Wormhole serves as a connectivity platform that empowers businesses to create either standalone crypto bridges or multi-chain applications. Crypto bridges facilitate connections between different blockchains through dedicated user interfaces, while multichain applications enable the transfer of digital assets within the application itself, eliminating the need for separate bridges.
The platform is developed by a decentralised network of teams, including the Wormhole Foundation, Wormhole Labs, xLabs, Superteam, Lurk (ZK engineering), and Zpoken (ZK engineering). Notable crypto bridges built on Wormhole include Allbridge, Mayan Swap, and Portal.
Bridges act as the vital connective tissue between different blockchain networks. Platforms like Wormhole play a crucial role in facilitating this connectivity. But what makes Wormhole stand out? Recently, Wormhole announced its announcement of a significant airdrop, marking it as one of the largest in the crypto space. To understand this development, let’s see the dynamics of Wormhole’s airdrop and its governance token, $W.
The $W token serves as the governance token for the Wormhole platform, acting as the protocol’s backbone. Like other governance tokens, $W empowers holders to influence the platform’s direction through on-chain governance facilitated by a decentralised autonomous organization (DAO).
The Wormhole DAO is responsible for pivotal decisions and actions such as adding or removing blockchain connections, upgrading smart contracts, adjusting fees, expanding the Guardian set, and tweaking security features like rate limits. In terms of token distribution, $W has a maximum supply of 10,000,000,000 tokens, with an initial circulating supply of 1,800,000,000 tokens. These tokens are in native ERC20 and SPL formats, utilising Wormhole’s Native Token Transfer standard, with 82% initially locked up and set to unlock gradually over four years. At the token generation event (TGE), 18% of the total supply will be unlocked, distributed across various categories.
These categories include the allocation for community and launch, comprising 11% of the unlocked tokens. This portion encompasses the token airdrop and associated activities such as market making and liquidity management, all aimed at fostering community engagement and facilitating a successful launch of the Wormhole platform. Another segment of the unlocked tokens, totalling 5%, is dedicated to ecosystem and incubation. These tokens are earmarked for strategic contributors within the Wormhole ecosystem, including community organisations, developer initiatives, and other key contributors instrumental in driving ecosystem growth and development.
Also, a portion of the unlocked tokens, amounting to 2%, is allocated to the Foundation Treasury. This allocation is intended to fund future initiatives for the protocol’s development, including research, grants, and other relevant programs aimed at advancing the Wormhole platform and ecosystem.
Future Trajectory
The current price of Wormhole (W) stands at $0.68, ranking 70th in the crypto ecosystem with a circulation supply of $1,218,974,819.22 and a market cap of 1,800,000,000 W. In the past 24 hours, it has increased by $0.06, showing a 5.16% increase over the last 7 days and a significant 28.29% growth over the past month.
Predictions for 2024 suggest a potential ROI of 52.5%, with price forecasts ranging from $1.32 to $1.51. The average trading price is anticipated to be around $1.36. Monthly forecasts indicate potential ROI percentages ranging from 8.1% to 52.5% through December 2024, with price forecasts for each month provided, gradually increasing from $1.04 in April to a peak of $1.51 in December.
Author: Makinde Adeniyi
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organisations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
