Wormhole Crypto Announces W Token Airdrop and Plans to Decentralize Web3

Crypto News – Notable interoperability platform Wormhole recently made big statements about its decentralization aspirations and W Token airdrop.

Wormhole Crypto Announces W Token Airdrop and Plans to Decentralize Web3

Wormhole’s recent announcements, along with the launch of the W Token airdrop, indicate a calculated strategic shift towards increased decentralization. With these advances, Wormhole takes a big stride ahead in maintaining its leadership position in the Web3 ecosystem‘s interoperability arena.

How Will W Token’s Allocation Work?

Essential to Wormhole’s ecosystem, the W Token has a 10,000,000,000 unit maximum supply, with 1,800,000,000 tokens in circulation upon launch. The basis for the platform’s functionality and community involvement is laid by this allocation. Following Wormhole’s Native Token Transfer standard, the W Token functions as a native ERC20 and SPL token in terms of distribution and format. Notably, according to the Token Release Schedule, 82% of the token supply is initially locked and will be progressively unlocked over the course of four years.

W Tokens are distributed into six categories, each of which plays a vital role in the Wormhole ecology. Guardian Nodes, Community & Launch, Ecosystem & Incubation, Core Contributors, Strategic Network Participants, and Foundation Treasury are some of these categories. A certain number of tokens are distributed to each category, which helps to ensure that W Tokens are distributed fairly and diversified between different initiatives and stakeholders.

About the Decentralized Structure of the Platform

The foundation of Wormhole’s governance and decentralization approach is an inclusive, cooperative development paradigm with several participating teams. The decentralized evolution of the platform is driven by these teams, which include Superteam, Lurk, Zpoken, Wormhole China, Wormhole Labs, xLabs, and Wormhole Foundation, among others.

The creation of the Wormhole DAO and its token-based governance structure are essential components of Wormhole’s decentralization philosophy. Wormhole gives token holders the ability to shape the protocol’s course and decision-making procedures through token-based governance. The governing body in charge of major aspects of the platform’s operations is the Wormhole DAO.