The eagerly awaited launch of Wormhole’s W governance token is just around the corner on Wednesday this week. Several cryptocurrency exchanges have announced to list the token shortly after the airdrop claim opens up to eligible users.
Wormhole had previously disclosed details for the W token airdrop, with over 400,000 wallets eligible to partake in the claim. A total of 617.3 million W tokens have been allocated for the initial community and ecosystem airdrop, rewarding early adopters on Solana, Ethereum, and other chains, in addition to various crypto communities.
In a recent announcement on X, Wormhole designated April 3 as “Wormhole Wednesday,” marking the commencement of the W airdrop claim at 11:30 am UTC.
Subsequently, it appears that the token will swiftly enter trading, as multiple exchanges revealed plans to commence spot trading of the W token at 12 pm UTC on Wednesday. Bitget, OKX, Backpack, and Gate.io are among the exchanges listed so far, with more expected to follow suit.
W
Wormhole Wednesday
3-April-2024
11:30AM UTC pic.twitter.com/CjdmT1i8PE
— Wormhole (@wormhole) March 28, 2024
Given the substantial size of the airdrop and the significance of the protocol involved, W is poised to become one of the most significant token launches of the year. The W token will debut as a native Solana SPL20 token, with plans to expand support to Ethereum’s ERC-20 token standard post-launch, underscoring the protocol’s cross-chain capabilities.
In pre-market trading on Whales Market, W is currently valued at $1.65, and Wormhole has disclosed that 1.8 billion W tokens will be in circulation at launch out of a total of 10 billion.
Should this price persist until the official token launch on Wednesday, the token would commence with a market capitalization nearing $3 billion. This would position it as the 50th-largest cryptocurrency as per data from CoinGecko at the time of writing.