A flaw in the bridge could have allowed an attacker to produce fake token transfers, but it was discovered and patched before anyone could take advantage of it.
Here’s the 6 biggest crypto VC deals in Q1 2024 and late 2023
The volume of crypto VC funding in Q1 2024 surged for the first time since the start of the crypto winter in 2022.
Wormhole’s W Token Is Paying Out 999% a Week on Solana Protocol Kamino
The Solana DeFi application Kamino is offering a weekly yield of more than 999%, paid out in W and JTO tokens.
Wormhole $617M Airdrop Ignites Valuation Surge To $3B, But W Price Stumbles 23%
Wormhole, a cross-chain communication protocol enabling the transfer of assets between blockchains, recently launched an airdrop campaign for its newly issued governance token, W. Early users were rewarded with 617 million W tokens, and the protocol also released a roadmap outlining its plans.
Wormhole Protocol Unveils Roadmap
According to the protocol’s roadmap, W aims to become a native multi-chain token, leveraging the advantages of both the Solana and Ethereum Virtual Machine (EVM) chains.
Initially launched as a native SPL token on Solana, W will reportedly leverage Solana’s performance, offering increased performance, scalability, low transaction costs, and fast settlement times.
After the Solana debut, W will be extended to all Wormhole-connected EVM chains using Wormhole Native Token Transfers (NTT). This framework allows W to continuously roll out across Solana, the Ethereum mainnet, and Layer 2 (L2s) without liquidity fragmentation.
The open-source NTT framework allows projects to control token behavior on each chain, including token standards, metadata, ownership/upgradability, and custom features.
Cross-Chain Governance System
Wormhole also introduces a governance system where token holders on any supported chain can create, vote on, and implement governance proposals. This approach allows maximum participation in the Decentralized Autonomous Organization (DAO) by providing a frictionless user experience for token holders distributed across multiple chains.
As announced, W holders can lock and delegate their tokens on Solana and EVM chains, allowing them to participate in governance decisions. The Wormhole DAO, composed of W token holders, will oversee the Solana, Ethereum mainnet, and EVM L2s governance system.
Wormhole, developed by Jump Crypto, a division of Jump Trading Group, has been under development for several years. Despite encountering challenges, including a significant hack in February 2022 resulting in a loss of approximately $320 million, the protocol has continued to evolve.
Furthermore, the recent listing of the W token on major exchanges such as Crypto.com and the future support planned by Coinbase on April 4 further validate its progress.
W’s Debut On OpenBook
The W token debuted on the Solana-based decentralized exchange (DEX) OpenBook at $1.66, with a market capitalization of $2.98 billion and a fully diluted value of $16.5 billion.
However, the token’s market capitalization and fully diluted value have since fallen to $2.2 billion and $12.5 billion, respectively, according to updated data from CoinGecko. Trading volume for W has remarkably increased, reaching $555,937,593 in the last 24 hours, representing a staggering 25,732,359.60% surge.
Following the airdrop, some users openly shared their sell-offs of the W token on social media platforms, resulting in a 23% price drop. At the time of writing, the token is trading at $1.32.
Featured image from Shutterstock, chart from TradingView.com
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Wormhole Debuts at $3B Valuation in 617M Token Airdrop
Cross-chain bridge Wormhole initiated an airdrop that will see early users rewarded with 617 million of its newly issued governance token, W
Wormhole to Airdrop 617M W Tokens to Past Users
The token bridging service confirmed it will release a W token in crypto’s latest airdrop.
Blockchain Messaging Platform Wormhole Raises $225M at $2.5B Valuation
Wormhole, which was recently separated from parent Jump Trading Group after it scaled back its crypto operations, is a developer platform which allows different blockchain networks to communicate with each other.
Wormhole raises $225M at $2.5B valuation
The protocol reached a total value locked of $3.8 billion at its peak.
Jump Trading, Wormhole Part Ways Amid Tough Crypto Market: Bloomberg
Although Jump has been scaling back its crypto-related operations, the reason for the business’ parting of ways remains unclear, Bloomberg reported.
Evmos, Swing, Tashi, Wormhole team up to solve Cosmos liquidity problems
Tashi and Swing will integrate Wormhole bridged tokens for USDC, USDT, wETH, and others, potentially making Cosmos DeFi easier to use.
Wormhole integrates native USDC transfers for four blockchain networks
Wormhole integrated with Circle’s Cross-Chain Transfer Protocol, allowing USDC to be sent between Ethereum, Avalanche, Arbitrum and Optimism.
LiFi launches multi-bridge governance solution after Uniswap debate
The new bridge aggregator allows cross-chain DAOs to only accept votes confirmed by more than one bridge.
Wormhole Launches New Bridge Connecting to any Cosmos Appchain
The Wormhole Gateway is designed to make it easier for developers and users to on-ramp liquidity into the Cosmos ecosystem.
Unveiling the Uniswap Foundation’s Bridge Report: Winners and Losers
Wormhole and Axelar take top honors after a months-long assessment process aimed at addressing concerns with Uniswap’s previous bridge selection practices.
Blockchain developers launch $50M fund to increase Wormhole adoption
Wormhole is a cross-chain messaging protocol often used to transfer assets from one blockchain to another.
Borderless Capital Leads Wormhole-Powered $50M Cross-Chain Fund
Among the other investors are Jump Crypto, Arrington Capital, the Solana Foundation and Aptos Labs.
Oasis Exploits Its Own Wallet Software to Seize Crypto Stolen in Wormhole Hack
The High Court of England and Wales ordered the crypto platform to reclaim the stolen funds.
Wormhole hacker moves another $46M of stolen funds
The Wormhole exploiter appears to be seeking arbitrage opportunities with Ethereum-pegged assets.
Injective partners with Wormhole to bring 10 new blockchains to the platform
“Users will soon find Wormhole integrated into the backend of the Injective Bridge whereby transferring assets from distinct EVM chains or Solana can be done with the click of a button,” Injective Labs stated.