Wormhole, a cross-chain bridge, has launched an airdrop program rewarding early users with 617 million units of its newly issued governance token, W.
The coin debuted at $1.66 on the Solana-based decentralized exchange (DEX) OpenBook with a market capitalization of $2.70 billion and a fully diluted value of $15.03 billion, according to CoinGecko.
Several users reported that OpenBook was unreachable during a period of severe congestion that followed the token’s release.
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 toward the foundation’s treasury.
The cryptocurrency was first introduced on Solana and will eventually be natively distributed on layer-2 networks like as Ethereum.
Token holders can delegate W tokens for governance voting. This delegation is possible on Solana or any compatible Ethereum-based chains, marking the “first ever” multichain governance system.
Also Read: Wormhole Airdrops Governance Token W to 400K+ Holders
