By
Tolu Ajiboye
April 4th, 2024
Upon the official launch of the Wormhole DAO, W token holders will gain the ability to influence the protocol’s direction, voting on key proposals that shape the ecosystem’s development.
Wormhole, a leading cross-chain interoperability platform, has announced an airdrop of its native governance token W. This initiative aims to reward and acknowledge the platform’s dedicated user base.
Understanding the W Token Airdrop
Wormhole’s decision to launch an airdrop comes as part of its broader vision to decentralize and enhance community engagement across its network. With a generous allocation of 617 million W tokens, representing 6% of the total supply, the airdrop targets nearly 400,000 wallets identified through anti-sybil measures.
Photo: Wormhole
This strategic distribution is set to encompass users who have engaged with Wormhole ecosystem applications across more than 30 connected blockchains. The airdrop includes 500 million tokens awarded for on-chain activities within the Wormhole ecosystem, complemented by roughly 117 million tokens designated for community members.
Airdrop Eligibility and Assessment
The eligibility criteria for Wormhole’s W token airdrop were designed to recognize and reward the most active and supportive members within its ecosystem. These include:
- On-Chain Activity: A significant portion of the eligibility criteria focused on users’ on-chain activities within the Wormhole network, including transactions and interactions across the 30+ blockchains connected by Wormhole.
- Community Engagement: In addition to on-chain activity, the airdrop eligibility also factored in users’ involvement in the Wormhole community. This includes participation in Wormhole’s Discord server, contributions to various NFT communities, engagement with the Monad community, and support for the Pyth stakers. Such criteria aimed to reward users not just for their transactional activities but also for their role in building and nurturing the Wormhole community.
- Anti-Sybil Measures: These measures were designed to accurately identify unique, genuine users and prevent individuals from gaming the system by creating multiple accounts or engaging in deceptive practices.
- Snapshot for Determination: The eligibility snapshot was a critical component of the airdrop’s execution. Taken on February 6, 2024, at 23:59 UTC, this snapshot captured a comprehensive view of users’ interactions and engagements across nearly 30 blockchains and over 200 ecosystem applications. This data-driven approach allowed Wormhole to identify eligible users fairly and transparently based on their actual contributions and engagement levels.
- Exclusion of Core Contributors: Interestingly, Wormhole core contributors were explicitly excluded from participating in the airdrop. This decision highlights the platform’s intention to prioritize the broader community.
How to Check Your Eligiblity?
Wormhole made it straightforward for users to check their eligibility for the W token airdrop:
- Eligibility Checker: Wormhole developed an intuitive eligibility checker tool that allows users to quickly determine if they qualify for the airdrop.
- Wallet Connection: Users then need to connect their wallets to the eligibility checker.
- Reward Review and Claiming: Once the airdrop claim phase is initiated, users can also use the eligibility checker to review potential rewards. If eligible, they can proceed to claim their W tokens directly through the tool.
- Assistance for Queries: For users who believed their wallet activity should have been qualified for the airdrop but were not recognized as eligible, Wormhole provided a form to submit detailed information.
The Significance of W Tokens
With a total supply capped at 10 billion tokens, the initial circulating supply is set at 1.8 billion. These tokens are not merely a medium of exchange but serve as the backbone of Wormhole’s governance system. Upon the official launch of the Wormhole DAO, W token holders will gain the ability to influence the protocol’s direction, voting on key proposals that shape the ecosystem’s development.
At the same time, the airdrop catalyzed a broad distribution strategy that can ensure that the platform’s governance and success are collectively shaped by its most active and dedicated users.