Introduction to Wormhole and Its Native Token W
Wormhole is a leading blockchain interoperability platform that supports multi-chain applications and extensive bridging. The platform offers developers access to liquidity and users across more than 30 major blockchain networks, supporting various application scenarios like DeFi, NFTs, and governance.
The Wormhole network is trusted by teams such as Circle and Uniswap due to its reliability and has facilitated over $35 billion in asset transfers through more than one billion cross-chain messages.
The blockchain token W is Wormhole's native token, crucial to the cryptocurrency realm. Wormhole plans to launch its initial public offering of 6.17 million W tokens on April 3, 2024, with an initial circulating supply of 1.8 billion tokens. This strategy not only highlights the emphasis on community participation but also reflects consideration for long-term value, shaping the W token as key infrastructure supporting the development of the entire crypto ecosystem.
Analysis of Wormhole Token W's Airdrop Plan
Wormhole announced that the highly anticipated W token airdrop will take place on April 3, 2024, providing community members with a generous token distribution. Specific details on how to claim the tokens will be announced as the airdrop date approaches to ensure participants can smoothly receive their tokens.
In this airdrop, over 400,000 addresses will receive W tokens before 12 PM UTC. A notable feature of this airdrop is the cross-chain functionality of the W token, which can be used natively on Solana’s SPL20 protocol and is also suitable for the Ethereum ERC-20 standard, ensuring its usability on multiple platforms.
Additionally, the W token will be listed on several major exchanges, including LBank, Kraken, and OKX. The purpose of the airdrop is to empower W token holders with governance rights, promoting decentralized project governance and allowing community members to directly participate in project and treasury-related decision-making activities, thereby enhancing community involvement and project transparency.
Wormhole Token W's Supply and Locking Strategy
The total supply of Wormhole tokens W is set at 10 billion. Of this, the initial circulating supply is 1.8 billion tokens, or 18% of the total, available initially. This strategy is designed to balance immediate market demand with future development.
To ensure the project's long-term stability and development, Wormhole has adopted a strict token locking policy. Specifically, 82% of W tokens are initially locked, with this portion gradually unlocking over four years according to a set schedule. This phased unlocking mechanism helps reduce market volatility and promote long-term growth in token value.
In terms of token distribution, the community receives 17% of the token supply. This significant community allocation highlights Wormhole’s emphasis on community-driven development. By granting the community certain governance rights and participation opportunities, Wormhole aims to build a more decentralized and user-driven ecosystem.
Wormhole's Community Engagement Strategy
Wormhole's token economic strategy is designed to ensure the long-term value of its native token, W, and to deepen community involvement. This strategy is realized through several key aspects:
Firstly, Wormhole maintains its cutting-edge position and high market relevance through continuous ecosystem development and technological innovation. Ongoing updates to the ecosystem and the addition of partners help enhance Wormhole's market recognition and the diversity of its application scenarios.
Secondly, providing developers with access to liquidity and user bases across over 30 leading blockchain networks forms the basis for Wormhole's support of various use cases including DeFi, NFTs, and governance. In this way, Wormhole attracts more developers to utilize its platform to create innovative solutions, enhancing the vibrancy and appeal of the entire ecosystem.
Wormhole has also implemented a series of community incentives, such as rewarding actively participating members through Discord community events, and support for those newly joining the ecosystem. This reward mechanism not only increases community stickiness but also promotes the self-sustainment and expansion of the ecosystem.
Security and reliability are also central to Wormhole's strategy. As a decentralized cross-chain protocol, it ensures the security and seamless cross-chain transfer of assets and data by integrating advanced smart contracts and cryptographic technologies.
Lastly, Wormhole supports research and development teams through its foundation, investing in secure, open-source, and decentralized blockchain interoperability technologies. Additionally, Wormhole incentivizes broad community participation and support by distributing tokens through mechanisms like airdrops.
What is Wormhole
Wormhole is a groundbreaking decentralized cross-chain messaging protocol, whose core function is to facilitate the transfer of assets and information between different blockchain networks. Initially, Wormhole served merely as an asset bridge but has evolved over time and with the development of the multi-chain ecosystem to enhance its functionalities.
Today's Wormhole has transformed into a general cross-chain messaging bridge (AMB) that supports the transfer of arbitrary messages between more than 25 heterogeneous public chains. Moreover, it offers cross-chain asset bridging functionalities through the front-end application, Portal Bridge, expanding its utility beyond mere asset transfers to include a broader range of information exchanges such as contract calls and state updates.
The driving force behind this development is the rapid evolution of blockchain technology and the continuous emergence of new public chains. Each public chain has its unique features and advantages, but their isolation from each other limits potential applications and growth. Thus, Wormhole emerged to break down these barriers, aiming to build a more open and interconnected blockchain ecosystem.
It is important to note that Wormhole is not a blockchain platform, nor is it merely an asset bridge; it is an underlying protocol that provides communication means to various blockchains or Rollups, aimed at facilitating efficient circulation of assets and information.
Wormhole's Working Principles and Architecture
Core Organizational Structure
Wormhole operates based on a mechanism known as Proof of Authority (PoA), at its core a group of trusted entities called Guardians. These Guardians are carefully selected reputable companies with significant capital and reputation, such as Chorus One, Everstake, Figment, and xLabs, currently totaling 19 members.
Workflow
The central component of Wormhole's workflow is a cross-chain message format called Verifiable Action Approval (VAA). On each chain supported by Wormhole, a set of specific contracts known as Wormhole Core Contracts are deployed. These contracts are responsible for converting applications' cross-chain requests into VAAs.
Once a cross-chain request is processed and formed into a VAA, the 19 Guardians listen for these VAAs. Each Guardian independently signs the VAA, and these signatures are then combined into a multi-signature. To ensure the authenticity and security of the message, approval from at least two-thirds of the Guardians is required.
Following this, a role known as Relayer is responsible for delivering these signed VAAs to the target chain. The Wormhole Core Contract on the target chain receives and verifies these signatures, then passes the message to the target application. Relayers bear the Gas costs incurred during this process themselves; hence Wormhole does not provide a public Relayer. Each application needs to design incentives for Relayers or operate their own Relayer.
Wormhole Cross-Chain Solution Overview
Wormhole, as a leading cross-chain communication protocol, offers a range of solutions that make interoperability possible between more than 20 blockchain networks. Here is a detailed introduction to its core solutions:
Universal Interoperability Protocol
Wormhole has implemented a universal cross-chain information transfer protocol that allows free transfer of tokens and messages between different blockchain networks. This is facilitated by messages generated on the source chain being monitored and verified by the Guardians network, which then enables secure transfer to the target chain.
Messaging
One of Wormhole's core products is its Messaging service, which provides a decentralized solution for exchanging information. This product allows for safe and easy exchange of information and value between different blockchains, greatly simplifying the integration process while ensuring high security and decentralized features.
For example, a DeFi project running on Ethereum that wants to interact with a project on Solana can easily facilitate the exchange of information and value between the two projects through Wormhole's Messaging service, without the need for complex intermediaries or third-party intervention.
Connect
Connect is a simple bridging tool provided by Wormhole that allows developers to integrate the Wormhole protocol into their applications with just a few lines of code. This tool is particularly useful for applications that need to implement cross-chain asset functionalities, such as NFT marketplaces that want to enable users to freely transfer NFTs between Ethereum and Solana.
Gateway
Gateway is an application-specific blockchain based on the Cosmos SDK that uses IBC’s liquidity router to bring assets and users from Ethereum and other chains into the Cosmos ecosystem. This Cosmos-based solution not only increases liquidity but also enhances user accessibility and interaction experience.
For example, a DeFi platform on Cosmos that brings in assets from Ethereum through Gateway can seamlessly enhance the platform's liquidity while ensuring the security and efficiency of transactions.
Cross-Chain Bridge
The cross-chain bridge functionality of Wormhole is a hallmark of its service, facilitating not only the transfer of assets between different blockchains but also supporting the exchange of information such as contract calls and state updates, further promoting development and growth between blockchains.
Analysis of Wormhole’s Core Advantages
True Decentralization
One of Wormhole's core strengths is its commitment to decentralization. Through a network of Guardians composed of well-known entities, Wormhole achieves high levels of decentralization and security. This structure effectively avoids single points of failure and, compared to solutions that rely on a few relayers, Wormhole's collusion threshold is significantly higher, enhancing the network's security and reliability.
Modular Design
Another key advantage of Wormhole is its modular design. This allows various components of the system, such as oracles, relayers, and applications, to be independently designed and updated, enhancing the flexibility and maintainability of the entire ecosystem. Modular design supports Wormhole’s ability to rapidly adapt to constantly changing market demands and technological developments.
Broad Chain Support
Wormhole supports a wide range of chain interoperability, including non-EVM compatible chains and EVM-compatible chains. This capability makes it a bridge connecting diverse blockchains such as Solana, Aptos, Sui, Algorand, and Ethereum, BNB Chain, Polygon, ensuring its broad applicability and scalability in the blockchain ecosystem.
Upgradable Trust Network
Wormhole's trust layer, established using the PoA mechanism, not only ensures the security and authenticity of cross-chain messages but also its design's upgradability allows the system to adjust the size and composition of the Guardian Set as needed, maintaining the network's flexibility and long-term sustainability.
Seamless User Experience
Finally, Wormhole provides a simple and efficient cross-chain interaction experience for users. Its Connect product allows developers to integrate Wormhole into their DApps without extra costs, greatly simplifying user operations and reducing interaction costs.
W Official Links
Website: https://wormhole.com/
Twitter：https://twitter.com/wormhole
Discord：https://discord.gg/wormholecrypto
Telegram：https://t.me/wormholecrypto
Steps to Buy W on LBank
Purchasing W tokens on the cryptocurrency exchange platform LBank is straightforward. Here's a step-by-step guide:
1. Log into your account: Ensure you're registered and logged into your LBank account, then click the "Trade" option in the top menu bar to start the trading process.
2. Search for W: Use the search function within the trading platform to find "W," locate the trading pair, such as W/USDT, and click to enter its dedicated page.
3. Place an order: In the W/USDT trading page's spot trading area, enter the amount of W you wish to buy. If you want to complete the purchase immediately at the current market price, select a market order and then click the "Buy" button.
4. Confirm the order: A confirmation window will pop up. After verifying the order details are correct, confirm to place your order. Once the transaction is successful, the purchased W will automatically be deposited into your LBank spot wallet.