Although Wormhole has not revealed any timetable for the distribution of the W token so far, speculators have already started “buying” and “selling” the token.
Speculators are pushing the price of Wormhole’s expected W token above the $1 mark in over-the-counter (OTC) markets, anticipating significant attention for the yet-to-be-distributed token in the cryptocurrency market.
According to Whales Market data, speculators have traded what appear to be “W tokens” worth a total of $248,300 as of this writing, though it is unclear whether these transactions involve I Owe You (IOU) notes. representing an acknowledgment of debt, or something else.
Offers completed with a supposed W | token Source: Whale Market
It is also unclear whether the sellers qualify as future owners of W tokens, as Wormhole has not released a public list of addresses eligible to participate in the airdrops. The average asking price for W tokens is currently $1.1 based on trading history on the platform.
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As previously reported by crypto.news, the Wormhole team has allocated 1.7 billion (17% of the total supply) of its native token called W for the airdrop and community launch, while the initial circulating supply will be fixed to 1.8 billion W tokens. The protocol plans to start with an initial supply of 1.8 billion W tokens, with the remaining 82% initially locked. The phased release of these locked tokens is expected over a period of four years.
The distribution of W tokens will take place on both Ethereum’s ERC-20 standard and Solana’s SPL. In the token allocation plan, the largest share, 31%, is dedicated to the ecosystem and incubation, followed by the foundation treasury at 23.3% and core contributors at 12%. However, details of Wormhole’s distribution plan have not been disclosed at this time.
Founded in 2021, Wormhole operates as a cross-chain protocol that facilitates interoperability and communication between various blockchain networks.
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