1. Introduction
The $W of Wormhole was launched on April 3, 2024, including major centralized exchanges such as Binance. The token briefly reached $1.86 after being listed on Binance, but has since fallen to $1.18, corresponding to a market value of $11.8 billion. This represents a 2360% increase from the opening price of $0.05.
Wormhole is a universal messaging protocol that was initially launched in October 2020, supported by Jump, focusing on establishing a bidirectional token bridge (Wormhole V1) between Ethereum and Solana. As the project has evolved, Wormhole has become a universal messaging protocol connecting multiple blockchains and launched the Wormhole protocol in August 2021 to achieve its broader vision.
2. Wormhole Product Line
As a leading cross-chain interoperability protocol, Wormhole provides developers with unique tools and platforms to facilitate more efficient and secure blockchain application development. It has established a strong ecosystem through its four major products: Messaging, Queries, Connect, and Gateway.
Wormhole Messaging is an open-source decentralized messaging protocol that supports secure and efficient cross-chain transmission of information and value. Its features include easy integration, connectivity to 30+ blockchains, robust security mechanisms, and cross-chain message transmission using various validation methods. Validation methods include Guardians Network, Cosmos IBC, and Polkadot XCM, which will continue to evolve over time to incorporate new technologies.
https://wormhole.com/messaging/
Wormhole Queries is a low-cost, efficient cross-chain data retrieval and verification service that significantly reduces the latency and cost of cross-chain data access through an innovative "pull" mechanism. Its features include simplified cross-chain development, significant reduction in gas fees, rapid request response, and verification security, widely used in DeFi for cross-chain price feeds, cross-chain verification of game assets, and unified cross-chain digital identity solutions.
Wormhole Connect is a cross-chain bridging tool that can be easily integrated into applications, requiring only 3 lines of code to implement bridging of wrapped and native assets. Its main features include Gasless + Gas Dropoff mechanism, embedded bridging functionality, simplified integration, and support for connecting to 30+ blockchains. These features enable developers to seamlessly implement cross-chain bridging in applications, improving user experience. Solana's aggregator Jupiter has successfully integrated Wormhole Connect, providing users with a convenient, efficient, and secure in-app bridging experience.
Wormhole Gateway is a specific blockchain supported by the Cosmos SDK, utilizing the flexibility of Cosmos SDK and CosmWasm. It incurs no additional bridging fees, conducts IBC native token bridging through the ICS-20 standard, ensuring greater asset interchangeability and providing users with a better experience. This solution widely connects to 30+ mainstream blockchains, providing additional security for the Wormhole Stack and strengthening its core trust assumptions through the decentralized validator set of Guardians.
3. Token Economic Model
Token code: $W
Maximum supply: 10,000,000,000
Initial circulating supply: 1,800,000,000
Total airdrop supply: 678,823,000
Token format: native ERC20 and SPL (using Wormhole's native token transfer standard)
Token distribution: $W is distributed across six categories: Guardians 5.1%, Community 17%, Ecosystem 31%, Major Contributors 12%, Strategic Partners 11.6%, Foundation 23.3%.
Token release schedule:
https://wormhole.com/wormhole-w-tokenomics/
4. Financing Situation
On November 29, 2023, Wormhole completed a $225 million financing round at a valuation of $25 billion, with no lead investor. Participants included Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading.
5. Business Analysis
Currently, over 200 projects have built ecosystems on Wormhole, bringing richness and diversity to its cross-chain ecosystem. This diversity of applications makes Wormhole a widely applicable cross-chain solution, solidifying its position and reputation in the market.
Wormhole has launched a $50 million cross-chain ecosystem fund, providing funding support for developers, further incentivizing them to build more cross-chain applications on Wormhole and enhancing the ecosystem's activity.
The widespread use of Wormhole's cross-chain NFT standard has established its authoritative position in the NFT field, providing reliable infrastructure for cross-chain NFT transactions, making it one of the preferred platforms for cross-chain NFT transactions. Additionally, holders of blue-chip projects such as Degods and Madlads received $W airdrops in the TGE.
Check out 8 application cases of Wormhole in 5 major areas
The collaboration between Wormhole and Uniswap not only solidifies Wormhole's position in the DeFi field but also enhances its security and reliability, further expanding its influence and market share in the cross-chain messaging field.
6. Conclusion
As a universal cross-chain messaging protocol, Wormhole actively promotes the development of the cross-chain market through its rich product line and ecosystem. Its multi-billion dollar financing and cooperation with industry leaders demonstrate market recognition of its potential. Its leading position in the cross-chain field is reflected in its widely applicable products, rich ecosystem, and strong technical support. Additionally, Wormhole's collaboration with leading platforms like Uniswap and its promotion of cross-chain NFT standards demonstrate its positive leadership in the cross-chain ecosystem. These initiatives further solidify Wormhole's leading position in the cross-chain market and lay a solid foundation for its future development.
Overall, Wormhole demonstrates investment value in terms of market leadership, financial strength, technical capabilities, and ecosystem development, making it worthy of continued investor attention.
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