Wormhole Cross-Chain Protocol Surpasses 1 Billion Messages, Pledges Token Airdrops and Raises $225 Million
Summary:
Since its introduction in September 2021, the cross-chain messaging protocol Wormhole has successfully sent over a billion messages, handling $30 million in daily funds, oracle feeds, and NFTs across 30 blockchains. It also reached $1 billion in total value locked with Ethereum, Fantom, and Solana assets being the top contributors. The protocol also announced its tokenomics white paper, ensuring an airdrop of 1.7 billion tokens to its community with no specified date. As of November 2023, Wormhole has raised $225 million with a valuation of $2.5 billion.
Since its establishment in September 2021, Wormhole, a cross-chain messaging protocol, has successfully relayed over 1 billion messages. As of February 13, Wormhole Scan data states that the protocol roughly delivers 110,640 messages every day, transferring $30 million daily in funds, oracle feeds, and NFTs across a network of 30 blockchains. It has achieved a total transactional value of $39.6 billion. In the opening month of this year, Wormhole hit the $1 billion mark in total value locked (TVL), with Ethereum, Fantom, and Solana assets being the most significant contributors at $675 million, $174 million, and $96 million respectively. The peak of the protocol's TVL was in May 2022 at $3.8 billion before the fall of the Terra Luna system that initiated the crypto downturn. Presently, a significant percentage of the transactions completed via this multi-chain bridge shift between Polygon and Celo, and Solana to Polygon and vice versa. Solana's decentralized stock exchange, the Pyth Network, is a prominent user of Wormhole messaging, accounting for 48% of the trading volume regulated by blockchain oracles. A few other decentralized applications leveraging Wormhole are Uniswap, Circle, Lido, and Synthetix. Wormhole announced its tokenomics white paper on February 7, promising a community airdrop of 1.7 billion out of its total 10 billion tokens. They did not, however, specify an exact date for this event. According to Wormhole's developers, the token-based governance system authorize token owners to influence the path of the protocol. Post the token creation and distribution events, on-chain governance will mostly manage community schemes and treasury-connected activities. On November 29, 2023, Wormhole divulged that it had accrued $225 million, valuing the company at $2.5 billion. The fundraising event was led by renowned global investors Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital, and Arrington Capital.
Published At
2/13/2024 11:08:55 PM
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