Wormhole, the cross-chain protocol that came to the fore with the 120,000 Ethereum hacking incident in 2022, announced that it will issue its own tokens and hold an airdrop for the W token.
Wormhole said in a statement that 82% of the W token to be issued will be initially locked and then distributed via airdrop over a four-year period.
Wormhole also stated that the W token will be launched with an initial circulating supply of 1.8 billion and will have a maximum supply of 10 billion.
Evaluating Wormhole's latest move, experts interpreted the introduction of the W Token airdrop as a step to become more decentralized.
Last November, Wormhole completed a $225 million financing round, reaching a valuation of $2.5 billion.
Companies participating in the financing round included Brevan Howard, Coinbase Ventures, Multicoin Capital and Jump Trading.
*This is not investment advice.