On Wednesday, the cross-chain protocol Wormhole announced plans to distribute more than 617 million W tokens through an airdrop. These tokens will be given to users of “ecosystem applications” and community participants.
The purpose of this airdrop, as stated in a blog post by the organization, is to recognize and incentivize the efforts of dedicated users and developers of multi-chain applications within the Wormhole platform.
Additionally, it aims to reward community members who have contributed significantly to the development and engagement within the Wormhole ecosystem.
Wormhole has confirmed that the upcoming airdrop will represent approximately 6% of the overall token supply. This distribution will encompass nearly 400,000 wallets, comprising 500 million tokens, allocated to individuals who have engaged with Wormhole ecosystem applications across over 30 interconnected blockchains.
Moreover, an additional portion of approximately 117 million tokens is earmarked for community participants, including users from the Wormhole Discord community, various NFT communities, the Monad community, and Pyth stakers.
The implementation of a token-based governance model by Wormhole is poised to empower holders of W tokens, granting them the authority to influence the future direction of the protocol.
Following the launch of W tokens, holders will have the opportunity to delegate their tokens for subsequent participation in voting on governance proposals within the Wormhole ecosystem.
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