Wormhole, a cross-chain protocol, said on Wednesday that it will release more than 617 million tokens via airdrop. These tokens will be distributed to users of “ecosystem applications” and community members.
According to the organization’s blog post, the objective of this airdrop is to honor and incentivize the contributions of dedicated multi-chain users and developers on the Wormhole platform.
Additionally, it intends to recognize community members who have made major contributions to the creation and involvement of the Wormhole ecosystem.
Wormhole announced that the impending airdrop will account for around 6% of the total token supply. This distribution will include almost 400,000 wallets, totaling 500 million tokens, distributed to those who have used Wormhole ecosystem applications spanning more than 30 interconnected blockchains.
Furthermore, an extra 117 million tokens are reserved for community members, including Wormhole Discord users, other NFT communities, the Monad community, and Pyth stakeholders.
Wormhole’s deployment of a token-based governance mechanism is expected to empower W token holders by giving them the authority to influence the protocol’s future development.
Following the launch of W tokens, holders will be able to delegate their tokens for future involvement in voting on governance initiatives inside the Wormhole ecosystem.
