In crypto, bridges serve as connective tissue—and this is where connectivity platforms such as Wormhole come into play.
But why should you take a closer look at Wormhole, exactly?
Well, Wormhole recently announced its airdrop, and it's one of the biggest ever.
To get you up to speed, we’ll explore all the details of Wormhole’s airdrop and governance token: $W.
Overview
- Company: Wormhole
- Token ticker: $W
- Blockchain: Multichain
- Sector: Decentralized Finance (DeFi)
- Business Model: Cross-chain bridging
- Competitors:
What does Wormhole do?
Wormhole is a connectivity platform that enables businesses to build either standalone crypto bridges or multi-chain applications.
While crypto bridges connect different blockchains through an independent, dedicated user interface, multichain applications allow you to transfer digital assets within an application itself—eliminating the need for dedicated crypto bridges.
The Wormhole platform is being developed by a decentralized set of teams such as Wormhole Foundation, Wormhole Labs, and xLabs, Superteam, Lurk (ZK engineering), and Zpoken (ZK engineering), among others.
Here are some of the crypto bridges built on top of Wormhole:
Discover more projects from the Wormhole ecosystem.
What is the $W token?
$W is the governance token of the Wormhole platform, i.e., protocol.
As with all governance tokens, the aim of $W will be to allow token holders to guide and impact the protocol's direction via on-chain governance through a dedicated decentralized autonomous organization (DAO).
More specifically, it's expected that the Wormhole DAO takes responsibility of these and other decisions and actions going forward:
- Adding and removing blockchain connections to Wormhole
- Upgrading smart contracts across Wormhole
- Adjusting fees across various products of Wormhole
- Expanding or adding new parties to the Guardian set
- Adjusting rate limits (a security feature)
- Token utility and design
Moreover, the token distribution of the $W token looks as follows:
- Max supply: 10,000,000,000
- Initial circulating supply: 1,800,000,000
- Token format: Native ERC20 and SPL (using Wormhole’s Native Token Transfer standard)
- Lock-up: 82% of $W are initially locked and such tokens will unlock over the course of four years per the Token Release Schedule.
How to qualify for the $W airdrop?
Wormhole's $W airdrop claim is live as of Wednesday, April 3rd, 2023.
To be eligible, you'll need to have used either dedicated crypto bridges—such as Portal—or multichain applications on the Wormhole platform.
When will the $W airdrop take place?
Wormhole confirmed its $W airdrop claim would go live at 11:30am UTC on Wednesday, April 3rd, 2024. It functions like other airdrop claims on Solana. Generally, token rewards aren’t sent directly to your wallet; You must go to a dedicated website to claim them.
Wormhole’s claim page is available and you can claim via our in-app banners.
⚠️ Beware: During airdrop season, scammers create imitation accounts to trick you into clicking phishing links and wallet drainers. Please exercise caution. Only click on, and visit, links from Wormhole’s official Twitter account, and do not respond to direct messages from unknown parties related to the $W airdrop—regardless if you’re on X (formerly known as Twitter), Discord, Telegram, or other platforms.
For more, read our Solana Airdrops guide.
How to trade $W with Phantom?
Note: You need to hold SOL in your Phantom wallet to complete this process.
If you’re not eligible for a possible $W airdrop, you can buy, sell, and trade $W tokens with Phantom.
After logging-in to your Phantom browser extension or mobile app, select a wallet that holds the tokens you’d like to trade. Next, click on the swap (arrow) icon at the bottom. In the swap widget, select the token pair you’d like to trade, review the order, then submit!
How to set up a Phantom wallet?
If you’d like a friendly multichain wallet for crypto, DeFi, and NFTs, try us out. We offer browser extensions for Firefox, Chrome, Brave, and Edge, as well as apps for iOS and Android.
First, download Phantom. Then, create a new wallet.
If you’d like to fund, or send funds to, your Phantom wallet, you can do so via the “Buy” button on your asset tab. We offer various funding options, such as MoonPay, PayPal, and Robinhood to make it easy for you to fund your wallet.
Once you do that, you're ready to go.
How to bridge tokens to Solana with Phantom?
If this is your first time using Solana, you might have most of your assets on other blockchains, such as Ethereum and Polygon. With our Cross-Chain Swapper, you can bridge tokens across Ethereum, Solana, and Polygon right in your Phantom wallet. Here’s how:
Disclaimer: This guide is strictly for educational purposes only and doesn’t constitute financial or legal advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
FAQs
Users who participated in Wormhole ecosystem chains, applications, or the community for almost three years are eligible for the airdrop. Wormhole Discord users, various NFT communities, Monad community, and the top 10,000 Pyth stakers are also eligible.
How much is Wormhole airdrop worth? ›
As the first-ever multi-chain governance system, the airdrop represented 6% of the total supply, worth about $3 billion, making it one of the most anticipated airdrops of 2024.
How to buy Wormhole w token? ›
Where & How to Buy Wormhole (W) Guide
- Create a free account on the Binance website or the app. Binance is a centralized exchange where you can buy several cryptocurrencies including Wormhole. ...
- Choose how you want to buy the Wormhole asset. ...
- Check the payment details and fees. ...
- Store or use your Wormhole in Binance.
How do you win airdrop crypto? ›
In this type of airdrop, participants must complete certain tasks or actions to get free coins. These tasks can include sharing posts, following social media accounts, writing reviews, and so on. Bounty airdrops aim to increase user engagement with the project.
How to get Wormhole coin? ›
Buy Wormhole (W) with crypto on the KuCoin Spot Market
Buy stablecoins such as USDT on KuCoin using the Fast Trade service, P2P, or through third-party sellers. Alternatively, transfer your current crypto holdings from another wallet or trading platform to KuCoin.
How do I redeem my Wormhole tokens? ›
Redeem Workflow
- Select the type - 'Token' or 'NFT'
- Select the source chain (the chain that the token or NFT was sent from)
- Input the source transaction only. ...
- Click "Recover" and you will be redirected to the transfer page to complete the transaction.
- Click "Redeem" and approve the wallet pop up.
- Success!
Is Wormhole coin worth buying? ›
Wormhole Overview
Our most recent Wormhole price forecast indicates that its value will increase by 10.5% and reach $0.226006 by September 11, 2024. Our technical indicators signal about the Bearish Bullish 48% market sentiment on Wormhole, while the Fear & Greed Index is displaying a score of 26 (Fear).
What is a Wormhole token used for? ›
Overall, the Wormhole token (W) is designed to empower users and stakeholders within the Wormhole ecosystem, enabling them to participate in governance and decision-making processes while promoting decentralization and interoperability across multiple blockchain networks.
Is Wormhole a good investment? ›
Over the past 30 days, Wormhole has seen 11 out of 30 green days (37%) and experienced a price volatility of 19.58%. Given these factors, it may not be the best time to invest in Wormhole at this moment.
What is the price prediction for the Wormhole W token? ›
Risk Analysis
In a scenario where Wormhole would follow the same pace of growth as Bitcoin between 2009 and 2021, W would reach a price of $150.96 one year from now. If it followed Bitcoin's trajectory for a longer time period, Wormhole would be worth $359.29 2 years from now and $2,035.20 4 years for now.
Holding and accumulating airdropped tokens can be highly lucrative, especially if the newly launched coin gains popularity and its price rises in the market. As the token gains traction, its trading volume increases, allowing investors to accumulate significant returns.
Is coin airdrop legit? ›
A legitimate crypto airdrop never seeks capital investment in the currency. Its aim is purely promotional. On other hand, some crypto scams involve sending micro amounts of bitcoin or other cryptocurrencies to unsuspecting recipients in what is known as a dusting scam.
Are crypto airdrops free money? ›
While airdrops might seem like free money, many tax jurisdictions, including the US, categorize them as income. When you receive an airdrop, you are usually taxed at the market value of the tokens on the day you received them. Therefore, it's essential to keep track of this value.
How do you qualify for op airdrop? ›
There were 6 set of criteria for eligibility for the $OP airdrop:
- Optimism users.
- Repeat Optimism Users.
- DAO Voters.
- Multisig Signers.
- Gitcoin Donors (on L1)
- Users Priced Out of Ethereum.
How do you qualify for airdrop? ›
In a standard crypto airdrop, participants interested in receiving an airdrop simply express their interest in order to receive the airdrop. The individual must provide a valid wallet address, and some airdrops require no additional information beyond this.
How do you qualify for Uniswap airdrop? ›
Enrolling the UNISWAP Airdrop: A Detailed Instructional Guide
- 🌍 Visit the ENTER UNISWAP AIRDROP HUBPAGE. To participate in the airdrop, it is prohibited to utilize VPN services.
- 💰 Connect your active cryptocurrency wallet. Note: Empty or new wallets are not qualified.
- 🚀 Claim your UNISWAP tokens.
How do you qualify for rebus airdrop? ›
Visit the Rebus airdrop claim page. Connect your wallet. If you're eligible, then you will be able to claim free REBUS. Users who were holding a minimum of 80 ATOM, 100 EVMOS or 100 OSMO by the snapshot date are eligible to claim free REBUS.