<\/p>\n
The token for the cross-chain bridge trades for about $1.50.\n<\/p>\n
Popular cross-chain bridge Wormhole<\/a> has skyrocketed into the top 100 on Coingecko after airdropping 617 million of its native token to early adopters.<\/p>\n After opening to a whopping $2.9 billion market capitalization, the network has since settled on $2.65, and $14.7 billion fully diluted valuation, according to Coingecko<\/a>.<\/p>\n Wormhole\u2019s new token, W, has been on a roller coaster today. Traders were paying $1.65 upon launch, only for W to plummet shortly after to $1.25. It has rebounded slightly, changing hands for $1.48 as of writing, an 11% drop on the day.<\/p>\n April 3 marks the beginning of a 1.1 billion airdrop to early adopters, with the remaining 600 million that comprises the 17% assigned to the Wormhole community set to unlock four months after this initial distribution.<\/p>\n Wormhole has not been exempt from issues over the years. In what was the second-largest<\/a> DeFi hack to date, the project fell victim to a $320 million exploit in February 2022.<\/p>\n According to the team, aside from the 17% allocated to the community, 23% has been tagged for the Foundation\u2019s Treasury, 12% to core contributors, and 31% for ecosystem and incubation purposes. The remaining 17% will be distributed between strategic partnerships and guardian nodes.<\/p>\n Total value locked on Wormhole has been on a strong uptrend in the past six months, according to DefiLlama<\/a>. It sits at $2.4 billion, up from $318 million since Oct. 1, 2023.<\/p>\n