recipients except for writing a tweet or sharing or liking an Instagram page.

Perhaps the two most anticipated airdrop programs right now that anyone can still join are Magic Eden and Tensor.

Magic Eden is airdropping an NFT token, dubbed $NFT, in collaboration with the Non-Fungible DAO. The team will allocate them to traders based on their all-time usage of certain open source contracts, including the Magic Eden-developed M2 marketplace and MMM launchpad.

In other words, current and new users can earn diamonds by buying, listing, and making offers on the marketplace. More diamonds equals more rewards during the airdrop.

Tensor’s doesn’t have a date yet, nor even an official announcement, but it has inaugurated a rewards program so an airdrop is very likely. Simply visit Tensor’s website, connect a Solana wallet and become a daily marketplace user to begin earning for a potential airdrop.

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