What Is Wormhole? Everything you need to know about W

Wormhole is a protocol connecting multiple blockchains, facilitating seamless asset and data transfers across different networks. With its ability to support multi-chain environments and flexible features, Wormhole is becoming a crucial tool in the decentralized finance sector.

To learn more about Wormhole and related project information, please follow the content of the article below by AZCoin!

What is wormhole?

What is wormhole?
What is wormhole?

Wormhole is a cross-chain bridge protocol that enables the transfer of digital assets between different blockchains. What sets Wormhole apart is its ability to interconnect blockchains, fostering strong interaction between new and existing ecosystems.

Currently, the project supports over 30 chains including Ethereum, Solana, BNB Chain, Polygon, Avalanche, Algorand, Fantom, Karura, Celo, Acala, and many others. Previously, Wormhole gained prominence as a bridge with substantial liquidity, successfully connecting Ethereum with the Solana ecosystem

Project team, investors and partners

Project team

Wormhole was initiated by Jump Crypto, the development arm of Jump Trading Group. Saeed Badreg has two years of experience in Strategic Partnerships at Jump Trading and has been CEO of Wormhole since August 2023.

Investors and partners

On November 29, 2023, Wormhole completed a funding round totaling $225 million. This round attracted participation from numerous large investors and partners, including Coinbase Ventures, Multicoin Capital, Parafi Capital and others.

Wormhole’s mechanism of action

Wormhole's mechanism of action
Wormhole’s mechanism of action

With Wormhole, users can convert digital assets from one blockchain to another using smart contracts. The process starts with users sending the assets they wish to convert to a designated address on the current blockchain.

Subsequently, Wormhole generates a smart contract and records information about the asset and its corresponding token on the new blockchain. Once the asset is recorded in the smart contract, the corresponding token is minted on the new blockchain, enabling users to utilize this asset on the new blockchain.

Wormhole Highlights

Wormhole offers the following standout features:

  • Multi-blockchain support: Wormhole is compatible with most popular blockchain networks today, allowing users to access various DeFi protocols without relying on centralized solutions.
  • Cross-chain NFT transfers: The Wormhole NFT Gateway enables users to send and receive NFTs across different blockchains, expanding interaction and utilization of NFTs.
  • Building dApps across chains: Wormhole provides infrastructure for dApps seeking to develop bridge solutions. Its architecture allows developers to design applications with a protocol-first approach, facilitating integration across multiple blockchains.
  • Building Multichain decentralized exchanges (DEXs): Wormhole supports developers in creating decentralized exchanges (DEXs) capable of operating across multiple chains (Multichain). Additionally, it supports the development of Multichain DAOs, Oracle projects, and various other blockchain solutions.

Detailed information about W token

Detailed information about W token
Detailed information about W token

W token key metrics

  • Token Name: Wormhole
  • Ticker: W
  • Blockchain: Ethereum, Solana
  • Token Standard: ERC-20, SPL
  • Contract: Updating…
  • Token type: Governance
  • Total Supply: 10,000,000,000 W
  • Circulating Supply: 1,800,000,000 W

Token Allocation

  • Guardian nodes: 5.1%
  • Community & Launch: 17.0%
  • Ecosystem & Incubation: 31.0%
  • Core contributors: 12.0%
  • Strategic network participants: 11.6%
  • Foundation treasury: 23.3%

What is W token used for?

The W token can be used for the following purposes:

  • Users receive transaction fee discounts when using W tokens for transactions on Wormhole.
  • W token holders can vote on decisions regarding new features and other significant matters related to the Wormhole ecosystem.
  • Users can earn rewards for contributing to the maintenance and development of the Wormhole ecosystem.
  • W tokens are used for transaction fees, voting, and receiving rewards within the Wormhole ecosystem.

W token storage wallet

W token storage wallet
W token storage wallet

To securely and conveniently store W tokens, users can utilize popular cryptocurrency wallets such as MetaMask, Trust Wallet, Ledger Nano S, or Trezor. Using these appropriate storage wallets helps users protect their tokens from loss and ensures easy access when needed.

Where to buy and sell W tokens?

The W token can be bought and sold on top cryptocurrency exchanges such as Binance, Huobi, Uniswap, and Sushiswap. Users can create accounts on these exchanges, deposit funds, and purchase W tokens at the current exchange rates.

Is Wormhole a Good Investment?

With its unique and flexible operational mechanism, Wormhole promises to be a promising project in the blockchain and decentralized finance sectors. The Wormhole ecosystem not only connects leading blockchains but also opens up numerous opportunities for investment and efficient use of digital assets.

The W token enables users to leverage the diverse features of Wormhole and reap benefits from this ecosystem. However, investing in W tokens also carries its own risks, so it’s important to conduct an evaluation process and thorough research before making investment decisions.

The end

Above is an overview of Wormhole, a promising cross-chain project in the blockchain and decentralized finance sectors. AZcoin hopes you now have a comprehensive understanding of this project and can make informed decisions before investing in it!

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