Wormhole to Airdrop 617M W Tokens to Past Users, Uniswap's UNI Gains 20% as Token Reward Proposal Inches Closer to Approval
Bitget2024/03/07 05:02
By:Bitget
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Token bridging service Wormhole confirmed its plans to release a W token on Wednesday, pledging to distribute 617 million tokens, or 6% of the token's total supply, to past users. Wormhole's financial backers are set to receive over 11% of the W token's circulating supply.
The W token is set to become a governance asset the holders of which will vote within Wormhole DAO, a yet-to-launch entity that will make decisions for the platform, like how much to charge in fees. Wormhole is a cross-chain messaging platform that acts as a way to move money across blockchains, including Solana, Ethereum, Aptos and others. W will launch natively on the Solana and Ethereum networks, according to a webpage released Wednesday, which did not include a date.
UNI advanced over 20% in the past 24 hours, hitting $17 for the first time since Jan. 2022 before slightly retreating to $15.7. The token outperformed bitcoin's (BTC) 3% recovery after yesterday's plunge and the broad-market, altcoin-heavy CoinDesk 20 Index's (CD20) 1% decline during the same period. The rally is driven by investors revaluing UNI in light of the major governance overhaul initiative, which laid out a scheme to reward UNI holders who staked and delegated their tokens, distributing a part of the protocol's income earned from exchange fees. UNI skyrocketed 60% immediately after the proposal submission on Feb. 23, and has more than doubled in price since then
Source: CoinDesk
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After a few days of insane funding rates because of the Bitcoin rally, volatility kicked in, resulting in liquidations for both sides.
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