Share this article
Wormhole Debuts at $3B Valuation in 617M Token Airdrop
Based on the debut price, the project's W token has a fully diluted value of $16.5 billion.
Updated Apr 3, 2024, 5:25 p.m. Published Apr 3, 2024, 12:00 p.m.
- Token debuts at $1.66, $3 billion market cap.
- Heavy congestion on Solana-based decentralized exchange OpenBook causes downtime.
- A 6% share of the total supply was allocated to the airdrop.
Cross-chain bridge Wormhole initiated an airdrop that will see early users rewarded with 617 million of its newly issued governance token, W.
The token opened at $1.66 on Solana-based decentralized exchange (DEX) OpenBook with a market capitalization of $2.98 billion and a fully diluted value figure of $16.5 billion, according to CoinGecko.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
OpenBook experienced a period of heavy congestion after the token was released with several users reporting that it was inaccessible.
The tokens released represent 6% of the total supply, a further 12% of which has been allocated to core contributors and 23.3% will be put toward the foundation's treasury.
The token was launched initially on Solana and will be natively issued on Ethereum and layer-2 networks at a later date.
Holders will be able to delegate W tokens to take part in governance votes. Delegation can take place on Solana or any of the compatible Ethereum-based chains in a process that is being dubbed the "first ever" multichain governance system.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Turkey's Paribu Buys CoinMENA in $240M Deal, Expanding Into High-Growth Crypto Markets
With the acquisition, Paribu gains regulatory foothold in Bahrain and Dubai and access to the region's fast-growing crypto user base.
What to know:
- Paribu acquires Bahrain- and Dubai-based CoinMENA for up to $240 million.
- Deal marks Turkey’s biggest fintech acquisition and first international crypto M&A, the firm said.
- The move taps into the MENA region’s fast-growing crypto user base and supportive regulatory hubs.
Top Stories
