Understand Wormhole comprehensively in 2 minutes
Wormhole, as a cross-chain universal messaging protocol, actively promotes the development of the cross-chain market through its rich product line and ecosystem. Its hundreds of millions of dollars in financing and collaborations with industry leaders demonstrate the market's recognition of its potential.1. Introduction
Wormhole's $W will be launched on major centralized exchanges including Binance on April 3, 2024. The token briefly reached $1.86 after its listing on Binance and has since fallen back to $1.18, corresponding to a market cap of $11.8 billion. This represents a 2360% increase from the opening price of $0.05.
Wormhole is a universal messaging protocol that was first launched in October 2020, initially supported by Jump, focusing on establishing a bi-directional token bridge (Wormhole V1) between Ethereum and Solana. As the project evolved, Wormhole has transformed into a universal messaging protocol connecting multiple blockchains and launched the Wormhole protocol in August 2021 to realize its broader vision.
2. Wormhole Product Line
As a leading cross-chain interoperability protocol, Wormhole provides developers with unique tools and platforms to facilitate more efficient and secure blockchain application development. It has established a robust ecosystem through its four main products: Messaging, Queries, Connect, and Gateway.
Wormhole Messaging is an open-source decentralized messaging protocol that supports the secure and efficient transmission of cross-chain information and value. Its features include easy integration, connection to over 30 blockchains, strong security mechanisms, and the ability to send messages across chains using various verification methods. Verification methods include Guardians Network, Cosmos IBC, and Polkadot XCM, which will continue to evolve over time to incorporate new technologies.
https://wormhole.com/messaging/
Wormhole Queries is a cost-effective and efficient cross-chain data retrieval and verification service that significantly reduces the latency and cost of accessing data across chains through an innovative "pull" mechanism. Its features include simplified cross-chain development, significantly reduced gas fees, quick request responses, and verification security, widely applied in cross-chain price feeds in DeFi, cross-chain asset verification in gaming, and unified cross-chain digital identity solutions.
Wormhole Connect is a cross-chain bridging tool that can be easily integrated into applications, enabling bridging of wrapped and native assets with just three lines of code. Key features include Gasless + Gas Dropoff mechanisms, embedded bridging functionality, simplified integration methods, and support for connecting over 30 blockchains. These features allow developers to seamlessly implement cross-chain bridging in their applications, enhancing user experience. Solana's aggregator Jupiter has successfully integrated Wormhole Connect, providing users with a convenient, efficient, and secure in-app bridging experience.
Wormhole Gateway is a specific blockchain supported by the Cosmos SDK, leveraging the flexibility of Cosmos SDK and CosmWasm. It incurs no additional bridging fees and performs IBC native token bridging through the ICS-20 standard, ensuring greater asset interchangeability and providing users with a better experience. This solution connects over 30 mainstream blockchains, providing additional security for the Wormhole Stack by employing a decentralized validator set of Guardians to reinforce its core trust assumptions.
3. Token Economic Model
Token Code: $W
Maximum Supply: 10,000,000,000
Initial Circulating Supply: 1,800,000,000
Total Airdrop Supply: 678,823,000
Token Format: Native ERC20 and SPL (using Wormhole's native token transfer standard)
Token Distribution: $W is distributed across the following six categories: Guardians 5.1%, Community 17%, Ecosystem 31%, Major Contributors 12%, Strategic Partners 11.6%, Foundation 23.3%.
Token Release Schedule:
https://wormhole.com/wormhole-w-tokenomics/
4. Financing Situation
On November 29, 2023, Wormhole completed a $225 million financing round at a valuation of $2.5 billion, with no lead investor. Participants included Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading.
5. Business Analysis
Currently, over 200 projects are building ecosystems on Wormhole, bringing richness and diversity to the cross-chain ecosystem. The diverse application scenarios make Wormhole a widely applicable cross-chain solution, establishing a solid position and reputation in the market.
Not sure what Wormhole can do? Check out 8 use cases in 5 major areas
Wormhole has launched a $50 million cross-chain ecosystem fund to provide financial support to developers, further incentivizing them to build more cross-chain applications on Wormhole and enhancing the activity of the Wormhole ecosystem.
The widespread use of Wormhole's cross-chain NFT standard has established its authoritative position in the NFT space, providing reliable infrastructure for cross-chain NFT transactions and making it one of the preferred platforms for cross-chain NFT trading. Additionally, holders of blue-chip projects like Degods and Madlads also received $W airdrops during this TGE.
Not sure what Wormhole can do? Check out 8 use cases in 5 major areas
Wormhole's collaboration with Uniswap not only solidifies its position in the DeFi space but also enhances its security and reliability, further expanding its influence and market share in the field of cross-chain messaging.
6. Conclusion
As a cross-chain universal messaging protocol, Wormhole actively promotes the development of the cross-chain market through its rich product line and ecosystem. Its hundreds of millions in financing and collaborations with industry leaders demonstrate market recognition of its potential. Its leading position in the cross-chain field is reflected in the wide applicability of its products, a rich ecosystem, and strong technical support. Furthermore, Wormhole has shown a proactive leadership role in the cross-chain ecosystem through collaborations with leading platforms like Uniswap and the promotion of cross-chain NFT standards. These initiatives further solidify Wormhole's leading position in the cross-chain market and lay a solid foundation for its future development.
Overall, Wormhole demonstrates investment value in terms of market leadership, financial strength, technical capabilities, and ecosystem development, making it worthy of continued attention from investors.
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