- Wormhole will launch its W governance token on Wednesday, with an airdrop claim open to over 400,000 eligible wallets across Solana, Ethereum, and other chains.
- Major exchanges like Binance, Kraken, Bitget, OKX, Backpack, and Gateio have announced plans to list the W token for spot trading shortly after the airdrop claim begins.
- With a potential market cap of nearly $3 billion at launch, the W token would become one of the largest token launches of the year so far.
The W token airdrop from cross-chain protocol Wormhole is set to launch this week, with major exchanges preparing to list the token after the claim window opens.
Airdrop Details
Wormhole previously announced details for the W token airdrop, with over 400,000 total wallets eligible to participate in the claim. In total, 617.3 million W tokens have been allocated for the initial community and ecosystem airdrop, which will reward early users on Solana, Ethereum, and other chains, along with various crypto communities.
Late last week, Wormhole declared that April 3 will be “Wormhole Wednesday” and that the W airdrop claim will begin at 11:30am UTC.
Exchange Listings
Now it appears that the token will be able to trade very soon after the airdrop, as multiple exchanges announced Monday that they plan to list the W token for spot trading at 12pm UTC on Wednesday. The list of exchanges now includes Binance, Kraken, Bitget, OKX, Backpack, and Gateio so far, though further exchanges are likely to join the list.
Given the size of the airdrop and prominence of Wormhole as a protocol, W is likely to be one of the year’s biggest token launches to date. The W token is launching as a native Solana SPL token, but will expand to support Ethereum’s ERC-20 standard once launched, representing the cross-chain nature of the protocol.
Market Activity
W was priced at $1.65 in pre-market trading on Monday via Whales Market. Wormhole has said that 1.8 billion W tokens will be circulating at launch out of 10 billion total. If that price holds until launch, W would have a market cap of nearly $3 billion.
Conclusion
The crypto community is buzzing over the W launch and airdrop, which marks a potentially monumental moment for the prominent cross-chain protocol. The wide distribution and exchange listings point to a highly liquid token right out of the gate.
