Original | Odaily Planet Daily

Author | Kate

As one of the three leading players in the cross-chain interoperability track, Wormhole will open the claim and distribution of airdropped tokens today at 19:30, and several exchanges have already announced their listings:

• _OKX will list W/USDT trading at 20:00 (UTC+8) on April 3, and deposits are now open, with withdrawals set to open at 20:00 (UTC+8) on April 4.
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• Binance will list Wormhole (W) at 20:00 (UTC+8) on April 3, add seed tags for it, and open the following spot trading pairs: W/BTC, W/USDT, W/FDUSD, W/TRY, with withdrawals set to open at 20:00 (UTC+8) on April 4.

• Bitget will go live at 12:00 (UTC) on April 3, with withdrawals expected to open at 13:00 (UTC) on April 4.

• AscendEX (formerly BitMax) will list Wormhole (W) at 20:10 on April 3, opening the W/USDT trading pair, and deposits are now open.

Wormhole Financing Background

Wormhole Foundation and JumpCrypto previously secured a $225 million round of financing in November 2022, with a valuation of $2.5 billion. This round of financing included Brevan Howard, Coinbase Ventures, Multicoin Capital, JumpCrypto, ParaFi, Dialectic, Borderless Capital, Arrington Capital, and others.

W Token Economics

W's Functionality

According to Wormhole's roadmap, W will become a native multi-chain token, leveraging the unique advantages of the Solana and EVM chains, while introducing a multi-chain governance system. Plans for W include:

• Initially launching as a native SPL token on Solana;

• Expanding using Wormhole's native token transfer (NTT) on the EVM chain;

• W holders will be able to lock and delegate their tokens on Solana and the EVM chain.

• WormholeDAO, composed of W token holders, will operate through a multi-chain governance system.

• The system will be available at launch on Solana, the Ethereum mainnet, and EVML2. Multi-chain governance will allow token holders to create, vote on, and execute governance proposals across different chains.

Token Economics

The W token is used for the Wormhole DAO governance system. Token holders have the right to vote on certain decisions, such as adding or removing blockchains connected to Wormhole, upgrading smart contracts, changing fees, and more.

Maximum supply: 10,000,000,000

Initial circulation: 1,800,000,000

Token format: Native ERC20 and SPL (using Wormhole's native token transfer standard)

Lock-up: 82% of initial W tokens will be locked, with these tokens unlocking over four years according to the following token issuance schedule.

Token Allocation

• Running transaction verification nodes: 5.1%, 510,000,000 W

• Community and token issuance: 17%, 1,700,000,000 W

• Ecosystem and financing: 31%, 3,100,000,000 W

• Core contributors: 12%, 1,200,000,000 W

• Network participants: 11.6%, 1,160,000,000 W

• Foundation: 23.3%, 23,300,000,000 W

Airdrop Details

This airdrop will be distributed in the form of ERC20 and SPL on five initial chains, namely Ethereum, Solana, Arbitrum, Optimism, and Base. This airdrop will distribute 6.75% (674,800,000—updated on April 2) of the tokens, with over 400,000 wallet addresses set to receive the airdrop.

This airdrop includes 549,000,000 W, for users of Wormhole ecosystem applications on over 30 Wormhole-connected blockchains (including ecosystem development teams), and approximately 129,000,000 W for community users, such as Wormhole Discord users, various NFT communities, Monad communities, and the top 10,000 Pyth stakers.

Users can check W token airdrops through multiple portal websites.

• Wormhole Airdrop Check Portal eligibilitychecker, where users can check eligibility for airdrops on EVM, Solana, Sui, Aptos, Injective, Terra, Algorand, Osmosis networks, and also connect their Discord accounts to check for community eligibility.

• Airdrop Check Portal: http://airdrop.wormhole.com

Price Prediction

Comparison with Axelar

Wormhole, Axelar, and ZeroLayer are seen as the three giants in the cross-chain interoperability track, with all three making significant progress in terms of financing background, track, and technology. Axelar, as the first project to debut, can serve as a reference for estimating W's price if both projects have the same market value. According to CoinGecko data, the market value of AXL after listing is approximately in the range of 10.7~13.6 billion USD, from which it can be inferred that the unit price of W is around 0.6~0.75 USD.

Furthermore, based on Wormhole's Portal Bridge TVL far exceeding Axelar's, the expected price could further increase.

Pre-market Trading Price

According to Bybit Premarket data, the current average trading price for W is 1.7 USD.

According to KuCoin Premarket data, the current average trading price for W is 1.68 USD.

According to Whales Market market data, the average selling price of W in the OTC market is around 1.5 USD.

Based on the above data, it is highly likely that the price of W will fall within the range of 1.5 to 1.7 USD, with historical data showing that the highest OTC value has exceeded 2 USD.

Analyst Predictions

Investor Shrey Roxen estimates that the listing price of W token on OKX will be between 1.25 USD and 1.5 USD.

SOL, ETH, and BTC analyst Steve, on the other hand, is more optimistic, predicting a price of 1.7 USD for the W token, with a rapid increase to 2.5 USD.

5-Year Valuation

Here is Odaily Planet Daily's attempt to provide a neutral valuation and bull market valuation for Wormhole over a 5-year period:

Neutral Valuation:

Assuming a compound annual growth rate of 30% for the total blockchain transaction volume, increasing from 16 billion USD to 58 billion USD. We assume that the cross-chain market share grows to 10% of all blockchain transactions, and Wormhole's market share reaches 25%—evenly distributed among the four major participants (Axelar, Wormhole, ZeroLayer, Chainlink), resulting in a market value of 1.45 billion USD for Wormhole (lower than the predicted valuation for 2022).

Bull Market Valuation:

Assuming a compound annual growth rate of 50% for the total blockchain transaction volume, reaching 119 billion USD. We assume that the cross-chain market share grows to 30% of all blockchain transactions, and Wormhole's market share reaches 50%, becoming the leader in the GMP field, resulting in a market value of 17.85 billion USD for Wormhole.

Note: The above content does not constitute investment advice, and investors should carefully choose their targets.

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