Markets News Report
March 12, 2024

Wormhole Announces Upcoming Airdrop Details, Expands Recipient Categories

In Brief

Wormhole shared revised information about its upcoming airdrop, expanding the recipient group to multiple categories.

Wormhole Announces Revised Airdrop Details, Expands Airdrop Recipients Categories 

Cross-chain protocol Wormhole (W) provided information about its forthcoming airdrop. The qualification list for the airdrop has been revised, and the recipient group has been broadened to encompass multiple categories.

The number of eligible wallets surpassed 400,000, and the total airdrop supply amounted to 678,823,000, constituting 6.78% of the overall supply. On-chain users represent approximately 81% of the airdrop supply, equivalent to around 549 million W tokens, while community groups make up approximately 19% of the airdrop supply, totalling around 129 million W tokens. The snapshot was taken at 23:59 UTC on February 6.

Additionally, Wormhole reported that its contributors collaborated with external experts from Allium to implement Sybil detection technology. This measure is taken to ensure that legitimate Wormhole users are appropriately rewarded.

Since its launch, Wormhole has prioritized the distribution of rewards towards early adopters and ecosystem applications. Eligibility for rewards depended on users meeting a minimum cumulative value transferred requirement, calculated across all linked wallets. The raw value was adjusted based on scoring weights associated with factors such as timing, assets, chains, and other characteristics.

The median threshold, after adjustments, was approximately $1,500 in cumulative value, with lower thresholds for early and consistent users of the ecosystem protocol and higher thresholds for those who joined more recently.

User activity that remained consistent for three months or longer, activity conducted before December 1st, 2023, and during the period from June 2022 to October 2023, along with user activity during the first year of the mainnet launch, were all eligible for a bonus multiplier. Users with cumulative transactions surpassing $10,000 in value were also granted a bonus multiplier. Transactions involving a commonly used chain, Bitcoin, Ethereum, stablecoins, and other assets central to decentralized finance (DeFi), were assigned a bonus multiplier.

Keep track of cryptocurrency distributions in our Airdrops Calendar.

Wormhole Pioneers Advancements in Blockchain Interoperability

Established in 2020, Wormhole is a decentralized message-passing protocol connecting multiple blockchains. It facilitates developers and users of cross-chain applications, enabling them to leverage the advantages offered by multiple ecosystems. Last year, Wormhole raised $225 million, led by Brevan Howard, Coinbase Ventures, Multicoin Capital, and Jump Trading, achieving a valuation of $2.5 billion.

Recently, Wormhole began accepting inquiries for the airdrop, aiming to recognize and reward the contributions made by committed users and developers of multichain applications built on Wormhole. The airdrop also extends appreciation to community members who have played substantial roles in development and engagement within the Wormhole ecosystem.

Wormhole’s comprehensive approach to its upcoming airdrop reflects the protocol’s commitment to recognition and reward for contributors within its diverse ecosystem.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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