Wormhole, a leading cross-chain protocol, has announced the upcoming launch of its much-anticipated W governance token.
Several crypto exchanges have revealed their plans to list the token for spot trading right after the airdrop claim becomes available to eligible users.
Wormhole had previously shared the details of the W token airdrop, highlighting that over 400,000 wallets would be able to partake. A substantial sum of 617.3 million W tokens is earmarked for the initial airdrop aimed at the community and ecosystem, benefiting early adopters across chains such as Solana, Ethereum, and others, in addition to various crypto communities.
The announcement of “Wormhole Wednesday” on April 3 was made through an X post last week, indicating that the claim process for the W airdrop would kick off at 11:30 am UTC.
Following closely, several exchanges, including Bitget, OKX, Backpack, and Gate.io, have announced plans to list the W token for trading at 12 pm UTC on the launch day, with expectations for more platforms to join the lineup.
The launch of the W token is poised to be a standout event in the crypto space this year, considering Wormhole’s stature in the industry. Initially available as a Solana SPL20 token, plans are in place to extend support to the Ethereum ERC-20 token standard, underscoring the protocol’s cross-chain capabilities.
Currently, W tokens are trading at $1.65 in the pre-market on Whales Market, with Wormhole disclosing that 1.8 billion tokens will be in circulation at the time of launch, from a total supply of 10 billion.
If the pre-market price is maintained until the launch, the token would enter the market with a nearly $3 billion capitalization, placing it among the top 50 cryptocurrencies according to CoinGecko’s rankings.