Key Points
- Binance has just announced the listing of Wormhole (W) for April 3, along with open trading for spot trading pairs.
- The new spot trading pairs include W/BTC, W/USDT, W/FDUSD, and W/TRY.
- Wormhole is a generic message-passing protocol, enabling communications between blockchains.
Binance has just announced the listing of Wormhole (W) and open trading for spot trading pairs on April 3.
According to the official announcement, the new spot trading pairs include the following: W/BTC, W/USDT, W/FDUSD, and W/TRY.
#Binance will list Wormhole $W with Seed Tag Applied.
➡️ https://t.co/JG6qJg6AmK pic.twitter.com/HBJsLRRuSE
— Binance (@binance) April 2, 2024
Users can reportedly start depositing W in preparation for trading, and withdrawals will open at 12:00 UTC, on April 4. The listing fee will be 0 BNB, and the smart contract used is Solana.
It’s also worth noting that the Seed Tag will be applied to W, and the withdrawal open time is only an estimated one for users’ reference. Users will be able to view the actual status of withdrawals on the withdrawal page.
Wormhole announced the airdrop round 1 allocation:
https://twitter.com/mekanism/status/1775119344235659740
What is Wormhole (W)?
Wormhole is a generic message-passing protocol. This means it allows communication between different blockchains.
It essentially acts as a bridge that enables secure cross-chain transfers of tokens or data, as well as on-demand queries of any on-chain data on any chain.
Wormhole supports over 30 blockchains, including Ethereum, Binance Smart Chain, Solana (where its smart contract is currently running), Polygon, Terra, and Avalanche.
What is the W token?
W is the native token of the Wormhole protocol. It will be used for governance within the Wormhole DAO (decentralized autonomous organization).
W token holders will be able to vote on various proposals related to the project, such as: adding or removing blockchains connected to Wormhole, upgrading smart contracts, changing protocol fees
What to consider about W?
W is a relatively new token. As with any new cryptocurrency, there is a higher-than-normal risk associated with investing in it. This means the price could be more volatile.
Binance has applied a Seed Tag to W, indicating it is a new project with potentially higher risks.
Additional details
Wormhole recently launched its W token with a total supply of 10 billion. 82% of the tokens are locked after issuance, resulting in an initial circulating supply of approximately 1.8 billion.
The project allocated 17% of the total supply (1.7 billion tokens) to the community through an airdrop.
Overall, Wormhole seems like a promising project with a potentially valuable use case. However, due to its recent launch, it’s important to be cautious and conduct thorough research before making any investment decisions.
