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News

25.78% of Wormhole Token Supply Will Be In Circulation After Latest Unlock

August 1, 2024 - Around 2 mins mins to read

Key Points:

  • Another 6% of the W tokens will be locked up, thus leaving the issuance of the community at 17%.
  • 25.78% of the total Wormhole token supply will be unlocked and released to the market under different categories.
Wormhole, a popular cross-chain bridge platform, announced that it would release extra 6% of its W tokens on August 3rd, 2024.
25.78% of Wormhole Token Supply Will Be In Circulation After Latest Unlock

Read more: CFTC’s Jump Trading Investigation Is Now Ongoing With Wormhole Hacking Suspicions 

25.78% of Wormhole Token Supply Now in Circulation

The move will represent the complete allotment of 17% of Wormhole token supply to its community. Such unlocked tokens shall be held in trust by the Wormhole Foundation and shall be for future community-related projects.

The W token distribution structure would be as follows after this unlocking event: Community and Startup reached 17% of 17% unlocked; Foundation Finance reached 3.78% of 23.3% unlocked; Ecosystem and Incubation reached 5% of 31% unlocked; Strategic Network Participants reached 11.6% unlocked; Core Contributors reached 12% unlocked; Guardian Nodes reached 5.1% unlocked. This means that nearly 25.78% of the total Wormhole token supply will get unlocked.

The next token unlock date for strategic network participants, core contributors, guardian nodes, and ecosystems would have been April 3, 2025.

Wormhole Extends Multi-Chain Ambitions With W Token

One major reason Wormhole can do this sort of return is that now the protocol designed for inter-network transfers between different blockchain networks supports up to 30 various blockchains. Most notably, these are Ethereum, Solana, Avalanche, and Polygon.

Not long ago, W token staking went live via the Tally Governance Portal, further empowering users and allowing them to voice their opinions regarding the future prospects of the project.

Wormhole works to make W multichain. Deployed first on Solana for reasons of scalability and low fees, W would find a final deployment in every EVM-compatible chain through Wormhole’s NTT. Moreover, the Wormhole DAO is modelled with a multichain governance system that works across Solana, Ethereum, and layer-2 EVMs—the first case of this nature in industry history.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Wormhole Token Supply

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.