Wormhole Unveils Tokenomics and Upcoming Airdrop

Wormhole, a protocol that allows users to bridge assets from Solana to other networks, has unveiled the tokenomics for its upcoming W token.

According to the team, 17% will be allocated to the community, 23% to the Foundation’s Treasury, 12% to core contributors, and 31% for ecosystem and incubation purposes. The remaining 17% will be distributed between strategic partnerships and guardian nodes.

While a date hasn’t been set for the token launch, a snapshot of eligible wallets was taken before today’s announcement. Of the 1.7B tokens allocated to the community, 1.1B is assigned to the airdrop, while the remaining 6% will unlock four months later.

Wormhole has been in the spotlight in past years for varied reasons. In early February 2022, the protocol was hacked and drained of $320M in the second-largest DeFi exploit to date.

Last year, the protocol completed 2023’s largest crypto raise, selling $225M in token warrants at a $2.5B valuation.